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

The funding, due to cover the exploration costs at the firm's Barryroe site off the Cork coast, was to have been received yesterday.

In a statement to Euronext Dublin this morning, Providence said it has again extended the deadline to September 30

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

Last week, Providence said it had told APEC that should the funding not be received by the close of business yesterday, it reserved the right to end exclusivity of the farmout deal for the Barryroe site. 

It also said it would consider all legal remedies available to it against APEC for contract non-performance, including the re-assignment of equity.

Because of the delay in getting the money from APEC, Providence also said it was actively exploring alternative financing arrangements to provide it with sufficient working capital beyond the end of September.

In a statement today, Providence said it continues to progress those alternatives.

Last week, the exploration company also said that Gardline's M/V Kommandor survey vessel had mobilised to the Barryroe site to undertake a site survey over the area.

The programme provides for at least two locations to be surveyed at this time with the opportunity to increase the number of locations if the funding from APEC is received or alternative financing secured. 

By yesterday evening, the site survey of the first location was completed and Providence said it had started site survey operations over the second location. 

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