Project Update - Drombeg Prospect

6th May 2008
 
PROJECT UPDATE - DROMBEG PROSPECT
 
* Acquisition of 2D seismic programme planned to commence in June
  2008
                                   
Providence Resources Plc ("Providence") is pleased to announce that
ExxonMobil Exploration and Production Ireland (Offshore) Limited
("ExxonMobil"), as operator of Frontier Exploration Licences (FEL)
1/08 & 2/08, has confirmed that a 2D seismic survey is planned to
commence over the licences in June 2008. The blocks lie in c.
2,000-3,000 metre water depths and are located c. 200 km off the
southwest coast of Ireland. The M.V. CGG Princess will be used to
carry out the survey which will entail the acquisition of up to c.
3,000 line kilometers of 2D seismic reflection data.
 
Partners in the Drombeg project are ExxonMobil (80%) as Operator,
with Providence (16%) and Sosina Exploration (4%) as partners. The
FEL 1/08 & 2/08 authorisations cover thirteen offshore blocks, and
contain the Drombeg exploration prospect. The area was licensed in
March 2008, as part of the Irish government's 2007 Porcupine
Licencing Round Initiative. The partners also hold equivalent
interests in the nearby FEL 3/04 ("Dunquin") and LO 1/06 ("Goban
Spur) areas, where they have to date carried out extensive subsurface
studies including the acquisition and processing of c. 2,000 km of
long offset 2D seismic reflection data.
 
Contacts:
 
Providence Resources P.l.c. Tel: [phone]
Tony O'Reilly, Chief Executive
 
Powerscourt Tel: [phone]
Rory Godson/Elizabeth Rous
 
Murray Consultants Tel: [phone]
Pauline McAlester/Robert Marshall
 
Notes to Editors
 
About Providence
 
Providence Resources P.l.c. is an independent oil and gas exploration
company listed on the AIM market in London and on Dublin's IEX
market. The Company was founded in 1997, but with roots going back to
1981 when it predecessor company, Atlantic Resources Plc was formed
by a group of investors led by Sir Anthony O'Reilly.
Providence's active oil and gas portfolio includes interests in
Ireland (offshore), the United Kingdom (onshore and offshore), the
United States (offshore) and West Africa (offshore Nigeria).
Providence's portfolio is balanced between production, appraisal and
exploration assets, as well as being diversified geographically.
Comprehensive information on Providence and its oil and gas
portfolio, including all press releases, annual reports and interim
reports are available from Providence's website at
www.providenceresources.com

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