Beacon Energy PLC (AIM:BCE) has said its takeover of Rhein Petroleum GmbH from Tulip Oil Holding BV and Deutsche Rohstoff AG (DRAG) is progressing as planned as it revealed the proposed appointment of Stewart MacDonald as an executive director and chief financial officer of the company following completion of the transaction.
It noted that MacDonald has over 20 years of energy industry and investment banking experience, including as eight years as CFO of Rockhopper Exploration PLC.
"Stewart has been instrumental in the proposed transaction over the last six 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,” commented Beacon Energy’s non-executive chairman Mark Rollins in a statement.
The proposed reverse takeover deal, which was first announced on 16 December 2022, has now been approved by the shareholders of Tulip Oil, the cash shell said.
It noted that Tulip Oil has nominated Leo Koot as its representative non-executive director. He is currently executive chairman of Tulip Oil, joint MD at Rhein Petroleum and partner at Concordia Capital Partners (MENA GULF).
Koot is a Dutch national with over 30 years of international experience in the energy and power sector. His previous roles include drilling engineer at Shell PLC, managing director UK then president Iraq for TAQA, executive chairman of Columbus Energy Resources PLC, and independent non-executive director for Sterling Energy PLC.
Rollins added: "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 from 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," he concluded.
Beacon Energy also said it will give private and other qualifying investors the opportunity to take part in the company's proposed forthcoming equity fundraise.