AIM-listed Beacon Energy, the full-cycle oil and gas company with a portfolio of onshore German assets through its wholly-owned subsidiary, Rhein Petroleum, has announced that the drilling rig for the SCHB2 sidetrack has been released by the previous operator and will shortly commence mobilisation to the Erfelden site.
Sidetrack operations are expected to commence on or around 8 May 2024. The sidetrack operation itself is expected to take approximately 14 days. Once the rig has been demobilised from the Erfelden site, production is expected to re-commence during the last week of May 2024.
A further update will be provided following completion of sidetrack operation and once a stabilised and sustained flowrate has been achieved.
Larry Bottomley, CEO of the Company, said:
'We look forward to the commencement of the sidetrack operation and remain fully focussed on establishing the optimal production capacity of the SCHB-2 well. Once a sustained flow rate is achieved, the Company aims to move swiftly to optimise and update the Erfelden Field Development Plan, a Competent Persons Report and debt funding workstreams required to accelerate further development drilling to realise the full potential of the Erfelden field. We look forward to the results of this operation and providing an update to shareholders in due course.'
Source: Beacon Energy
