REG - Barryroe Offshore - Working Capital Update

Barryroe Offshore EnergyAnnouncement

08/06/2023 14:45

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RNS Number : 1518C  Barryroe Offshore Energy PLC  08 June 2023

Working Capital Update

8 June 2023

 

Following on from its working capital announcement earlier today Barryroe
Offshore Energy ("Barryroe" or "the Company") further announces that it has
€176,000 (£152,000) of working capital remaining which taking into account
the Company's existing commitments amounts to approximately 3 weeks of working
capital. As previously highlighted the Company 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. If
funding is not secured in the short term one of the options being considered
by the Board is an orderly wind down of the Company in a process of Creditor
Voluntary Liquidation ("CVL").

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. If the
Company is unable to publish its account by 30 June 2023, then trading in the
Company's shares will be suspended from 7:00 am on 3 July 2023.

 

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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