Beacon Energy (LSE:BCE), an oil and gas company with indirect exposure to Italian natural gas through its Colle Santo project, has attracted a new strategic investor into the asset while its operating subsidiary LNEnergy Italy has simultaneously acquired the remaining 10% working interest from an existing partner, bringing its ownership to 100%.
Beacon holds its interest in Colle Santo indirectly through LNE IOM and LNEnergy, and the combined transactions leave the company's indirect economic interest unchanged at 43.2%, assuming completion of the previously defined Second Acquisition.
The new capital injection is intended to advance the project toward production, with independent consultancy RPS Energy calculating an NPV10 of €37.6m at €40 per megawatt hour and €52.9m at €50 per megawatt hour attributable to Beacon's 42.3% indirect economic interest on completion of the Second Acquisition.
"These transactions, when taken together, maintain Beacon's 43.2% indirect economic interest in the project while providing additional capital for the project," said chief executive Stewart MacDonald.
The financial terms of the strategic investment were not disclosed in the announcement.
