Beacon Energy Share Discussion Threads

[currypasty] 28/2/2024 17:45

trust ii to mess things up

"BEACON ENERGY PLC ORD NPV
Event TypeOffer for Subscription
DescriptionBeacon Energy Plc
Price per new share: GBP0.0007 (0.07 pence)
Expected issue date: 5th March 2024"


ii have 0.7, the company 0.5

[monet] 28/2/2024 17:38

Not looking good. I think this will drop below the placing price!!

Background to and Reasons for the Placing

On 14 December 2023, the Company announced that as a consequence of operational issues encountered while drilling the SCHB-2(2.) well, the reservoir near the wellbore has been invaded with drilling fluids which are restricting flow rates.

The Company subsequently undertook a sand jetting operation with the aim of creating deeper perforations which would increase communication between the oil-bearing reservoir and the wellbore, and therefore increase production rates.

Following completion of the sand jetting operation, as announced by the Company on 12 February 2024, a rod pump was installed to clean the well. Disappointingly, although there is not a stabilised rate as yet, it is likely that any sustained flow rate from the well would remain materially below the flow rate expected given the excellent reservoir quality encountered.

These encountered flow rates suggest that the reservoir near the wellbore remains invaded with drilling fluids, which is continuing to restrict oil flow. This invasion of drilling fluids has been further confirmed by pressure data which demonstrates that the reservoir remains at original pressure of approximately 172 bar, consistent with the neighbouring Stockstadt field prior to production, and that the well has a significant "skin" effect which is impeding flow.

As a result, the Company has taken the decision to undertake a side-track operation of approximately 100 meter length in order to by-pass the damaged reservoir by between 2 and 10 meters.

A rig, all long-lead items and the relevant oil field service contractors have been secured to undertake the side track which is expected to commence in the first half of April 2024

[currypasty] 28/2/2024 17:25

the Placing to raise approximately £2.6 million (before expenses) through the issue of approximately 5,137,000,000 new ordinary shares of no par value in the capital of the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.05 pence per Placing Share (the "Issue Price");

[sos100] 28/2/2024 13:30

Digby - you can also look at it that way.....

They used twitter just 2 weeks ago so why not just give another update on progress?

[officerdigby] 28/2/2024 13:26

I disagree.RNS reads as interim update coming once stable flow achieved (that's late late)Then April for final clean up and submersible pump install, and maximal rate.

[vatnabrekk] 28/2/2024 13:22

Thanks SOS.

[sos100] 28/2/2024 13:01

Really poor investment but I thought next RNS would be April?

"The impact of the sand jetting will only be known once production has been restored and a stabilised and sustained flowrate from the rod pump has been achieved, at which time the company will provide an update. Once the well has been fully cleaned up following the sand jetting operations, which is anticipated to take several weeks, it is expected that the rod pump will be replaced with an Electrical Submersible Pump ("ESP") to maximise production - this is currently scheduled to take place in April 2024."

[vatnabrekk] 28/2/2024 11:39

I hope this isn't going the same way as its predecessor!

[currypasty] 28/2/2024 11:07

recommencement of production should (according to last RNS) have started a couple of weeks ago now... where is the update ?

[technowiz] 12/2/2024 21:36

deffo flow rate news within next 2 weeks. then clean up 4-5 weeks that brings us into april.

[sos100] 12/2/2024 08:02

if all goes well then this is suppose make substantial profits🤞

[whoppy] 12/2/2024 07:47

Clean up several weeks..back to sleep.

[technowiz] 12/2/2024 07:13

yup. so expecting another RNS with stable flow rates this week? RNS says coming days.

[reidy66] 12/2/2024 07:08

RNS ...op update

[hang ten] 07/2/2024 13:59

When she finds out he's been having an affair for 14 years and gets the password to his trading account !

[cal57] 07/2/2024 12:33

Ye got to be an error somewhere because it just doesn't make any sense.

[rovi70] 07/2/2024 12:19

Wow if they are paying per input opps

[cal57] 07/2/2024 12:16

Looks like somebody's kid who likes the number 14 has got into their trading account.

[eggbird] 05/2/2024 16:20

Having said that RRR might get their vote first!

[eggbird] 05/2/2024 16:08

A bit of both I suspect!

If all He1 holders decide to dip some of their profits in here then I might just about get level 👍
When it moves up, it moves very fast!
Long-term I'm very confident here!

[apotheki] 05/2/2024 14:46

It could also be on hopes for the new solution as announced in the recent RNS to get the oil free flowing!?!?!

[apotheki] 05/2/2024 14:26

Could well be as the shares are up by more than 40% having been even slightly higher earlier on!