Lansdowne Oil & Gas Shares Fall on Irish Request for Financial Capability
October 31 2022 - 4:28AM
Dow Jones News
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
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 31, 2022 05:13 ET (09:13 GMT)
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