beacon energy plc said friday that it intends to float on the london stock exchanges aim as a result of a reverse takeover and that it expects to raise 604 million pounds 74 million for drilling a development well and general capital requirements the upstream oil  gas company said its expected date of admission is april 11 beacon energy said it had entered into a share purchase agreement with tulip oil holdings bv and deutsche rohstoff ag as part of this it conditionally agreed to acquire 100 of rhein petroleum gmbh for 349 billion new ordinary shares in the company plus a contingent earnout based on future production and exploration the company said that in conjunction with the acquisition it will raise gbp604 million by way of a placing a primary bid offer a subscription and the issue of the directorandadviserfee shares at the fundraise price of 011 pence a share the net proceeds together with the companys existing cash resources will be used to fund the drilling of the schb2 development well onshore germany and for general working capital requirements the company said