Barryroe Offshore Energy says it's winding down the business and is entering voluntary liquidation.
It says it has been a "disappointing" and "deeply frustrating" time for shareholders, management and the board.
The Environment Minister last month rejected a request to continue drilling operations off the Cork coast.
In a statement, Barryroe Offshore Energy chairman Peter Newman said:
"It has been a disappointing and deeply frustrating time for shareholders,
management and the Board. In that context, the Board particularly recognises and appreciates shareholder patience and support. 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."
