Barryroe reboot efforts continue
Last updated: 15:55 02 Oct 2023 BST, First published: 09:47 23 Apr 2020 BST
Snapshot
- Barryroe examiner secures new investment
- Providence Resources says going solo at Barryroe will be very beneficial for shareholders
About the company
Barryroe Offshore Energy PLC is an Irish company with a controlling interest in a significant oil and gas discovery, in shallow water offshore West Cork.
An appraisal program, necessary before field development can begin, awaits government approval.
How it is doing
Barryroe Offshore Energy PLC (AIM:BEY, OTC:PVDRF) has announced that an agreement has been made between itself, examiner Interpath Advisory and a shareholder for investment into the oil company.
Just over €1 million will be made available to Barryroe by Lorsden (Jersey) Ltd in return for newly issued shares, the company said on Monday.
An advanced loan of €300,000 to allow for restructuring has also been agreed, with Lorsden committing a further €5 million once an appropriate business plan is in place.
Lorsden is the parent of Vevan Unlimited Company, which is a majority shareholder in Barryroe.
Barryroe Offshore Energy PLC (AIM:BEY, OTC:PVDRF) has confirmed that it can no longer proceed with its previously announced equity raise, which would’ve resulted in a €20mln injection of capital.
The Irish oil company is now discussing the possibility of raising working capital from its substantial shareholders and directors in order to maintain the company in the near term.
Barryroe Offshore Energy PLC (AIM:BEY, OTC:PVDRF) has said it plans to raise €20mln through a proposed placing and open offer.
The placing will be for an amount of up to €12mln, at a price of €0.015 per new ordinary share, the company said in a statement.
Insight: Providence Resources says going solo at Barryroe will be very beneficial for...
Providence Resources PLC (LON:PVR) shares recovered strongly through Thursday’s trade as investors warmed somewhat to the company’s new self-help strategy to take forward the Barryroe oil project.
After starting the day falling over 15% the share closed at 3.4p, marking only a 6.8% decline for the session.