Barryroe Offshore Energy PLC on Thursday said it has €176,000 left in its coffers, which amounts to about three weeks of working capital.

Barryroe shares fell 72% to 0.35 pence each on Thursday. Its shares are down 84% so far this year.

The company said it is engaging with its substantial shareholders in relation to potential funding going forward. There can be no guarantee that these discussions will be successful, it adds.

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.

‘The refusal by the minister to grant the lease undertaking and the consequential delay to the proposed working capital raise has created going concern issues for the company that will delay the publication of its annual accounts,’ Barryroe said.

Earlier on Thursday, Barryroe 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.’

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