Barryroe Offshore Energy (BOE) confirmed on Monday it is adjourning an extraordinary general meeting (egm) to vote on putting the company into liquidation after a move by the company’s largest shareholder, Larry Goodman, late last week to petition for an examiner to be appointed.
The petition by Mr Goodman’s Vevan Unlimited vehicle, which owns almost 20 per cent of BOE, will be heard by Mr Justice Michael Quinn on July 31st. Kieran Wallace, managing director of Interpath Advisory in Ireland, is being proposed as the examiner.
“A further notice will be issued to shareholders following the decision of the High Court as regards the petition,” The company said in a statement.
[ Pessimism mounts over Barryroe as liquidation vote loomsOpens in new window ]
BOE, which is running out of cash, had been seeking to secure fresh funds from big shareholders to keep the company running in order to pursue legal action against Minister for the Environment Eamon Ryan after he decided in May not to grant a permit for further work on the company’s key Barryroe oil and gas prospect off the Cork coast.
It is speculated that Vevan may seek to provide funding as part of an examinership process that would allow BOE to effectively be run as a litigation vehicle to pursue a judicial review of the Minister’s decision.
BOE has burned through more than €270 million of cash raised from share placings over the past 12 years. Barryroe was the last remaining exploration hope.
The prospect, 50km off the Cork coast, was found more than a decade ago to have more than 300 million barrels of oil as well as gas resources. BOE saw three development partnership deals fall through over the period.
