Earlier this month, Barryroe Offshore, previously known as Providence Resources, informed its shareholders that it was considering winding down its operations. This decision was prompted by the government’s rejection of its key exploration permit, which had caused a pause in its planned capital raise. In response, Barryroe Offshore announced its intention to proceed with an orderly wind-down of the business through a Creditors Voluntary Liquidation.
To move forward with this process, the company plans to hold an extraordinary general meeting (EGM) next month to seek shareholder approval for the appointment of a liquidator. Additionally, discussions with major shareholders regarding potential funding options are still ongoing, and Barryroe Offshore remains committed to securing additional funding until the date of the EGM. However, it must be noted that there is no guarantee that new funding will be obtained.
On May 19, Minister for Environment, Climate and Communications Eamon Ryan rejected Barryroe Offshore’s permit application. The minister expressed concerns over the financial capability of the applicants. This permit area is home to the Barryroe undersea prospect, which was discovered off the coast of Cork in 2012.
Barryroe Offshore, which has an 80% stake in the prospect license alongside partner Lansdowne Oil & Gas, finds this situation “disappointing and deeply frustrating,” according to Chairman Peter Newman. Despite securing €40m in funding held on deposit in escrow to cover the proposed appraisal program, the minister’s discretion in assessing the company’s financial capability has hindered progress in the field.
As a result, the company’s ordinary shares are currently suspended from trading on AIM and Euronext Growth. These shares will remain suspended until fresh funding is secured or until the Creditors Voluntary Liquidation process is completed. In the event of completion, all shares will be canceled.
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