Beacon Energy PLC (AIM: BCE), the energy company with an indirect interest in the Colle Santo gas asset in Italy, has announced a significant update to its ongoing acquisition of a further stake in LNEnergy Limited. The company has agreed with Reabold Resources plc to extend the long stop date for the Second Acquisition under the Share Purchase Agreement to 28 February 2027, and both parties have agreed to waive the condition precedent relating to the award of the Production Concession for the Colle Santo Asset. With other conditions still to be satisfied, the parties expect to close the Second Acquisition in the coming weeks, making this a potentially near-term milestone for BCE investors to monitor.

Key Points

  • Beacon Energy PLC (AIM: BCE) is an AIM-listed energy company with interests in the Colle Santo gas asset in Italy via LNEnergy Limited
  • Beacon Energy and Reabold Resources plc have extended the SPA long stop date for the Second Acquisition to 28 February 2027 and waived the Production Concession condition precedent
  • The Second Acquisition would increase Beacon Energy's indirect interest in LNEnergy from approximately 24% to approximately 48%, equivalent to approximately 43.2% in the Colle Santo Asset
  • Investors should watch for confirmation that the remaining SPA conditions have been satisfied and formal completion of the Second Acquisition is announced

Beacon Energy and Reabold Agree Long Stop Date Extension to 28 February 2027

The announcement, dated 10 November 2026, confirms that Beacon Energy and Reabold Resources plc have reached an agreement to extend the long stop date under the Share Purchase Agreement to 28 February 2027. This follows the company's earlier update on 7 October 2026. Crucially, the parties have simultaneously agreed to waive the condition precedent in the SPA that required the award of the Production Concession for the Colle Santo Asset to LNEnergy Italy, a 90 per cent owned subsidiary of LNEnergy. All other terms of the Share Purchase Agreement remain unchanged, the announcement states.

Second Acquisition Would Take Beacon Energy's Indirect Colle Santo Interest to Approximately 43.2%

Beacon Energy completed the First Acquisition on 6 March 2026, securing an indirect interest of approximately 24 per cent in LNEnergy Limited. Under the Second Acquisition, the company will acquire a further indirect interest of approximately 24 per cent in LNEnergy, bringing its total indirect interest to approximately 48 per cent. This is stated to be equivalent to an indirect interest of approximately 43.2 per cent in the Colle Santo Asset, an Italian gas project operated through LNEnergy Italy. The Colle Santo Asset represents the core strategic rationale underpinning Beacon Energy's successive acquisitions from Reabold Resources.

Reabold Resources Shareholding in Beacon Energy Expected to Rise to Approximately 29% on Completion

Upon completion of the Second Acquisition, the announcement discloses that further Consideration Shares will be issued to Reabold Resources, increasing its shareholding in Beacon Energy from 22.7 per cent to approximately 29 per cent. A second tranche cash consideration will also be payable at that point, though the specific cash amount was not disclosed in the announcement. Chief Executive Officer Stewart MacDonald stated he was "delighted" that agreement had been reached on both the extension and the waiver, adding that this "should allow the Second Acquisition to close in the coming weeks."