Court approves Barryroe Energy €6m rescue plan

Proposal involves an injection of €6m from its main shareholder, businessman Larry Goodman

The court application came just days before shareholders were due to vote on putting the company into liquidation after Environment Minister Eamon Ryan in May refused to grant a permit for its key Barryroe oil project off the Cork coast.

A rescue plan has been approved by the High Court for Barryroe Offshore Energy that involves an injection of €6m of funding from its main shareholder, businessman Larry Goodman.

Mr Justice Michael Quinn confirmed the scheme proposed by the oil and gas explorer’s examiner. Mr Goodman’s Lorsden Jersey Limited company, has agreed to invest €1m in initial funding, with a further €5m available upon agreement of an appropriate business plan.