Beacon Energy announced that Larry Bottomley, the Company's Chief Executive Officer, 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 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.