The proposal has not progressed. However, it is still seen as a potential option that is open until Lansdowne issues formal notification of an intention to pursue arbitration.
The field also contains gas that supporters of the project say could make a major contribution to the State’s energy mix during the transition to a net zero carbon economy. The Minister’s department raised concerns last October about the ability of Barryroe to finance the next stage. This led to the company securing a €40 million funding backstop from businessman Larry Goodman’s Vevan Unlimited company, which owns about 16 per cent of the company, last November to cover all of the expected costs of the phase. Other large shareholders subsequently agreed to participate in the backstop.
That suggests that the applicants need net tangible assets of €140 million – a multiple of their existing position.