A Jersey-based company controlled by beef processing businessman Larry Goodman is set to invest over €6 million in Barryroe Offshore Energy Plc.
Barryroe, which is currently in examinership, recently announced that creditors and shareholders had backed a proposed rescue package for the company.
The plan, which will be presented to the High Court for approval later this week, involves an investment by Lorsden Ltd., the parent company of Goodman’s Vevan Unlimited Company.
Vevan is currently Barryroe’s largest shareholder and is understood to hold around 20% of the company.
Barryroe
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.
As part of the proposed rescue package formulated by Wallace, Lorsden Ltd., will make €1,050,000 available to Barryroe Offshore Energy.
Lorsden also advanced a loan of €300,000 to allow the company to fully explore restructuring options.
In addition, Goodman’s company has committed to make €5 million in funding available upon agreement of an appropriate business plan, which will be supplemented by “substantial additional funds” as required to invest in future business plan prospects.
Completion of the initial investment is conditional on the cancellation of all existing shares.
Larry Goodman, who is the founder of ABP Food Group, will take full control of Barryroe Offshore Energy if the High Court gives the plan its approval on Friday morning (November 3).
In June, Barryroe shares were suspended from trading on AIM and Euronext Growth with effect.
The entire board of directors of the company has committed to stand down as soon as practicable following the implementation of the proposals, no later than November 30, 2023.