Beacon Energy PLC Exclusivity Extension (6709H)

TIDMBCE

RNS Number : 6709H

Beacon Energy PLC

28 November 2022

28 November 2022

Beacon Energy plc

("Beacon Energy" or the "Company")

Exclusivity Extension

Beacon Energy plc (AIM: BCE) , the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, today announces that, further to the RNS dated 9 September 2022 in which the Company confirmed that it had entered into a non-binding Heads of Terms ("HoT") for the acquisition of a European oil and gas company ( the "Potential Acquisition"), the previously agreed exclusivity extension period is to be further extended from 28 November to 12 December 2022.

The parties continue to work diligently towards concluding a definitive agreement and will update the market accordingly.

The Potential Acquisition would be considered a reverse transaction under the AIM Rules for Companies and is therefore subject, inter alia, to the issue of a new AIM Admission Document that would set out details of the Potential Acquisition and convene a General Meeting of the Company to obtain shareholder approval for the Potential Acquisition.

The Company's shares were temporarily suspended from trading on AIM on 9 September on announcement of the Potential Acquisition and will now remain so until Beacon shareholders approve the Potential Acquisition following the publication of the associated AIM Admission Document.

As announced on 27 May 2022, Beacon Energy (then Advance Energy) became a cash shell on that date under AIM Rule 15. As a result, the Company had six months from that date to complete a reverse transaction or trading in the Company's shares would be suspended under the AIM Rules. As Beacon Energy will not be able to complete a reverse transaction within that time, its shares will remain temporarily suspended from trading on AIM for a further six months until such time as the Potential Acquisition or another reverse transaction is completed. In the event that a reverse transaction is not completed within the further six months, the Company's shares would be cancelled from AIM.

It should be noted there is no certainty that the Potential Acquisition, or any transaction, will take place.

Enquiries:

 
 Beacon Energy plc 
  L arry Bottomley (Interim CEO)                            [phone] 
 
 Strand Hanson Limited (Financial and Nominated Adviser) 
  Rory Murphy /James Bellman                                [phone] 
 
 Buchanan (Public Relations) 
  Ben Romney / Jon Krinks                                   [phone] 
 
 Tennyson Securities Limited (Joint Broker) 
  Peter Krens / Ed Haig-Thomas                              [phone] 
 
 Optiva Securities Limited (Joint Broker) 
  Christian Dennis                                          [phone] 
 
 
   For further information, please visit   www.beaconenergyplc.com   and @BeaconEnergyPlc  on Twitter 

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

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November 28, 2022 02:00 ET (07:00 GMT)