Advance Energy (GB:BCE) has released an update.
Beacon Energy plc has announced ongoing efforts to stabilize production at the SCHB-2 well, with expected yields between 50-100 barrels per day, potentially generating €2.3-3.7 million annually. The company is implementing significant cost-cutting measures, reducing Rhein Petroleum’s annual cash operating costs from €2.5 million to €1.3 million, and engaging with creditors to restructure debts. Due to these developments and pending financial reports, Beacon Energy’s shares will be temporarily suspended from trading on AIM starting 1 July 2024.
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