Beacon Energy Targets Cost Reduction Amidst Restructuring

Advance Energy (GB:BCE) has released an update.

Beacon Energy is actively pursuing cost reduction measures at its German subsidiary, Rhein Petroleum, aiming to halve its annual operating costs to approximately €1.3 million by the end of 2024. The company has entered a formal creditor process to address liabilities and is planning to restructure to optimize cash flow, which includes the installation of a new rod pump to stabilize well production. Due to these ongoing issues, Beacon Energy’s Annual Report publication is delayed, resulting in the continued suspension of its shares on AIM.

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