Board and Management Changes

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 Larry Bottomley (CEO) / Stewart MacDonald (CFO)	[phone]
Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Bellman	[phone]
Buchanan (Public Relations) Ben Romney / Barry Archer / George Pope	[phone]
Tennyson Securities Limited (Broker) Peter Krens / Ed Haig-Thomas	[phone]

For further information, please visit  www.beaconenergyplc.com  and @BeaconEnergyPlc on Twitter

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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.

 

END