AIM-listed Beacon Energy has announced that, further to the Company’s announcement on 7 October 2026, it has now reached an agreement with Reabold Resources to extend the long stop date for the Second Acquisition under the Share Purchase Agreement ('SPA') to 28 February 2027.
In addition, the Parties have agreed to waive the condition precedent in the SPA related to the award of the Production Concession for the Colle Santo Asset. All other terms of the SPA remain the same.
As such, and subject to the satisfaction of the other conditions, the Parties expect to close the Second Acquisition in the coming weeks.
Background
On 6 March 2026, Beacon Energy completed the acquisition of an indirect interest of approx. 24 per cent in LNEnergy (the 'First Acquisition').
Under the Second Acquisition, Beacon Energy will acquire a further indirect interest of approx. 24 per cent in LNEnergy, taking its indirect interest to approx. 48 per cent. (equivalent to an indirect interest of approx. 43.2 per cent. in the Colle Santo Asset). Completion of the Second Acquisition was conditional (prior to the waiver agreement as above), amongst other things, on the award of the Production Concession for the Colle Santo Asset to' LNEnergy Italy', a 90 per cent. owned subsidiary of LNEnergy.
Following completion of the Second Acquisition, further Consideration Shares will be issued to Reabold such that Reabold is expected to increase its shareholding in Beacon Energy from 22.7% to approx. 29%, together with payment of the second tranche cash consideration.
Stewart MacDonald, Chief Executive Officer of Beacon Energy, commented:
'I am delighted that we have now reach agreement on both the extension of the longstop date and the waiver of the condition precedent, which should allow the Second Acquisition to close in the coming weeks.'
All defined terms used in this announcement shall have the same meaning as in the Company's announcement on 6 March 2026 unless otherwise defined herein.
Source: Reabold Resources
