Beacon Energy plc chief executive officer Stewart MacDonald is to join the board of LNEnergy, which is advancing the Colle Santo gas field in the Abruzzo region of Italy.
WELL TESTS
Beacon also announced that LNE IOM Ltd, of which it owns 49%, had acquired additional shares in LNEnergy through the latter’s rights offering to raise up to £780,000.
“Given the full participation of other LNEnergy shareholders in the rights offering, LNE IOM Limited’s shareholding in LNEnergy remains approximately 48 per cent,” said the company.
Beacon’s shareholding in LNE IOM will increase to 100%, subject to meeting certain conditions including the award of a production concession which is expected in mid-2026.
The increase is in accordance with the company’s October 2025 sale and purchase agreement with Reabold Resources plc.
Beacon said that LNEnergy would use the proceeds of the rights offering to progress the Colle Santo project and as working capital.
“LNEnergy is advancing preparations to undertake well integrity tests on the two existing Colle Santo wells which is expected to commence in May 2026,” added Beacon.
“It is also anticipated that LNEnergy will complete FEED [front-end engineering design] on the Colle Santo project during Q2 2026.”
The project partners are due to make a final investment decision later in 2026.
“The strong take up in the rights offering by the other LNEnergy shareholders demonstrates their confidence in the Colle Santo project and ensures we are well funded for the next phase of activity,” said CEO Stewart MacDonald.