REG - Barryroe Offshore - Lease Undertaking Application Decision

Barryroe Offshore EnergyAnnouncement

19/05/2023 18:30

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RNS Number : 1019A  Barryroe Offshore Energy PLC  19 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF THE EU
MARKET ABUSE REGULATIONS 596/2014 AND THE MARKET ABUSE (AMENDMENT)(EU EXIT)
REGULATIONS 2019/310

 

Lease Undertaking Application Decision

Barryroe Offshore Energy ("Barryroe" or the "Company) on 19 May 2023 received
a letter from the Department of the Environment, Climate and Communications
("DECC") in relation to the Lease Undertaking Application.

The correspondence confirms that Eamon Ryan, Minister for the Environment,
Climate and Communications ("the Minister"), not being satisfied with the
financial capability of the Applicants, having been assessed in accordance
with the provisions of the Act of 1960, the 2007 Licensing Terms and the
Financial Capability Assessment Guidance, cannot grant the Lease Undertaking
as sought.

This assessment has concluded that from a technical perspective the Barryroe
Lease Undertaking application is satisfactory for the purpose of Section 3 of
the 2007 Licensing Terms and that the technical capability of the Applicants
is satisfactory for the purpose of Section 9(A) of the Act of 1960.

However the letter states that the applicants do not meet the Investment Cover
criterion as required by the Financial Capability Assessment Guidance.
Consequently, the SEL1/11 licensees have no rights over the acreage held under
SEL1/11 as SEL1/11 expired on 13 July 2021.

The Company is considering its response to the contents of the letter.

 

 

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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