Barryroe is refused lease to drill for oil and gas off the Cork coast

Minister Eamon Ryan said he was not satisfied with the financial capability of the applicants.

Barryroe Offshore Energy said it could have commenced drilling operations next year if the Lease Undertaking was granted. Picture: Finbarr O'Rourke

Oil and gas exploration firm Barryroe's application for a lease to continue drilling operations off Ireland's south west coast has been turned down.

In a statement, Barryroe Offshore Energy said it received a letter on Friday from Minister for the Environment Eamon Ryan that he was not satisfied with the financial capability of the applicants.