6th Apr 2023 10:29
(Alliance News) - Barryroe Offshore Energy PLC on Thursday said it intends to raise up to EUR20 million via a proposed placing and an open offer.
Barryroe is a Dublin-based oil and gas exploration company, which holds an 80% interest in and operates the Barryroe field, an offshore licence area in the North Celtic Sea basin.
The company said the placing price will be for EUR0.015 per share.
Barryroe Offshore Energy shares fell 13% to 1.48 pence each on Thursday morning in London.
The proposed open offer will be worth up to EUR8 million in total. The placing and the offer will need shareholder approval at an extraordinary general meeting on May 25.
The funds will be used to progress the Barryroe asset.
By Tom Budszus, Alliance News reporter
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