Beacon Energy PLC, a full-cycle oil and gas company with onshore German assets, has announced significant board and management changes. Larry Bottomley, the current Chief Executive Officer (CEO), will retire effective 1 June 2024. He will be succeeded by Stewart MacDonald, the current Chief Financial Officer (CFO). The transition will include a handover period that encompasses the upcoming SCHB-2 sidetrack operation, which is on track with the rig due to arrive in mid-April.

Stewart MacDonald, who joined Beacon in August 2022, has been credited for his pivotal contribution over the last 18 months and is seen as the natural successor to Larry as CEO. Larry Bottomley, with over 40 years of international career experience, has been instrumental in re-establishing the company from an AIM listed cash shell, through the reverse takeover of Rhein Petroleum, and on to the drilling of the SCHB-2 well, which resulted in a material oil discovery. Following the handover, Larry will transition into the role of Non-executive Director and provide continuing support.

Mark Rollins, Chairman of the Company, expressed gratitude to Larry for his substantial contribution and welcomed Stewart's appointment as CEO, citing his wealth of financial, capital markets, and commercial experience in the energy sector. Larry Bottomley, commenting on his decision to retire, expressed pride in the achievements during his tenure and confidence in Stewart's capabilities as his replacement.

The company also announced that the search for a Chief Operating Officer, to support the technical and operational workstreams within the executive team, will commence shortly. For further information, please visit the company's website or follow @BeaconEnergyPlc on Twitter.