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(Alliance News) - Barryroe Offshore Energy PLC on Thursday gave an update on the refusal by Ireland's Minister for the Environment, Climate & Communications, Eamon Ryan, to grant a lease for the SEL1/11 licence back in May.
SEL1/11 houses the Barryroe field. Barryroe Offshore owns an 80% stake in the asset, while Lansdowne Oil & Gas PLC owns 20%. The company has chased a government green light for the licence.
Barryroe said: "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."
It added it will update on its financing situation as soon as practicable. The company has until the end of June to publish its annual results for 2022.
Barryroe shares fell 44% to 0.70 pence each on Thursday. Its shares are down 75% so far this year.
By Tom Budszus, Alliance News reporter
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