Lansdowne Oil & Gas Shares Fall on Irish Request for Financial Capability

By Anthony O. Goriainoff

Shares in Lansdowne Oil & Gas PLC fell Monday after it and joint-venture partner Barryroe Offshore Energy PLC said they will engage with shareholders in reference to a financial-capability request made by Ireland's Department of the Environment, Climate and Communications, or DECC.

Lansdowne shares at 0841 GMT were down 0.20 pence, or 40%, at 0.30 pence.

Dublin-listed energy company Barryroe said the DECC has given it until Nov. 21 to provide further financial information in connection with their capability assessment.

Barryroe said the DECC believed that it hadn't yet demonstrated sufficient compliance with its guidelines.

Lansdowne said that it was "extremely dissatisfied" in the way DECC was dealing with the lease undertaking application, and that the November deadline created an unrealistic timetable for the partnership.

The company said that the application was submitted in April 2021, and that the delay in the review and granting of the lease exceeded any reasonable expectation for the granting of the lease undertaking. Furthermore, the DECC's approach regarding financial capability was at odds with the department's prior practice, the company said.

Lansdowne said the request to have funds raised prior to the granting of the lease places undue risk on shareholders if it isn't ultimately granted.

"Lansdowne will work with counsel to review the approach taken by DECC and determine the available alternatives to protect the company's rights and the significant investment of its shareholders since 2011," it said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

October 31, 2022 05:13 ET (09:13 GMT)

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