Advance Energy (GB:BCE) has released an update.
Beacon Energy announces disappointing production levels for its SCHB-2 sidetrack well at the Erfelden field, with output likely stabilizing at a lower-than-expected 50-100 barrels per day. Due to these challenges, the company is initiating a cost reduction program to align with the reduced production rates and is engaging with creditors of its subsidiary, Rhein Petroleum. The publication of the company’s Annual Report will be delayed, resulting in the temporary suspension of trading of its shares on AIM.
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