Beacon Energy PLC, a full-cycle oil and gas company, has issued a corporate update through its subsidiary, Rhein Petroleum GmbH. The SCHB-2 well is intermittently producing oil, gas, and water, with management expecting production to stabilize in the 50 - 100 barrels of oil per day range. This, combined with existing production, is estimated to generate gross revenues of €2.3 - 3.7 million per annum. The company has undertaken a review to reduce Rhein Petroleum's annual cash operating costs and engaged with creditors to agree on a reduction in liabilities and a deferred payment plan. As part of cost reduction measures, two board members have agreed to leave the company. Due to uncertainties, the company will not be able to finalize and publish its Annual Report by 30 June 2024, leading to the suspension of trading in the company's ordinary shares on AIM. The company aims to publish the Annual Report during the first half of August 2024.