Providence Secures New Financing Facility with ...

PROVIDENCE SECURES NEW FINANCING FACILITY WITH BNP PARIBAS



  * US$ 100,000,000 Senior Secured Reducing Borrowing Base Facility


Providence Resources P.l.c. ('Providence'), the AIM and IEX listed
exploration and production company, is pleased to announce that it
has arranged a US $100 million senior secured reducing borrowing base
facility with BNP Paribas. Under the terms of the facility, US $65
million of the facility is immediately available for drawdown, the
proceeds of which will be used to repay the drawn portion ($56
million) of the Macquarie Facility and to provide general working
capital. The facility has a term maturity of September 2014 and is
priced in accordance with other borrowing base facilities in the
market. The $250m Macquarie Facility will be cancelled in conjunction
with the completion of this new financing facility with BNP Paribas.

Commenting on the new facility, Tony O'Reilly, CEO of Providence
Resources said:

"We are delighted to have arranged this new facility with BNP Paribas
who are leaders in resource financing. We look forward to working
with them in the development of our portfolio."


Contacts:

Providence Resources P.l.c.
                                                        Tel: +353
(0)1 219 4074
Tony O'Reilly, Chief Executive

Powerscourt

Tel: [phone]
Rory Godson/Elizabeth Rous

Murray Consultants

Tel: [phone]
Pauline McAlester

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

Davy

Tel: + 353 (0)1 679 6363
Eugenee Mulhern/ Stephen Barry
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 its 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), the
United States (onshore and 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.

---END OF MESSAGE---




This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.