Barryroe Offshore Energy opened but then immediately adjourned an extraordinary general meeting today. The board had intended to seek approval for the appointment of a liquidator at the meeting.
The move followed an application by Vevan Unlimited Company, which is controlled by businessman Larry Goodman, for the appointment of an examiner to Barryroe.
Vevan, which owns almost 20% of the oil exploration firm, filed the petition with the High Court on Friday.
The application is to be heard on July 31.
"Upon opening the EGM, the Chairman will immediately propose an adjournment in accordance with section 187(4) of the Companies Act 2014, pending the outcome of the High Court petition by Vevan," Barryroe Offshore Energy said in a statement.
"A further notice will be issued to shareholders following the decision of the High Court as regards the petition," it added.
Just over a month ago the board of Barryroe Offshore Energy announced it was proposing to initiate an orderly wind down of the business through a creditors' voluntary liquidation and the delisting of its shares.
The move followed the decision by the Minister for the Environment to refuse to grant a lease undertaking to allow it to continue work on its main prospect off the south coast of Ireland.
Located 50km off Cork, the prospect is thought to contain over 300m barrels of oil and gas.
The minister’s decision left Barryroe Offshore Energy with a funding challenge as it meant the company could not proceed with plans to raise up to €20m, leaving it with very limited working capital.
It is unclear as to what grounds Vevan is going to use to argue for the appointment of the examiner or what its longer term vision for the company is.
Lansdowne Oil and Gas, which owns 20% of Barryroe, has said it plans to take legal action against the State over the minister’s decision, through an international energy charter treaty.
