Barryroe abandons €20m share sale, warning of 'going concern issues' following permit refusal

The publication of the firm's annual accounts has also been delayed, with Barryroe warning it currently had 'very limited working capital'

The company added that it was "considering all options," in relation to Minister's refusal to grant permission, saying it will update the market on its financing situation as soon as practicable. Picture: Finbarr O'Rourke

Oil and gas exploration firm Barryroe has said it can no longer proceed with a proposed €20m share sale to raise capital following a "surprising and extremely disappointing" decision by Eamon Ryan refusing the company's application to continue drilling operations off the Cork coast.

In a stock market announcement on Thursday, the firm said it had "very limited working capital," and was communicating with shareholders regarding its future funding.