REG - Barryroe Offshore - Working Capital Update

Barryroe Offshore EnergyAnnouncement

08/06/2023 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:20230608:nRSH0219Ca&default-theme=true

RNS Number : 0219C  Barryroe Offshore Energy PLC  08 June 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

Working Capital update

8 June 2023

 

Barryroe Offshore Energy ("Barryroe" or the "Company) announces that, in
direct consequence of the surprising and extremely disappointing decision by
the Minister for the Environment, Climate and Communications, Eamon Ryan TD,
to refuse to grant the Lease Undertaking over SEL 1/11, as announced on 19 May
2023, the Company has decided that it can no longer proceed with the proposed
Placing and Open Offer to raise corporate working capital, as previously
announced on 6 April 2023.

The Company has very limited working capital and is engaging in discussions
with its substantial shareholders in relation to potentially funding the
Company going forward. There can be no guarantee that these discussions will
be successful such that additional funding will be secured in the near future.

Under AIM and Euronext Growth market rules, Barryroe is required to publish,
by 30 June 2023, its annual accounts for the year ended 31 December 2022. The
refusal by the Minister to grant the Lease Undertaking and the consequential
delay to the proposed working capital raise has created going concern issues
for the Company that will delay the publication of its annual accounts.

The Company is considering all options in relation to the decision by the
Minister to refuse to grant the Lease Undertaking over SEL 1/11. It will
update the market on this and its financing situation as soon as practicable.

 

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

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  ISEFRMLTMTIMBFJ