(Alliance News) - Beacon Energy PLC on Friday announced its subsidiary found "good quality" oil-bearing reservoirs in the Meletta-Schichten sandstone and the Pechelbronner-Schichten sandstones on the Schwarzbach-2(2.) well in Germany.
Beacon Energy shares jumped 32% to 0.14 pence each on Friday morning in London.
The Germany-focused upstream oil & gas company said initial evaluation of the logs by its subsidiary Rhein Petroleum GmbH over the Pechelbronner-Schichten indicated a 34-metre gross interval containing 28 metres of oil-bearing net reservoir. It added that porosities average 18% and up to 28%, all of which significantly exceed pre-drill estimates."
Rhein Petroleum did not encounter water-bearing sands in either Schichten intervals.
Chief Executive Officer Larry Bottomley said: "These results imply significant upside to the reserve range assigned to the Stockstadt Mitte segment in the competent person's report published by the company in December 2022, and this will be the focus of one of the post-well projects.
"The operations team will now focus on completing the well for production and we will update the market as appropriate."
By Tom Budszus, Alliance News reporter
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