Beacon Energy completed the acquisition of Rhein Petroleum from Tulip Oil and Deutsche Rohstoff.

Beacon Energy, an multinational upstream oil & gas company, completed the acquisition of Rhein Petroleum, an oil and energy company based out of Germany, from Tulip Oil and Deutsche Rohstoff. Financial terms were not disclosed. "Since assuming the role of CEO on an interim basis, the entire Board has worked tirelessly to help me deliver value accretive opportunities from our compelling business development pipeline. It is with satisfaction that we have delivered the SPA and I take on the CEO role with considerable enthusiasm to develop a self-funding, production-led platform for growth. I look forward to working with the extended team on the acquisition and reverse takeover which, once complete, will underpin the Company with immediate cash flow and provide an active near-term work programme designed to grow production, cash flow and value for our shareholders," Larry Bottomley, Beacon Energy CEO.