Barryroe Offshore Energy PLC Convertible Loan Note Funding Update (1777N)

TIDMBEY

RNS Number : 1777N

Barryroe Offshore Energy PLC

19 January 2023

Convertible Loan Note Funding Update

As announced by the Company on 23 November 2022 a funding agreement of up to EUR40 million in the form of a Redeemable Convertible Secured Loan Note (the "Funding Agreement") was executed by the Company with Vevan Unlimited ("Vevan").

The Funding Agreement was entered into to provide the required funding for the work programme proposed in the Barryroe Field Lease Undertaking Application. While the Company can draw down the funding to meet the costs of the work programme set out in the Lease Undertaking Application, subject to the conditions precedent set out in the Funding Agreement, certain issuances of shares and warrants as contemplated by the Funding Agreement require the passing of share allotment and authority resolutions at an Extraordinary General Meeting ("EGM") of the Company.

In that context, the Company has deferred the issuance of the circular convening the EGM in circumstances where certain substantial shareholders of the Company notified the Company and Vevan of their interest in participating in a potential sub-allocation of the Funding Agreement. Discussions are progressing, and once concluded, the Company intends to proceed with the EGM as planned.

INVESTOR ENQUIRIES:

   Barryroe Offshore Energy P.l.c.   Tel: [phone] 

Alan Curran

Chief Executive

   Investor Relations   Tel: + 353 1 219 4074 

Job Langbroek

   J & E Davy   Tel: [phone] 

Anthony Farrell

MEDIA ENQUIRIES

AM O'Sullivan PR Tel: [phone] / [e-mail]

Tina Quinn

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFLFSRLVITLIV

(END) Dow Jones Newswires

January 19, 2023 02:00 ET (07:00 GMT)