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(Alliance News) - Barryroe Offshore Energy PLC on Friday said a minister in Ireland is not "satisfied with the financial capability" of those involved in an oil and gas lease application.
The company, chasing a government green light for the SEL1/11 licence, said it received correspondence from Eamon Ryan, Ireland's minister for the Department of the Environment, Climate & Communications.
SEL1/11 houses the Barryroe field. Barryroe Offshore owns an 80% stake in the asset, while Lansdowne Oil & Gas PLC owns 20%.
An assessment found nothing untoward from a "technical perspective", though the application fell short in the financial capability assessment guidance.
"The letter states that the applicants do not meet the investment cover criterion as required by the financial capability assessment guidance. Consequently, the SEL1/11 licensees have no rights over the acreage held under SEL1/11 as SEL1/11 expired on 13 July 2021," Barryroe Offshore said.
In April, Barryroe Offshore proposed a placing and open offer to raise up to EUR20 million. The funds would be used for working capital and to "maintain the momentum" at the Barryroe project, located in the North Celtic Sea basin.
By Eric Cunha, Alliance News news editor
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