Advance Energy (GB:BCE) has released an update.
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Beacon Energy, a full-cycle oil and gas company, announced its year-end results and the challenges faced after acquiring Rhein Petroleum, which holds promising assets in Germany. Despite operational hurdles and lower-than-expected production rates from the Schwarzbach-2 well, the company remains optimistic about the Erfelden field’s potential, with estimated recoverable reserves of 7.2 million barrels. They are actively pursuing cost reductions and have managed a slight production increase with new pumping equipment, while also navigating financial restructuring due to difficulties with creditor negotiations.
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