It comprises US$9mln to cover front-end and pre-drill costs for Providence’s EXOLA subsidiary and US$1mln to cover APEC costs.
Providence has accordingly now agreed a backstop extension to July 10, to allow the receipt of the funds.
The financing is an advance on the larger funding package agreed to bring APEC into the project, it is in place to enable the advancement of the planned well-site survey operations and pre-drill well consenting work.
Providence and existing partner Lansdowne Oil & Gas agreed the farm-out to APEC in March 2018.
The deal paved the way for a multi-well programme which is expected to bring Barryroe first into development and in-turn into production.
Drilling is anticipated in the fourth quarter of the year.