Beacon Energy provides the following update on the proposed transaction to acquire the entire issued and to be issued share capital of Rhein Petroleum.

The Company has received notification that the shareholders of Tulip Oil Holding B.V. have approved the Proposed Transaction, a condition precedent for the Proposed Transaction to proceed.

The Company has today published a Competent Person's Report ("CPR") prepared by SGS Nederland B.V, relating to the Rhein Petroleum assets. The CPR outlines:

• 2P net reserves of 3.85 mmbbl and 2C net contingent resource base of 22.96 mmbbl, located across the four core assets within the Rhein Petroleum portfolio
• NPV10 valuation of 52.8 million related to the 2P reserve base
• Cumulative free cash flow of €95.0 million forecast in relation to the 2P reserve base

Appointments:

• Proposed appointment of Stewart MacDonald as an Executive Director and Chief Financial Officer of the Company, subject to Completion of the Proposed Transaction
• Tulip Oil has nominated Leo Koot as its representative Non-Executive Director, subject to Completion of the Proposed Transaction and completion of due diligence by the Company's Nominated Adviser, in accordance with the terms of the share purchase agreement announced on 16 December 2022

Beacon Energy Non-Executive Chairman, Mark Rollins, said:
"We look forward to Stewart and Leo's prospective appointments to the Company's Board.

"Stewart has been instrumental in the Proposed Transaction over the last 6 months, where his background and experience of M&A and financing has been invaluable, and those skills will further support our ambitions to grow Beacon Energy into a material business.

"Leo's knowledge of the Rhein Petroleum portfolio and experience in the German [oil & gas] sector will be essential as we integrate the business, pursue the near-term drilling and actively engage in in-country business development. The Company will also benefit for Leo's extensive sector experience as we continue to grow Beacon Energy for the benefit of all shareholders.

"We are delighted that the transaction continues to progress as planned and look forward to providing further updates in due course."

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