The High Court has approved a rescue package for Barryroe Offshore Energy Plc. which will involve a company controlled by Larry Goodman investing over €6 million.
Under the plan, the investment in Barryroe will be made by Lorsden Ltd., the parent company of Goodman’s Vevan Unlimited Company.
Vevan is Barryroe’s largest shareholder, holding around 20% of the company.
High Court
Barryroe Offshore Energy’s primary focus was to progress the Barryroe oil and gas field located around 50km off the coast of Co. Cork.
The company, formerly known as Providence Resources, said that the undeveloped oil and gas field had been independently assessed to potentially contain around 350 million barrels of recoverable oil/gas.
Earlier this year, Minister for the Environment, Climate and Communications Eamon Ryan turned down an application by Barryroe for a permit to continue its exploration work at the site.
On July 21, 2023, a petition was presented to the High Court to place Barryroe Offshore Energy into examinership.
Kieran Wallace of Interpath Advisory was appointed examiner of the company 10 days later, following confirmation by the High Court.
The rescue package, formulated by Wallace, will see Goodman’s Lorsden Ltd. initially make €1,050,000 available to Barryroe Offshore Energy.
The company has committed to make a further €5 million available to Barryroe, which is dependent on a new business plan being agreed.
It is understood that Barryroe will now shift its focus from fossil fuel extraction to renewable energy.
Lorsden also advanced a loan of €300,000 to allow the company to fully explore restructuring options.
Following approval by the High Court of the proposed rescue package, it means that Larry Goodman, who is the founder of ABP Food Group, will take full control of Barryroe Offshore Energy.
The High Court has set Wednesday, November 8 as the effective date for the implementation of the proposals.
“The scheme is now binding on the shareholders and creditors of the company,” Barryroe said in a statement.
Existing shares in Barryroe and any shareholder rights will cease on Wednesday.
“At 7:00a.m on November 9,2023 the admission to trading on AIM and Euronext Growth will be cancelled,” Barryroe said.
The entire board of directors of the company previously committed to stand down as soon as practicable following the implementation of the proposals, no later than November 30, 2023.