New 3D Seismic and Integrated Studies Advance S...

16 November 2010
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 NEW 3D SEISMIC AND INTEGRATED STUDIES ADVANCE SPANISH POINT DISCOVERY TOWARDS
                             COMMERCIAL DEVELOPMENT

  * IN PLACE RESOURCE LEVEL OF UP TO C. 510 MMBOE WITH C. 200 MMBOE RECOVERABLE


  * MODELLED PEAK PRODUCTION RATES OVER 70,000 BOEPD


  * PARTNERS COMMENCE PLANNING FOR APPRAISAL PROGRAMME


Providence  Resources P.l.c. ('Providence'), the  AIM and ESM listed exploration
and  production company, is  pleased to provide  a status update  on its Spanish
Point  Project, which is  located in Frontier  Exploration Licence (FEL) 2/04 in
the Main Porcupine Basin, offshore western Ireland. The Spanish Point discovery,
which  was originally made by Phillips Petroleum  in 1981, is located in c. 400
metre  water depth and  is c. 170 km  off the west  coast of Ireland. Providence
operates  FEL 2/04 (56%)  with partners  Chrysaor E&P  Ireland Limited (30%) and
Sosina Exploration Limited (14%).

The  Spanish Point  partners have  recently completed  interpretation of the 3D
seismic  data  acquired  in  2009 and  incorporated  this  into  a comprehensive
technical  assessment of the discovery.  Additional analysis has been undertaken
on  core obtained  from the  original discovery  well but  only available to the
partnership  in 2009.  The  results from  new core-based  goniometric, capillary
pressure  and rock mechanics studies  together with hydraulic fracture modelling
and  new fluid compositional  modelling have also  been fed into the assessment.
 The  programme was  carried out  by Chrysaor  on behalf  of the partnership and
included  structural,  static  &  dynamic  modelling,  integrated  probabilistic
modelling,  development concept evaluation  and economics. On  the basis of this
work,  the partnership  has concluded  that successful  appraisal of the Spanish
Point discovery will likely result in a commercial development.

The partners have focused on two volumetric scenarios which indicate an in place
resource  which ranges from  c. 200-510 MMBOE with  c. 100-200 MMBOE recoverable
respectively.  Field  development  would  require  between  6 and  14 horizontal
fracture stimulated production wells depending on the final resource base.  Most
likely  peak field production in  all volumetric cases would  be c. 250 MMSCFD &
30,000 BOPD (72,000 BOEPD).

Tony O'Reilly, Chief Executive of Providence said today,

"The  completion of this technical work  finally awakens the sleeping giant that
is  Spanish Point. This is  not only a significant  event for Providence and its
partners,  but  for  the  whole  Irish  offshore.   The  last two years work has
significantly  de-risked Spanish Point and as such, it gives us every confidence
in the successful future appraisal and development of this tested discovery.

We  have  already  identified  the  primary  appraisal  well  location  and have
commenced well planning with a view to drilling in 2012."

Contacts:
 Providence Resources Plc        Tel: [phone]
 Tony O'Reilly/John O'Sullivan


 Powerscourt                     Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants              Tel: [phone]
 Pauline McAlester


 Cenkos Securities Plc           Tel: [phone]
 Joe Nally/ Nick Wells


 Davy                            Tel: + 353 (0)1 679 6363
 Stephen Barry




EXPLANATORY NOTES:
About Providence
Providence Resources Plc is an independent oil and gas exploration and
production company listed on the AIM market in London and on Dublin's ESM
market. Providence's active oil and gas portfolio includes interests in Ireland,
the United Kingdom, the United States (Gulf of Mexico) and West Africa
(Nigeria). Providence's portfolio is balanced between production, appraisal and
exploration assets, as well as being diversified geographically. Further
information on Providence and its oil and gas portfolio, including Annual
Reports are available from Providence's website atwww.providenceresources.com.

About The Spanish Point Discovery
The Spanish Point gas condensate discovery was made by Philips Petroleum in
1981 with the drilling of the 35/8-2 well. Oil and gas were found in Upper
Jurassic Volgian sands with one zone flowing at c. 5 MMSCFD and c. 1000 BOPD (c.
1800 BOEPD). The discovery was not appraised due to lack of gas infrastructure
and market in Ireland at the time. In 2004, Providence/Sosina licensed the
discovery and following in depth subsurface and pre-development studies,
Chrysaor farmed in during 2008 by agreeing to fund a c. 300 sq km 3D seismic
survey which was acquired in 2009.

Announcement
This announcement has been reviewed by John O'Sullivan, Technical Director,
Providence Resources P.l.c.  John holds a B.Sc. in Geology from University
College Cork, Ireland, an M.Sc. in Applied Geophysics from the National
University of Ireland, Galway and a M.Sc.in Technology Management from The
Smurfit School of Business at University College Dublin. John is presently
working part-time on a PhD dissertation at Trinity College, Dublin. John has
worked in the offshore business for 20 years and is a fellow of the Geological
Society of London and member of The Petroleum Exploration Society of Great
Britain. Definitions in this press release are consistent with SPE guidelines.

SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in
preparing this announcement
TSCF                Trillion Standard Cubic Feet of Gas                MMBO
          Millions of Barrels of Oil
MMBOE                Millions of Barrels of Oil Equivalent                 BCF
              Billions of Cubic Feet
BOPD                Barrels of Oil per Day                            BOEPD
          Barrels of Oil Equivalent per Day
MMSCFDMillion Standard Cubic Feet Per Day


[HUG#1462842]








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Source: Providence Resources plc via Thomson Reuters ONE