An Irish offshore energy firm is to wind down its business through voluntary liquidation, after failing to secure a permit.
Barryroe Offshore Energy has said its shares will be suspended from trading on the Euronext Dublin exchange and the AIM in London.
The company's application for a permit was rejected by Environment Minister Eamon Ryan on May 19th.
In a statement, it said it will move to hold an Emergency General Meeting "as soon as practicable during July" to seek shareholder approval for appointment of a liquidator to the company.
"Discussions with major shareholders as regards possible renewed funding for the company are continuing and will be pursued up to the date of the EGM," it said.
"There can be no guarantee that these discussions will be successful such that additional funding will be secured".
'The country has lost an opportunity'
Barryroe Chairman Peter Newman said it has been a "disappointing and deeply frustrating time."
"The board particularly recognises and appreciates shareholder patience and support," he said.
"The funding solution put in place in November 2022 secured €40 million held on deposit in escrow, ready to drawdown as needed, sufficient to fully cover the costs of the proposed appraisal programme.
"Notwithstanding that secured funding, in assessing the company's financial capability to deliver this commitment, the Minister has seen fit to apply his discretion, relying on reference to one, non-mandatory, 'financial capability guideline', arguably inconsistent with the limited scope of the work, thereby denying all efforts to progress appraisal of the Barryroe oil and gas field.
"In consequence the country has lost an opportunity to improve Ireland's energy security, to reduce the emissions associated with importing oil and gas, to provide employment and future tax revenues and to diversify the country's sources of primary energy supply.
"All at no cost to the public purse," he added.
The Ballyroe Field is located in 100 metres of water, around 50km offshore of Cork, close to the Kinsale gas fields.
Ballyroe is one of the largest offshore undeveloped oil and gas fields in Europe, having independently being assessed to contain approximately 350 million barrels of recoverable oil/gas.
