Exploration company Providence Resources is extending once again the deadline for the receipt of over $9m from a Chinese backer. 

The funding was to have been received yesterday.

In a statement, Providence said it is again extending the deadline to next Monday at which point the company says it may consider legal remedies against China's APEC.

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

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

The company said last month that it had secured Government permission to carry out a site survey at its Barryroe site.

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. 

In a statement today, Providence said that as at the close of business yesterday, no funds had been received in the company's account from APEC. 

"Accordingly, in granting APEC a further week's extension to September 9, the company has also issued written notice to APEC that, should the APEC loan amount not be received by the close of business on that date, the company reserves the right to end exclusivity, while also considering all legal remedies available to it against APEC for contract non-performance," it added.

Shares in the company were lower in Dublin trade today.