Beacon Energy Share Discussion Threads

[haff1] 03/10/2023 14:49

This is looking very sorry for itself?

[lageraemia] 29/9/2023 15:55

I've just bought my first small tranche to sit alongside my UJO and EOG shares.

Not expecting fireworks in the near future given the pacing overhang, but big news could drop I suppose.

[hms687] 29/9/2023 12:13

IJO 30M buy maybe ?

[haff1] 29/9/2023 12:03

Mmmm...30Million buy at 10.45....

[apotheki] 29/9/2023 10:05

Beacon Energy (AIM:BCE) have released the interim results ending June 30 2023. This six month period proved to be an eventful one as the Company effectively acquired Rhein Petroleum GmbH, an operational company with a portfolio of onshore oil assets in Germany. To complete the transaction Beacon raised £6m which allowed them to acquired Rhein for an all share consideration and commence work programmes on the assets.

In April, Beacon secured a drill rig and commenced work on a development well in the Erfelden field soon after in June where the Company managed to drill a total 2,255 metres with electric wireline well logging completed shortly after.

Subsequent to H1 23, Beacon announced better than expected results for the SCHB-2 well having encountered a 34 metre gross interval containing 28 metres of oil bearing net reservoirs. These oil-bearing reservoirs were encountered approximately 25 metres high and 10 metres thicker than prognosis, with porosities averaging 18% in the Lower PBS and 21% in the Upper PBS, with no water-bearing sands in the 42m hydrocarbon column.

Following the excellent drill results Beacon raised £4.3m in an oversubscribed offering. These funds will be utilised to develop the well further and provide liquidity during the well clean up process.

Based on the technical data acquired through the drill which demonstrated the high quality reservoir encountered at the well location, the Company's technical analysis indicates that with a successful clean-up operation and implementation of artificial lift initiatives, the well has the potential to deliver in the region of 900 bopd net production to Beacon. At those flow rates, the Company would expect to deliver operating cash flows in excess of US$1.5 million per month (assuming $80/bbl Brent).

[steephill cove] 29/9/2023 08:46

I also fully expect an imminent BCE reserves upgrade based on the content of the Interim Results RNS 💪

Well done BCE 📈

🤜🤛

[steephill cove] 29/9/2023 08:25

Brent is way higher than $80 per barrel & the cash flow will be far higher than $1.5M per month when it is brought into production. If they commenced the well clean up on 8/9/2023, they have to be close now & the key is getting the ESP fitted ASAP to see how much more they can get beyond 900 BOPD ✅

[hms687] 29/9/2023 07:44

From the notes :-

“

As a result of excellent drilling results and increased expectations around recoverable volumes and production, the Company successfully completed an oversubscribed fundraise of £4.3 million with new and existing shareholders on 15 September 2023.

As at 28 September 2023, the Group had cash resources excluding 'restricted cash' of approximately US$6.5 million.

Management's base case is that the SCHB-2 well will continue to clean-up and by the end of November 2023 production flow rates from the well will be consistent with, or exceed, the "best estimate" outlined in the Competent Persons Report ("CPR") published in December 2022.

Management have also considered a number of downside scenarios, including scenarios where the well clean-up is more protracted, the production flow rate from the well is materially below the "best estimate" outlined in the CPR, or additional activities (and expenditure) are required in order to increase flow rates.

Under the base case forecast, the Group will have sufficient financial headroom to meet forecast cash requirements for the 12 months from the date of approval of these consolidated financial statements.

However, in the downside scenarios, in the absence of any mitigating actions, the Group may have insufficient funds to meet its forecast cash requirements. Potential mitigants include deferral and/or reduction of expenditure and raising additional equity or debt funding.

Accordingly, after making enquiries and considering the risks described above, the Directors have assessed that the cash balance and forecast cash flows provide the Group with adequate headroom for the following 12 months. As a result, the Directors are of the opinion that the Group is able to operate as a going concern for at least the next twelve months from the date of approval of these financial statements.

Nonetheless, these conditions indicate the existence of a material uncertainty which may cast doubt on the Group's ability to continue as a going concern. The financial statements do not include the adjustments that would be required if the Group were unable to continue as a going concern.”

What exactly have they been doing ?

[apotheki] 29/9/2023 07:30

"We are very excited about the year ahead with an active work programme designed to create long-term value for Beacon's shareholders. We very much see the acquisition of Rhein Petroleum and the drilling of our first well as the first steps in our strategy to build a material international upstream oil and gas business with a focus on cash generative assets and those with the potential to add significant value in the short to medium term."

[hang ten] 29/9/2023 07:17

"Based on the technical data acquired through the drill which demonstrated the high quality reservoir encountered at the well location, the Company's technical analysis indicates that with a successful clean-up operation and implementation of artificial lift initiatives, the well has the potential to deliver in the region of 900 bopd net production to Beacon. At those flow rates, the Company would expect to deliver operating cash flows in excess of US$1.5 million per month (assuming $80/bbl Brent)."

[haff1] 29/9/2023 07:10

Interim RNS.....

[thehitman1] 28/9/2023 16:15

Sorry buddy, what incorrect information did I post?.

[apotheki] 28/9/2023 15:10

Some inaccuracies in your posts above thehitman1 but then not a great surprise as I do NOT recall seeing you around these parts before.

A wee tip if I may and that is quite simply to concentrate on the MKT CAP

[thehitman1] 28/9/2023 15:07

Yep eventually all aim dodgy outfits do that and then repeat the cycle again.

[haff1] 28/9/2023 14:16

Yep next it will be consolidation and we will be ripped off again?

[thehitman1] 28/9/2023 13:45

Over 2 billion shares, will take sometime unless some mega news around the corner.

[thehitman1] 28/9/2023 13:44

Below placing price?.

[aberloon2] 28/9/2023 10:04

There's some chunky buys gone through, maybe the end of the beginning is near...

[apotheki] 28/9/2023 09:42

Wow BCE back to the placing price so without stating the obvious this fact has to mean only one thing ahead of news next month = A GREAT BUYING OPPORTUNITY!

[haff1] 27/9/2023 16:27

If only we'd sold instead of buying?

[haff1] 27/9/2023 08:07

Numb by the placing taking the momentum out of the stocks current potential to rise, I guess....

[dominoman] 27/9/2023 05:06

Forums on this one very quiet. Hard to find much info on prospects given how rare the RNS are

[lageraemia] 25/9/2023 12:58

The ESP installation can only be acheived when the well has cleaned up.

Having listened to the presentation on the well in support of the RNS you'd know that though.

[hms687] 25/9/2023 11:53

Not expected but I would t be completely surprised if Fat Larry puts out some lame excuse or another

Surely they can’t concoct another delay

[karina] 25/9/2023 08:45

Is there anything expected before the pump is installed sometime in October?