Oil exploration company Providence Resources has further extended the deadline for the handover of $10m to cover exploration costs for its Barryroe project.

The new deadline is now July 26. It is the fifth time that the deadline has been extended

The Barryroe prospect lies in about 100 metre water depth in the North Celtic Sea Basin, about 50km off the south coast of Ireland. 

Providence last month said it had agreed amendments to the Farm-Out Agreement for the Barryroe project with China's APEC Energy Enterprises.

These included a revised backstop date with APEC due to give the company the funding by June 14. This date was subsequently extended to July 5.

Then on July 8, the company said it had agreed an extension to July 10 and subsequently to July 12 and July 19.

In a statement, Providence said it has received further documentation showing the mechanics of the transfer of $10m to Providence's account

However, due to ongoing banking processing delays, the funds have yet to be credited to Providence’s account, the statement added.

The original deal dates back to March 2018, when APEC agreed to take a 50% stake in the Barryroe project.

It said it would fund half of the cost of a $200m five-well drilling programme at the project and lend Providence and 10% stakeholder Lansdowne Oil & Gas money to cover their costs.