Beacon Energy PLC (AIM:BCE) shares jumped 34.5% to 0.14p after an update on its latest Schwarzbach well onshore Germany encountered "good quality oil-bearing reservoirs".
Wholly owned subsidiary Rhein Petroleum carried out electric wireline logging of the Schwarzbach-2(2.) well, abbreviated to the still unwieldy SCHB-2(2.), which revealed the reservoirs with porosity ranges above pre-drill expectations, the company said, with initial evaluation indicating a 34-metre gross interval containing 28 metres of oil-bearing net reservoir.
Chief executive Larry Bottomley said: "The SCHB-2(2.) well has now been safely, effectively and successfully drilled and logged, a testament to the quality of the Rhein Petroleum operating team who delivered a positive outcome despite encountering certain technical challenges through the drill.
"The well has encountered oil bearing reservoir in the Meletta and PBS sandstones, both shallower than predicted with the PBS being a thicker interval with more sand and of better quality than pre-drill estimates.
"These results imply significant upside to the reserve range assigned to the Stockstadt Mitte segment in the CPR published by the company in December 2022, and this will be the focus of one of the post-well projects."
He said the operations team will now focus on completing the well for production, with the expectation that this production will be brought onstream over the next month.