Oil and gas company Barryroe Offshore Energy, until recently known as Providence Resources, said Tuesday that its CFO had decided to resign.
The Irish-based company said it had accepted notice of the resignation of Simon Brett, Chief Financial Officer, to take effect from February 28, 2023.
"Over the coming weeks, the Board will finalize its succession planning for the role of Chief Financial Officer," Barryroe Offshore Energy said.
The company is the operator of the license containing the undeveloped Barryroe oil and gas field in the Celtic Sea, offshore Ireland.
On Monday 31st of October, Barryroe Offshore Energy said it had received communication from the Irish Department of the Environment, Climate and Communications ("DECC") indicating that DECC believed that the company had not yet demonstrated sufficient compliance with the guidelines set out in DECC's 'Financial Capability Assessment for Offshore Oil & Gas Exploration and Appraisal Applications Guidance' to get awarded the Barryroe Lease Undertaking.
Since then, the company has agreed a funding arrangement with its existing shareholder Vevan Unlimited Company ("Vevan") to underwrite all of the expected funding required to undertake the work program proposed in the Lease Undertaking Application.
The funding is in the form of a redeemable secured Convertible Loan Note instrument.
"The Loan Notes are to be issued by the company, and subject to its terms, the Loan Note holders commit to fund the Barryroe Work Programme (in an amount up to €40,000,000) in accordance with such obligations as may be ultimately approved by the Minister for the Environment, Climate and Communications [...]," Barryroe said on November 22. A day later, Barryroe confirmed that the deal had been executed.
Alan Curran, the company CEO, said at the time that subject to Ministerial consent, and once the Lease Undertaking is in place, "we will rapidly move to commence preparations for drilling operations."
"Well planning and the optimal weather window indicates this is now likely to be in 2024. I would like to take this opportunity to thank all of our shareholders for their continuing support," Curran said in November.
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 in earlier this year.
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