shares of beacon energy plc rose 24 on tuesday as the company returned from suspension having completed its acquisition of european oilandgas company rhein petroleum gmbh shares at 1142 gmt were up 003 pence at 013 pence beacon said in december that it was buying rhein petroleum for shares in a deal that was classified as a reverse takeover under london stock exchange rules under the deal the vendors received shares that represented 332 of beacons enlarged share capital as part of the deal beacon raised 6 million pounds 74 million via a share placing which is being used to drill the schwarzbach2 well in germany the transaction is highly value accretive and provides beacon with a solid growth platform underpinned by proven reserves current production and an exciting work program commencing with the important schwarzbach2 development well in the coming months chief executive larry bottomley said this transaction is the first step in beacons clearly defined strategy to build a selffunding business with cash flows from activities directed into further value enhancing organic growth separately the company said that the rig for the schwarzbach2 well has been contacted with drilling expected to start midjune