The money would cover the cost of drilling an appraisal well at the Barryroe site, which was found a decade ago to have more than 300 million barrels of recoverable oil.
Mr Goodman would have been on track to end up owning more than 75 per cent of Barryroe had he not agreed to sell down some of the convertible notes facility. Money drawn down from the facility will carry an annual interest rate of 10 per cent until the notes fall due for repayment at the end of 2024.
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