Beacon Energy plc’s plan to buy a further share in the Colle Santo gas field has halted after the long stop date expired, without an agreed extension, with seller Reabold Resources plc.
In October 2025, the company entered a sale and purchase agreement in cash and shares with Reabold to acquire, in two tranches, a 48% indirect interest in the project located in the Abruzzo region, Italy.
The company acquired 24% in March 2026 and expected a further 24% to hold an overall 48% by 6 October 2026, representing a total 43.2% net indirect interest in Colle Santo.
The second acquisition was also conditional on the award of a production concession for Colle Santo.
Following the expiry of the deadline, Beacon and Reabold retain an indirect interest of approximately 24%, with each party responsible for funding its pro rata share of future costs.
The €16 million earn-out payable to Reabold will also be reduced proportionately.
Beacon said that the SPA remained in force and both parties retained the option to withdraw from the second 24% acquisition.
Chief executive officer Stewart MacDonald added: “Our focus remains on the successful delivery of the Colle Santo project.
“[Operator] LNEnergy continues to progress the Colle Santo project with well testing operations anticipated to commence in the coming weeks.”
Beacon also separately announced that Mr MacDonald had bought 130,989 ordinary shares of no par value in the company, at an average 2.3 pence per share.
Following the purchase on 8 October, Mr MacDonald holds 10,978,358 ordinary shares, representing approximately 8.8% of the company’s issued share capital.