Beacon Energy PLC (AIM:BCE) shares climbed over 10% on Thursday morning following the oil and gas company's after-hours update that tests are being carried out on its SCHB-2 well in Germany.
Electric wireline logging is currently being undertaken in the undeveloped Stockstadt Mitte segment of the Erfelden field in Germany, Beacon said, with the results of this set to prove whether the well will be cash generative.
AIM-listed Beacon had faced setbacks in the region when a directional drilling assembly became stuck late last month, with Wednesday evening’s update referencing share price gains since.
“We look forward to updating the market in due course,” Beacon added, with the test yet to be completed and results analysed.
Beacon rose 11.63% to 0.12p on the update.