Beacon Energy PLC has announced the successful completion of an oversubscribed fundraise, raising approximately €3.0 million through the issue of 5,137,000,000 shares at the issue price. The fundraise was conducted through an accelerated bookbuilding process managed by Tennyson Securities. Larry Bottomley, CEO of Beacon Energy, expressed gratitude to new and existing shareholders for their support and highlighted the company's plans for the raised funds.

The company plans to utilize the funds to secure a rig for April and conduct a side-track operation for the SCHB-2(2.) well, which is expected to result in a flow rate reflecting the quality of the encountered reservoir. The successful outcome of this operation is anticipated to lead to a rapid payback and transform the company's financial profile. Beacon Energy aims to keep the market updated on the progress in the coming months.

The Placing and PrimaryBid Offer are conditional on the admission of the fundraise shares to trading on AIM, with the admission anticipated to occur at 8.00 a.m. on or around 5 March 2024. Upon admission, the company will have 18,511,679,620 ordinary shares in issue, with the fundraise shares representing approximately 28% of the company's enlarged share capital on admission.

The company's CEO, Larry Bottomley, and CFO, Stewart MacDonald, can be contacted for further information. Additionally, financial and nominated adviser services are provided by Strand Hanson Limited, while Buchanan handles public relations, and Tennyson Securities acts as the bookrunner for the fundraise.

This announcement contains inside information for the purposes of the UK version of the Market Abuse Regulation and is considered to be in the public domain upon its publication via a regulatory information service.