Beacon Energy PLC (AIM:BCE), formerly Advance Energy, said the period of exclusivity for an agreement that gives it the opportunity to acquire a European oil and gas company has been further extended until 26 December 2022.
Beacon shares were temporarily suspended on 9 September after the company announced the potential acquisition, which would constitute a reverse takeover (RTO) under AIM rules.
In a brief statement, the cash-shell investment company said the parties “continue to work diligently towards concluding a definitive agreement and will update the market accordingly”.