Providence Resources extends deadline for $10m funding again

Providence Resources has extended, for the eighth time, its deadline for the receipt of funds from its Chinese investor to cover exploration costs off the coast of Ireland.

The Dublin-listed explorer said it had received assurances that the money – $9 million (€8.1 million) to cover exploration costs at its Barryroe project and $1 million to cover Apec’s costs – was in the process of being paid. The deadline has been extended to August 26th.

Apec had originally been due to transfer the funds by June 14th. However, a series of delays has seen deadline after deadline expire. If the money is not received, Providence said it would need to put alternative financing arrangements in place by the third week in September, extending a previous estimate of the end of August.

Providence has said previously it has received documents provided to Apec's funders by HSBC showing the transaction is being processed.

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One of the first projects planned for the funding is a site survey. Providence said it had agreed payment of a mobilisation fee to ensure that the contracted vessel would remain available. The company has already secured permission from the Government for the survey, which effectively paves the way for drilling at the field.

The company said its technical and support staff, who are being made redundant as part of a reorganisation at Providence, were no longer reporting to work and settlements would be signed once the funding was received or alternative financial arrangements had been put in place.