A company that has come forward with proposals to develop a gas field in Manx waters has responded to criticism that it only has assets of just £220.

Marque Oil and Gas says there is a ‘now or never’ opportunity to develop the offshore gas - and believes it could generate £4bn in tax revenue.

It is calling for a decision on the Mooir Vannin scheme to be deferred until valuations of both offshore wind, and the gas field are fully considered.

But windfarm developer Orsted says the Mooir Vannin project must not be delayed on the basis of a ‘speculative and unproven’ gas exploration proposal.

Unaudited financial accounts for Marque Oil and Gas Ltd for the year ending March 31 this year show the company’s assets had fallen to just £220 with £675 owed to creditors. In response, Marque Oil and Gas said it is not an investment fund and is not structured to hold large amounts of capital at an early stage.

The company said it exists to carry out the technical, regulatory and commercial groundwork required to progress energy opportunities to the point where project-specific funding can be raised.

This is a well-established model within the oil and gas industry, it said. Significant capital is typically raised only once a licence has been awarded and a defined programme of work approved.

Mark Ibram, founder and director, said: ’Marque was never intended to warehouse capital. 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.’

Marque Oil & Gas was incorporated in 2016 and is led by Mr Ibram, Dr Ronnie Parr, and James Keggin, who between them have more than 100 years of experience across UK and global energy projects in subsurface science, project delivery, regulation and commercial development.