Transaction Update
Beacon Energy PLC announced that the long stop date for its Second Acquisition of an additional 24 per cent. indirect interest in LNEnergy, which would have increased its stake to approximately 48 per cent., has passed without an extension being agreed with Reabold Resources plc. While the Share Purchase Agreement remains in effect, either party has the option to withdraw from the transaction. If the Second Acquisition does not complete, Beacon Energy and Reabold will each retain their existing 24 per cent. indirect interest in LNEnergy, with no further Consideration Shares issued to Reabold, the second tranche of Cash Consideration of £153,200 will not be paid, and the Earn Out payable to Reabold will be reduced. The company's focus remains on the Colle Santo project, with well testing operations anticipated soon.
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Further to the Company’s announcement on 6 March 2026 and Interim Results announcement on 30 September 2026, Beacon Energy announces that the long stop date for the Second Acquisition of 6 October 2026 has passed without an extension having been agreed with Reabold Resources plc (“Reabold”).
Whilst the Share Purchase Agreement remains in full force and effect, the long stop date of 6 October 2026 has passed, which provides Beacon and Reabold with an option, should either party choose to exercise it, to withdraw from the Second Acquisition. Neither party has served such notice.
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 would 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 is conditional, 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.
If the Second Acquisition does not complete:
- Beacon Energy and Reabold will each retain an indirect interest of approximately 24 per cent. in LNEnergy, with each party responsible for funding its pro rata share of future costs;
- no further Consideration Shares will be issued to Reabold;
- the second tranche of the Cash Consideration of £153,200 will not be paid to Reabold; and
- the Earn Out payable to Reabold will be reduced proportionately.
Stewart MacDonald, Chief Executive Officer of Beacon Energy, commented:
“The long stop date has passed without agreement on an extension, although the SPA remains in full force and effect.
“Our focus remains on the successful delivery of the Colle Santo project. As outlined in the Company’s recent Interim Results announcement, LNEnergy continues to progress the Colle Santo project with well testing operations anticipated to commence 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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.