Beacon Energy plc has completed its initial investment in the Colle Santo gas field in the Abruzzo region, Italy.
REABOLD
The company now holds an approximate 24% indirect interest in LNEnergy, whose subsidiary owns the field.
Subject to receiving a production concession, Beacon will acquire a further 24% indirect interest, for a total 48%, which is equivalent to a 43.2% indirect interest in Colle Santo.
The acquisition is a sales and purchase agreement, which represents a reverse takeover, of up to 100% of the shares from investor Reabold Resources plc, to be held in a special purpose vehicle.
Reabold will in turn receive Beacon shares equal to approximately 29% of Beacon’s enlarged share capital, of which 15% relates to Reabold’s £750,000 participation in a previous placing.
Reabold, through its shareholding in Beacon, remains the largest ultimate beneficial owner of Colle Santo.
Beacon said it had published an admission document on 17 February 2026 and its shares were expected to restart trading today.
Colle Santo is one of the “largest onshore proven undeveloped gas accumulations in mainland Western Europe” and already has two drilled and completed wells.
The field has proved plus probable (2P) reserves of 73.3 billion standard cubic feet, based on an October 2025 estimate by RPS.
A final investment decision is expected in mid-2026.
Beacon added that LNEnergy had entered into an off-take agreement and financing, for project costs, well service and testing, with an Italian-based wholesaler and distributer of energy products.