Barryroe Offshore Energy ("Barryroe" or the "Company) on 19 May 2023 received a letter from
the Department of the Environment, Climate and Communications ("DECC") in relation to the
Lease Undertaking Application.
The correspondence confirms that Eamon Ryan, Minister for the Environment, Climate and
Communications ("the Minister"), not being satisfied with the financial capability of the
Applicants, having been assessed in accordance with the provisions of the Act of 1960, the
2007 Licensing Terms and the Financial Capability Assessment Guidance, cannot grant the
Lease Undertaking as sought.
This assessment has concluded that from a technical perspective the Barryroe Lease
Undertaking application is satisfactory for the purpose of Section 3 of the 2007 Licensing
Terms and that the technical capability of the Applicants is satisfactory for the purpose of
Section 9(A) of the Act of 1960.
However the letter states that the applicants do not meet the Investment Cover criterion as
required by the Financial Capability Assessment Guidance. Consequently, the SEL1/11
licensees have no rights over the acreage held under SEL1/11 as SEL1/11 expired on 13 July
2021.
The Company is considering its response to the contents of the letter.
