The UK-based company Beacon Energy plc announced today that it has acquired all of the shares in Rhein Petroleum GmbH from Deutsche Rohstoff AG (10%) and Tulip Oil Holding (90%).
Mannheim, Dezember 16, 2022
British Beacon Energy plc acquires Rhein Petroleum/Deutsche Rohstoff receives shares and a revenue share
Mannheim. The UK-based company Beacon Energy plc (AIM: BCE; “Beacon”) announced today that it has acquired all of the shares in Rhein Petroleum GmbH from Deutsche Rohstoff AG (10%) and Tuilp Oil Holding (90%), (please see www. beaconenergyplc.com). As part of the sale, Deutsche Rohstoff will receive a share in Beacon of around 3.3% as well as a revenue share of around 1% of the future net returns from Rhein Petroleum’s production (“earn out”).
The value of the 3.3% stake in Beacon will initially be around EUR 0.3 million after the transaction and a capital measure. Considerable further potential arises from the “earn-out” agreement. Beacon intends to further develop Rhein Petroleum’s existing acreage and significantly increase production.
In 2011 and 2012, Deutsche Rohstoff AG sold its majority stake in Rhein Petroleum to Tulip Oil. This resulted in a profit of around EUR 9.8 million. Under the Shareholders’ Agreement concluded at that time, Deutsche Rohstoff AG had undertaken to sell its own remaining shares in the event of Tulip Oil selling the majority of the shares. This agreement was now applied.
Irrespective of this, Deutsche Rohstoff AG considers the transaction to be positive. The shares in Beacon are traded on the AIM segment of the London Stock Exchange. Tulip Oil also replaces the guarantees in the amount of approximately EUR 1.5 million that Deutsche Rohstoff AG had provided to the mining authority in Hesse.
Mannheim, 16. December 2022
Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten round off the portfolio. Further information is available at www.rohstoff.de
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