Barryroe Offshore Energy Share Discussion Threads

[swizz] 08/6/2023 18:37

No not the Currency, I think it was the Irish Times, I will see if it can still pick up the link,..GL S

[hermana3] 08/6/2023 18:02

Swizz, Was that wee titbit in The Currency???

[swizz] 08/6/2023 17:55

The current board appear to stumbling from one mishap to another, it wouldn't be a huge surprise to see a major restructuring of the board, as a condition of the financial support provided,It's not that many days ago that one of the media outlets, that appear to have some insight into the majority shareholder's approach and the suggestion was a merger with Lansdowne was on the table, which appears to have been largely ignored by BEY, this may well gather some traction now in light of these latest developments,..GL S

[paulsavannah] 08/6/2023 17:52

Just hope it wasn't the millionaires that you speak about who were off loading today and doing a runner themselves. Being honest, what would any of you do if you were in LGs shoes right now?

[hermana3] 08/6/2023 17:39

Tis a lifeline from the multimillionaires or hands in the fire here!!! Never the easy easy here...

[theshenagainagain] 08/6/2023 17:12

"As previously highlighted the Company is engaging in discussions with its substantial shareholders in relation to potentially funding the Company going forward."

Obviously the discussions cannot be going well.

Hardly surprising.

[sleepy] 08/6/2023 15:24

If it’s worth keeping the company intact then presumably big shareholders could be issued billions of shares at something like one thousandth of a cent each so giving them control?

[chica1] 08/6/2023 14:36

Paul.. I remember back in the day someone worked out Tony Junior took close to 6 million in salary during his tenure.
Not including his balloon payoff to shift him.

[paulsavannah] 08/6/2023 14:21

I was thinking the same and what have they been doing everyday or spending money on while waiting on the LU decision. 55k to run a company every week doing nothing. Can't see LG above all people prepared to fund that gravy train unless there's a guarantee of a LU in the not too distant future. He won't throw good money after bad. Or maybe they're playing hardball with ER.

[theshenagainagain] 08/6/2023 14:06

Begods! 3 weeks left? Nice of them to wait until now to tell us.

[chica1] 08/6/2023 14:00

I wonder how much of that £152,000 is going to Alan Curran's salary?
How much does it cost to run a shell company monthly

[paulsavannah] 08/6/2023 14:00

This is all a gamble between now and the 3rd of July. The only consolation for all of us is LG will have lost a packet too if he lets it go. No point in jumping ship at this price anyway, may as well hold out now and just wait and see.

[roadster750] 08/6/2023 13:45

ryan must be feeling rather pleased with his work, I only hope that the company can be kept afloat and legal action can be taken to right this disgraceful situation.

[roadster750] 08/6/2023 13:41

8 June 2023

Following on from its working capital announcement earlier today Barryroe Offshore Energy ("Barryroe" or "the Company") further announces that it has EUR176,000 (GBP152,000) of working capital remaining which taking into account the Company's existing commitments amounts to approximately 3 weeks of working capital. As previously highlighted the Company 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. If funding is not secured in the short term one of the options being considered by the Board is an orderly wind down of the Company in a process of Creditor Voluntary Liquidation ("CVL").

Under AIM and Euronext Growth market rules, Barryroe is required to publish, by 30 June 2023, its annual accounts for the year ended 31 December 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. If the Company is unable to publish its account by 30 June 2023, then trading in the Company's shares will be suspended from 7:00 am on 3 July 2023.

[peaeff] 08/6/2023 12:01

CEPH

Oil majors have had every chance to get involved since 2011 but for some 'disturbing' reason have chosen not to. For some inexplicable reason they chose to support other 'wildfire', and failed, drillings which eventually sucked the life out of PVR and escalated the financial decline. Why some of those decisions were made at the time we shall never know, but I think it was a case of Barryroe will always be there irrespective of whatever the outcome of those decisions.

That BOD together with those that followed have all 'got it wrong' in someway or other and this recent crowd don't appear to have done any better. We now seem to have reached a point whereby their priority is to worry about what will pay for their next salary demand rather than give us PI's some tiny hope that they will take on RYAN.

I wonder, is there a living investor who has not lost, or is currently in negative equity with PVR or BEY (more recently). Over those years everything has been coming up 'everything but roses' despite all the promises and in my mind it is a disgrace that those, presumed, responsible and knowledgeable board members could lead us to where we are now.

I just wonder how many other protected licences exist and are under the thumb of one man and his dogs. Could they not get together with LOGP and form some sort of consortium to spresd the cost, in a effort to at least put the shi.. up this government. Who knows?.

Well it looks as though the writing is finally on the wall and as others have said there is not a lot left here for PI's.

Just as a final thought, if Barryroe is the certainty it has always been touted to be then surely legal action, with the benefits success would bring, is well worth a go.

AIMO Regards

[p5tvr] 08/6/2023 10:17

Can't say i didn't warn you! LOL :0)

[ianio5691] 08/6/2023 09:26

Looks like end of the road for BEY.
they would surely be better off reversing into LOGP.
Whatever happens - it won't be to the benefit of existing shareholders.
Dreadful.

[paulsavannah] 08/6/2023 09:10

Of course ER is the sole villain and perpetrator of this whole fiasco but the board of directors and LG haven't paid a penny to BEY as working capital to save it from going bust apart from taking a large stake in it last year for his own ends. The board counted their chickens too early by offering a placing etc when nothing was guaranteed. They only use ordinary shareholders when it suits them.

[cephalosaurus] 08/6/2023 08:58

There would be oil majors interested if it was green lit, but Ryan has discouraged any movement on it. It's not the asset, it's an extremely selfish man who has enriched himself and loves to see other people become destitute.

[cephalosaurus] 08/6/2023 08:51

It would have gone bust without LG, and who stumps up that money personally without caveats? You would have to be nuts, so he is and has been the only lifeline as a consequence of Ryans ludicrous and unnecessary proof of funding demand

[paulsavannah] 08/6/2023 08:49

Mentally i have wrote this fiasco off and if it goes bust now I could live with the loss. Can't help but think LG is as much part of the problem as the solution as ER has dug his heels in rather than bow to LG after his financing deal last year which smacked of greed and shafted ordinary shareholders like ourselves without a single shred of empathy. I won't be giving one more cent to BEY to pay inflated salaries and expenses and if it goes bust I can live with it. Broke my own rule of never invest in AIM stocks so I have only myself to blame

[hermana3] 08/6/2023 06:37

Yes must get new dough onboard to release accounts in next 22 days. This shows how a government with a Minister hellbent on getting his way can threaten the viability of a going concern. Battle lines are clearly drawn now....