Beacon CEO Larry Bottomley to step down

Beacon Energy plc chief executive officer Larry Bottomley will step down from 1 June 2024.

His replacement is the company’s chief financial officer Stewart MacDonald.

Mr Bottomley, who will become a non-executive director, has more than 40 years’ industry experience and became Beacon’s CEO in January 2022.

He was instrumental in re-establishing the company from an AIM-listed cash shell to the reverse takeover of Rhein Petroleum and to drilling the SCHB-2 well in the Erfelden field.

Mr Bottomley said: “It has been an eventful couple of years through my tenure as CEO and I’m proud of what we have achieved in terms of establishing Beacon as a company underpinned by an existing production facility, a material proven reserve base, a highly capable operating team and a bright future as the company seeks to realise the significant upside potential of our portfolio. 

“The completion of the impending side-track feels like the appropriate time for me to handover the role of CEO to Stewart who has proved himself as a very capable replacement with a deep understanding of the business and a strong alignment with shareholders. 

“I look forward to continuing to support the company through my new role as a non-executive director.”

Chairman Mark Rollins added: “On behalf of the board, I would like to thank Larry for his substantial contribution over the past two years.

“He has played a key role in repositioning the company.

“We look forward to continuing to benefit from Larry’s deep industry and technical experience in his capacity as a non-executive director.”

Stewart MacDonald has 20 years’ experience in investment banking and as CFO of listed companies.

Since joining in August 2022, he has been pivotal in re-establishing Beacon.

The company plans to start searching for a new CFO.