Barryroe Offshore Energy plc announced that it has entered into a rescue investment agreement to issue common shares for the gross proceeds of ?6,350,000 on October 2, 2023. The transaction will include participation from new investor Lorsden (Jersey) Limited. The investor has committed to invest ?1,050,000 of equity in the company on condition that all existing shares are cancelled.

It would also lend a further ?300,000 to enable the company to fully explore the restructuring options available to it. In addition, the investor will make a further ?5 million available upon agreement of an appropriate business plan, to be supplemented in due course by substantial additional funds as required to invest in future business plan prospects.