REG - Barryroe Offshore - Creditors Voluntary Liquidation

Barryroe Offshore EnergyAnnouncement

19/06/2023 07:00

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RNS Number : 0738D  Barryroe Offshore Energy PLC  19 June 2023

 

Creditors Voluntary Liquidation

Dublin and London - 19 June 2023

Following on from its working capital update of 8 June 2023 Barryroe Offshore
Energy ("Barryroe" or "the Company") further announces its intention to
initiate an orderly wind down of the business through a Creditors Voluntary
Liquidation ("CVL").

The Company will now prepare a Circular and Notice to convene an EGM, to be
held as soon as practicable during July, to seek shareholder approval for
appointment of a Liquidator to the Company. A further announcement will be
released when the Circular is sent to shareholders.

Discussions with major shareholders as regards possible renewed funding for
the Company are continuing and will be pursued up to the date of the EGM.
There can be no guarantee that these discussions will be successful such that
additional funding will be secured.

Given the Company's funding situation and its intention to initiate a CVL, the
Company's ordinary shares will be suspended from trading on AIM and Euronext
Growth with effect from 7.30 a.m. today. The Company's ordinary shares will
remain suspended until such time as its funding situation is resolved or until
the CVL process is complete, in which case the admission of the Company's
shares will be cancelled.

The Chairman comments: "It has been a disappointing and deeply frustrating
time for shareholders, management and the Board. In that context, the Board
particularly recognises and appreciates shareholder patience and support.
 The funding solution put in place in November 2022 secured €40 million
held on deposit in escrow, ready to drawdown as needed, sufficient to fully
cover the costs of the proposed appraisal programme. Notwithstanding that
secured funding, in assessing the Company's financial capability to deliver
this commitment, the Minister has seen fit to apply his discretion, relying on
reference to one, non-mandatory, 'financial capability guideline', arguably
inconsistent with the limited scope of the work, thereby denying all efforts
to progress appraisal of the Barryroe oil and gas field.  In consequence the
country has lost an opportunity to improve Ireland's energy security, to
reduce the emissions associated with importing oil and gas, to provide
employment and future tax revenues and to diversify  the country's sources of
primary energy supply. All at no cost to the public purse."

 

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 9881890 / tina@amosullivanpr.ie
Tina Quinn

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