(Alliance News) - Lansdowne Oil & Gas PLC on Tuesday said the Barryroe partners have still not received funds from a Chinese investor.
As a result, the longstop date has been extended, after multiple previous extensions, to August 19.
The Barryroe field is operated by Providence Resources PLC, which owns 40% of the project. Lansdowne owns 10%, with China's APEC Energy Enterprises owning the rest.
As part of the taking of a 50% stake, APEC promised a USD9 million injection to fund work on the field, but as of the close of business on Monday, Providence had still not received the funding.
The money has been debited from APEC by HSBC, the two companies have said, but it has yet to appear in Providence's account.
On the operational front at Barryroe, on Friday Providence said regulators in Ireland have approved a site survey of the oilfield, which is located in the Celtic sea.
Following the approval from the Irish Department of Communications, Climate Action & Environment, the Barryroe operators will undertake a seabed debris clearance, and an environmental and habitat assessment.
Lansdowne shares were 1.4% lower on Tuesday morning at 1.80 pence each, with Providence up 1.0% at 7.88p.
