DUBLIN, UK — Barryroe Offshore Energy (BOE) has an arrangement under which shareholder Vevan Unlimited will support a work program related to the Barryroe field development offshore southern Ireland.
A recent communication from Ireland’s Department of the Environment, Climate and Communications (DECC) indicated that BOE had not demonstrated sufficient compliance with DECC's "Financial Capability Assessment for Offshore Oil & Gas Exploration and Appraisal Applications Guidance" to secure the Barryroe Lease Undertaking.
However, following engagement with the company’s major shareholders, Vevan agreed to underwrite all anticipated funding needed for the work program.
The sum committed pursuant to the loan note instrument will be up to €40 million ($41 million).
BOE CEO Alan Curran said, “Subject to Ministerial consent, once the lease undertaking is in place, we will rapidly move to commence preparations for drilling operations. Well planning and the optimal weather window indicates this is now likely to be in 2024.”
The company and its partners aim to drill an appraisal well on the Barryroe discovery to resolve issues with the A and C Basal Wealden Sand reservoirs and to clarify the split between oil and gas resource volumes.