Beacon Energy PLC (AIM:BCE), formerly Advance Energy, told investors it has extended the period of exclusivity for an agreement that gives it the opportunity to acquire a European oil and gas company.
The company, in a statement, noted that the new deadline is set as 12 December 2022 extending from 28 November.
The identity of the potential acquisition has yet to be disclosed, meanwhile, the cash-shell investment company said “the parties continue to work diligently towards concluding a definitive agreement and will update the market accordingly.”
Beacon shares were temporarily suspended on 9 September after announcing the agreement which would constitute a reverse takeover (RTO) under AIM rules.
Earlier this month the company was renamed to “reflect its forward-looking objectives”.