Marque Oil & Gas Ltd has issued a statement clarifying its structure and funding approach, following scrutiny of its accounts as it considers a previously licensed offshore gas prospect in Manx waters.
The company stated that if developed, the project could generate “substantial long-term value for the Isle of Man, potentially in the order of billions of pounds in tax revenue” while providing “locally produced, price-stable energy” during the transition to net zero.
In its release, Marque emphasised it is a project development company, not an investment fund and is deliberately structured to remain lean in early stages.
“Marque was never intended to warehouse capital,” said founder and director Mark Ibram.
“Our role is to do the early technical and regulatory work properly, then raise project-specific funding once there is something tangible and investable. That is standard practice in this industry.”
Capital
The firm clarified that significant capital is typically raised only after a licence is awarded and a work programme approved, assuring “zero financial risk to the Manx taxpayer” for initial appraisal.
Director James Keggin, an Isle of Man resident, said of the current exploratory work: “This work is about doing things carefully and transparently — building a proper technical and regulatory foundation before any decisions are taken on funding or development.”
The company’s current focus is a gas prospect once licensed to Crogga Ltd, with all future development subject to separate licensing, environmental assessment, and funding.
Meanwhile, the company behind the proposed Mooir Vannin offshore wind farm has strongly criticised calls to defer the project in favour of exploring a gas field, branding the alternative a “speculative” venture.