REG - Barryroe Offshore - Barryroe Lease Undertaking Application

Barryroe Offshore EnergyAnnouncement

31/10/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221031:nRSe5800Ea&default-theme=true

RNS Number : 5800E  Barryroe Offshore Energy PLC  31 October 2022

Barryroe Lease Undertaking Application

 

The Board of Barryroe Offshore Energy (AIM and Euronext Growth: "BEY")
("Barryroe" or "the Company"), the Irish based energy company notes that it
has recently exchanged correspondence with the Department of the Environment
Climate and Communications (DECC) regarding its Barryroe Lease Undertaking
Application.

DECC believes on the basis of the information provided to it to date that the
Company has not yet demonstrated sufficient compliance with the guidelines set
out in the Department's 'Financial Capability Assessment for Offshore Oil
& Gas Exploration and Appraisal Applications Guidance' and DECC has
commissioned an independent report which supports its belief.

 

DECC has allowed Barryroe an opportunity to provide further financial
information in connection with their capability assessment by 21(st) November.

 

In the light of these developments, the Board intends to engage with the
Company's major shareholders and others in seeking to demonstrate to DECC more
clearly the Company's financial capability.

 

While we will seek to provide all outstanding financial confirmations to DECC
within the required timeframe, it should be noted that the  final decision in
relation to the award of the Barryroe Lease Undertaking has not yet been taken
and it remains in the hands of DECC and the Minister.

This announcement contains inside information within the meaning of the EU
Market Abuse Regulation 596/2014 and the Market Abuse (Amendment)(EU Exit)
Regulations 2019/310

 

Investor Enquiries:

Barryroe Offshore Energy P.l.c.       Tel: 353 1 219 4074

Alan Curran

Chief Executive

Investor Relations                            Tel:
353 1 219 4074

Job Langbroek

 

J & E Davy                                       Tel:
353 1 679 6363

Anthony Farrell

 

Media Enquiries:

AM O'Sullivan PR
Tel: 353 87 457 2264 / mark@amosullivanpr.ie

Mark Harrington

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDXBDGCDXDGDG