Ireland-based oil company Barryroe Offshore Energy has confirmed the appointment of Alan Curran as Chief Executive. Curran has held the role of Interim Chief Executive since July 4, 2022.
Also, the company, previously known as Providence Resources, said Wednesday that Colin Christie had been appointed as Chief Financial Officer-Elect as of February 1, 2023. Colin had joined the Barryroe team as a Corporate Finance Advisor in November 2022.
As previously reported, Barryroe's current CFO Simon Brett, in December 2022 announced its planned resignation, and he will step down on February 28, 2023.
The company operates the license containing the undeveloped Barryroe oil and gas field in the Celtic Sea, offshore Ireland.
Barryroe Offshore Energy has described the Barryroe offshore oil and gas field as "one of the largest undeveloped offshore oil and gas fields in Europe."
According to the company, the overall Barryroe field was independently assessed in 2013 to hold 346 million barrels of oil equivalent (gross 2C resources), believed to be mainly oil.
"The oil is “sweet”, light and waxy. Similar oil currently trades at a premium to the Brent Oil benchmark. The field covers a large area, and the reservoirs remain only partly appraised," Barryroe said earlier in 2022.
In a statement announcing CEO and CFO news on Wednesday, the company said:"Alongside the agreement reached in November 2022 and as updated on the 19th January, for a €40 million Convertible Loan Note that put in place funding for the Barryroe appraisal programme, which remains subject to Ministerial consent, these appointments further underscore the Board's commitment to pursue fully the potential of the Barryroe field."
The Barryroe field lies in approximately 100-meter water depth in the North Celtic Sea Basin and is located c. 50km off the south coast of Ireland.