REG - Beacon Energy PLC - Board and Management Changes

Beacon EnergyAnnouncement

02/04/2024 07:15

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RNS Number : 8997I  Beacon Energy PLC  02 April 2024

2 April 2024

Beacon Energy plc

("Beacon Energy" or the "Company")

Board and Management Changes

Beacon Energy (AIM:BCE), the full-cycle oil and gas company with a portfolio
of onshore German assets through its wholly-owned subsidiary, Rhein Petroleum
GmbH ("Rhein Petroleum"), announces that Larry Bottomley, the Company's
Chief Executive Officer ("CEO"), has informed the board of his intention to
retire as CEO effective 1 June 2024.

Larry will be replaced as CEO by Stewart MacDonald, the Company's current
Chief Financial Officer ("CFO") following a suitable handover that encompasses
the upcoming SCHB-2 sidetrack operation. Beacon confirms that the rig
mobilisation is on track with the rig due to arrive on location in mid-April
with the sidetrack operation scheduled to commence the following week.

Stewart joined Beacon in August 2022 with strong investment banking and listed
company CFO experience gained over the last 20 years. Stewart's contribution
over the last 18 months since the Company's re-establishment has been pivotal
and makes him the natural successor to Larry as CEO.

After a distinguished international career of over 40 years, Larry has been
CEO of the Company since January 2022 and was instrumental in re-establishing
the Company from 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.

The search for a Chief Operating Officer, to support the technical and
operational workstreams within the executive team, will commence shortly.

Mark Rollins, Chairman of the Company, said:

"On behalf of the Board, I would like to thank Larry for his substantial
contribution over the past two years. He has played a key role in
repositioning the Company. We look forward to continuing to benefit from
Larry's deep industry and technical experience in his capacity as a
Non-executive Director.  I am delighted to confirm Stewart's appointment as
Chief Executive Officer. Stewart brings a wealth of financial, capital markets
and commercial experience in the energy sector and we look forward to
leveraging his experience as we look to deliver our growth strategy."

Commenting on his decision to retire, Larry Bottomley said:

"It has been an eventful couple of years through my tenure as CEO and I'm
proud of what we have achieved in terms of establishing Beacon as a company
underpinned by an existing production facility, a material proven reserve
base, a highly capable operating team and a bright future as the company seeks
to realise the significant upside potential of our portfolio.  The completion
of the impending side-track feels like the appropriate time for me to handover
the role of CEO to Stewart who has proved himself as a very capable
replacement with a deep understanding of the business and a strong alignment
with shareholders.  I look forward to continuing to support the Company
through my new role as a Non-Executive Director."

Enquiries:

 Beacon Energy plc                                          +44 (0)20 7466 5000

 Larry Bottomley (CEO) / Stewart MacDonald (CFO)
 Strand Hanson Limited (Financial and Nominated Adviser)    +44 (0)20 7409 3494

 Rory Murphy / James Bellman
 Buchanan (Public Relations)                                +44 (0)20 7466 5000

 Ben Romney / Barry Archer / George Pope
 Tennyson Securities Limited (Broker)                       +44 (0)20 7186 9030

 Peter Krens / Ed Haig-Thomas

 

For further information, please visit  www.beaconenergyplc.com
(http://www.beaconenergyplc.com/)   and @BeaconEnergyPlc on Twitter

To register for Beacon Energy's email alerts, please complete the following
form:  https://www.beaconenergyplc.com/media-centre/news/#alerts
(https://www.beaconenergyplc.com/media-centre/news/#alerts)

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue
of the European Union (Withdrawal) Act 2018.

 

 

 

 

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