Beacon Energy plc said that a “leading” Italian energy distribution company has acquired 10% of the Colle Santo gas field owner, which in turn has increased its holding from 90 to 100%.
VALIDATION
The purchase for €1.4 million of the share in LNEnergy Italy, leaves the remaining 90% held by its parent LNEnergy Ltd.
In March 2026, LNEnergy 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.
Beacon added that the transaction also resulted in LNEnergy Italy increasing its working interest in Colle Santo from 90% to 100%, “through an agreement with the existing partner to withdraw from the licence”.
Beacon holds its interest in the Colle Santo project indirectly through its 49% holding in LNE IOM Ltd, which in turn has a 48% in LNEnergy Ltd.
Beacon expects to increase its holding in IOM to 100%, subject to certain conditions including the award of a production concession, expected during Q3 2026.
The company would then hold a 48% indirect interest in LNEnergy, which is equivalent to a 43.2% indirect interest in Colle Santo.
Chief executive officer Stewart MacDonald said: “The introduction of a large industrial player with over a century of energy sector expertise in Italy to the shareholder base of LNEnergy Italy further validates the quality of the Colle Santo project and strengthens the financial backing for the project.
“These transactions, when taken together, maintain Beacon’s 43.2 per cent indirect economic interest in the project (assuming the second acquisition is completed) while providing additional capital for the project.
“LNEnergy Italy remains fully focused on securing the production concession award in the coming months.
“We have a clear and active pipeline of milestones ahead and look forward to keeping shareholders updated on our progress.”