Transaction Update
Summary by AI BETAClose X
10 November 2026
Beacon Energy plc
("Beacon Energy" or the "Company")
Transaction Update
Beacon Energy (AIM:BCE), is pleased to announce that, further to the Company’s announcement on 7 October 2026, it has now reached an agreement with Reabold Resources plc ("Reabold") (together, the "Parties") to extend the long stop date for the Second Acquisition under the Share Purchase Agreement (“SPA”) to 28 February 2027.
In addition, the Parties have agreed to waive the condition precedent in the SPA related to the award of the Production Concession for the Colle Santo Asset. All other terms of the SPA remain the same.
As such, and subject to the satisfaction of the other conditions, the Parties expect to close the Second Acquisition in the coming weeks.
Background
On 6 March 2026, Beacon Energy completed the acquisition of an indirect interest of approximately 24 per cent. in LNEnergy Limited (“LNEnergy”) (the “First Acquisition”).
Under the Second Acquisition, Beacon Energy will acquire a further indirect interest of approximately 24 per cent. in LNEnergy, taking its indirect interest to approximately 48 per cent. (equivalent to an indirect interest of approximately 43.2 per cent. in the Colle Santo Asset). Completion of the Second Acquisition was conditional (prior to the waiver agreement as above), amongst other things, on the award of the Production Concession for the Colle Santo Asset to LNEnergy Srl (“LNEnergy Italy”), a 90 per cent. owned subsidiary of LNEnergy.
Following completion of the Second Acquisition, further Consideration Shares will be issued to Reabold such that Reabold is expected to increase its shareholding in Beacon Energy from 22.7% to approximately 29%, together with payment of the second tranche cash consideration.
Stewart MacDonald, Chief Executive Officer of Beacon Energy, commented:
“I am delighted that we have now reach agreement on both the extension of the longstop date and the waiver of the condition precedent, which should allow the Second Acquisition to close in the coming weeks.”
All defined terms used in this announcement shall have the same meaning as in the Company's announcement on 6 March 2026 unless otherwise defined herein.
For further information, please visit https://beaconenergyplc.com/ or the following:
Enquiries:
|
Beacon Energy plc Stewart MacDonald (CEO) |
+44 (0)1624 604740 |
|
Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Bellman / Edward Foulkes |
+44 (0)20 7409 3494 |
|
Tennyson Securities Limited (Broker) Peter Krens |
+44 (0)20 7186 9030 |
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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