AIM-listed Beacon Energy has announced the arrival of the E202 drilling rig to the Schwarzbach Production Facility for the planned Schwarzbach-2 ('SCHB-2') development well within the Erfelden Field, onshore South West Germany. This rig is fully crewed and has been contracted from RED Drilling & Services GmbH .
The Company also announces that it will host an analyst site visit on Wednesday 21 June 2023. The visit will involve a tour of the Schwarzbach facility which is owned and operated by Rhein Petroleum GmbH, the Company's wholly owned subsidiary, as well as an overview of the SCHB-2 development well which is located on an adjacent drilling pad and is expected to be drilling ahead at this time. No inside information will be provided at the site visit.
Larry Bottomley, Chief Executive Officer of Beacon Energy, commented:
'We are pleased to report that preparations for this highly important well are on track meaning we are well placed to spud on or around the 19 June 2023. In the success case, this well has the potential to be truly transformative for Beacon as we seek to deliver a step-change in our production and cash flow. The proximity to the Schwarzbach facility means increased volumes can be tied-back to these existing production facilities enabling immediate benefits to our investment proposition and financial capabilities as we seek to establish a self-funding business model.
'We are also looking forward to hosting an analyst site visit later this month during which we will provide a more detailed overview of Beacon's operations to this important market audience.'
Source: Beacon Energy
