Shares in Barryroe Offshore Energy PLC (AIM:BEY) and Lansdowne Oil & Gas (AIM:LOGP) were down in Monday’s early deals as they updated investors following correspondence with the Irish authorities.
Barryroe Offshore, in a statement, told investors that Ireland’s Department of the Environment Climate and Communications (DECC) has informed the partners in the Barryroe oil field project that it requires further financial information in connection with their application to progress the potential field development, off the Cork coast.
The DECC said it “believes on the basis of the information provided to it to date that the company has not yet demonstrated sufficient compliance with the guidelines set out in the Department's Financial Capability Assessment for Offshore Oil & Gas Exploration and Appraisal Applications Guidance”, the company communicated.
Barryroe Offshore said it now intends to engage with the company's major shareholders and others in seeking to demonstrate to DECC more clearly the company's financial capability.
“While we will seek to provide all outstanding financial confirmations to DECC within the required timeframe, it should be noted that the final decision in relation to the award of the Barryroe Lease Undertaking has not yet been taken and it remains in the hands of DECC and the Minister,” the AIM-quoted company said.
In London, Barryroe Offshore shares fell 7.25% to 3.2p whilst Lansdowne Oil & Gas (AIM:LOGP) was down 20% at 0.4p.