Providence Resources has again extended the deadline for receipt of $9m in funding which was originally due to be paid in mid-June.

The exploration company has also warned that it would have to put alternative funding arrangements in place if the money is not received by Monday, 19 August.

In June Providence agreed changes to a contract related to its Barryroe exploration project, located off the coast of Cork. As part of this its partner, China's APEC Energy Enterprise, agreed to issue a $9m loan on 14 June.

That deadline has been extended numerous times since then, most recently to 12 August.

In a statement this morning Providence said no funds had been received in the company's account by the close of business yesterday, prompting it to extend the deadline once again.

However it said it would need to find a different funding arrangement if the new 19 August deadline was not met.

"Should these funds not be received by the revised backstop date and taking into account creditors on the balance sheet and existing forward commitments, including the necessary planned site survey at Barryroe and the proposed business re-engineering, the Company would need to put in place alternative financing arrangements in order to provide it with sufficient working capital beyond the end of August 2019," the company said.

Earlier this month Providence announced the "re-engineering" of its business, which it said reflected the changes evident in its operating environment.

This saw the firm lay off nine of its 13 staff, while it also announced plans to slim down its board and vacate its Dublin office in favour of a smaller serviced facility.