Beacon Energy PLC on Tuesday hailed the arrival of a drilling rig at the Schwarzbach production facility, which falls within the Erfelden Field development.

Beacon is an Isle of Man-based upstream oil and gas company with operations ranging from Europe, Africa to East Asia.

The Erfelden oilfield is the most northern oil field in the Upper Rhine Graben, and is comprised of four juxtaposed structural segments: the mainly depleted Kuehkopf segment, the producing Schwarzbach Main segment, the discovered Stockstadt Mitte segment and the unproven Schwarzbach South segment.

According to Beacon, an E202 drilling rig has now been delivered to the production site for the planned Schwarzbach-2 development well. The rig is fully crewed and has been contracted from RED Drilling & Services GmbH.

‘We are pleased to report that preparations for this highly important well are on track meaning we are well placed to spud on or around the 19 June 2023. In the success case, this well has the potential to be truly transformative for Beacon as we seek to deliver a step-change in our production and cash flow,’ said Chief Executive Officer Larry Bottomley.

‘The proximity to the Schwarzbach facility means increased volumes can be tied-back to these existing production facilities enabling immediate benefits to our investment proposition and financial capabilities as we seek to establish a self-funding business model.’

Beacon shares were trading 2.4% higher at 0.10 pence each in London on Tuesday morning.

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