Irish exploration firm Providence Resources has extended its deadline for the receipt of a $9 million payment from Chinese backer, APEC, once again.

The funding is due to cover the exploration costs at the firm's Barryroe site off the Cork coast.

It was originally due on 14 June but the company has extended the deadline on several occasions since then.

Providence Resources says it has received assurances that the funds were in the process of being paid, and it has moved the deadline to Tuesday, September 2.

As at close of business yesterday, no funds had been received by the company but it says it has received assurances that the $9 million loan advance is in the process of being paid.  

Accordingly, the Barryroe Partners have agreed to a backstop extension of on or before September 2, 2019.  

In the event that the loan advance is not received from APEC by the revised backstop extension, Providence Resources said it would need to put in place alternative financing arrangements in order to provide it with sufficient working capital beyond the end of the third week of September 2019.

Earlier this month, the company said it had secured government permission to carry out a site survey at its Barryroe site off the Cork coast.

The area lies in around 100 metre water depth in the North Celtic Sea Basin and is located around 50 km off the south coast.

The work is an important step towards preparing the site for drilling. The permission allows the group to undertake a seabed debris clearance, environmental baseline and habitat assessment of the site. 

Providence has agreed payment of the contractual mobilization fee to ensure that the contracted vessel can mobilise to Ireland. The nominated vessel is currently finishing up current activities in the North Sea prior to the planned mobilization to Ireland, which is expected to occur later this week.