Advance Energy (GB:BCE) has released an update.
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Beacon Energy faces a challenging period as declining production from the SCHB-2 well casts doubt on the financial viability of its subsidiary, Rhein Petroleum, which is set to be liquidated. Despite these setbacks, the company remains optimistic, focusing on leveraging its cash reserves and industry relationships to explore new business opportunities across Europe, Africa, and the Far East. With its strategy to become a self-funding oil and gas production company, Beacon Energy is actively discussing potential ventures and aims to secure an agreement by mid-2025.
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