Providence extends payment deadline again

Shares rise after statement says payment from Chinese partner 'expected to be completed shortly'

A drilling rig at Providence Resources’ Barryroe field. Pic: Finbarr O’Rourke

Providence Resources has again agreed to extend a deadline for receipt of a €9 million payment from a Chinese company.

The companyhad already twice extended the deadline for Asia-Pacific Economic Cooperation (Apec) to provide the money, which was due as part of an agreement with Providence to developthe Barryroe field off the Cork coast.

The Barryroe field is Providence’s main asset, and the agreement with Apec to develop the oil well could potentially ...