Beacon Energy plc today temporarily suspended its shares from trading until it announces and publishes an admission document.
LOSSES
The company’s local subsidiary previously accumulated debts of €7.5 million following a poor show from drilling on the Erfelden field in Hessen, Germany.
In January, Beacon became a cash shell after creditors sold certain assets, marking the start of its liquidation.
The company today posted its results for 2024 showing a loss of £18,584,000 in an “extremely challenging year”, compared with £3,456,000 for 2023.
Measures undertaken included the directors reducing costs and receiving a “significant” portion of their fees in shares.
Beacon has since signed a non-binding heads of terms for an exclusive period on an “onshore gas development in Europe” described as a “compelling, value accretive opportunity”.
The company expects an agreement and to publish an admission document by the end of September.
COMPANY MOVES
Chief executive officer Larry Bottomley will leave the board on 1 July, as announced in April, as will non-executive director Stephen Whyte.
“I take this opportunity to thank Larry and Steve for their valuable contributions to board deliberations,” said non-executive chairman Mark Rollins.
“Our thanks go especially to Larry for stepping into the CEO role in early 2022 and leading the company through the reverse takeover and subsequent re-listing of the company in 2023”
The board now comprises Mr Rollins, CEO Stewart MacDonald, independent non-excuitve director Ross Warner and NED Leo Koot.
Mr Rollins added: “During the year and subsequent period, the board has worked tirelessly to stabilise the company’s financial position and deliver on its strategy which is to pursue the acquisition of value enhancing opportunities to develop and grow a self-funding upstream oil and gas company,”
“The company’s strategy continues to be the creation a self-funding upstream oil and gas company taking advantage of growth opportunities resulting from industry players as they reshape their portfolios.”