Publication of rights issue

Providence Resources PLC
30 April 2004


                          Providence Resources P.l.c.

                    PUBLICATION OF RIGHTS ISSUE DOCUMENTATION 
                                      AND 
                      COMMENCEMENT OF RIGHTS ISSUE TIMETABLE


Providence Resources Plc ('Providence' or 'the Company') announces that, further
to the announcement on 29 April, 2004, the document relating to the Company's
Rights Issue of 26,761,255 Units at €0.12 per unit (the 'ESM Particulars'), has
been published today and is being posted to Shareholders.

The Rights Issue gives Qualifying Shareholders, that is holders of Ordinary
Shares at the close of business on 20 April, 2004, (other than certain Overseas
Shareholders), the right to subscribe for 1 Rights Issue Unit for every 57
Ordinary Shares then held, at a price of €0.12 per Units. Each Unit comprises 4
Rights Issue Shares, and 1 Rights Issue Warrant. Accordingly, the price per
Rights Issue Share is €0.03, representing a discount of approximately 39% to the
closing market price per Existing Ordinary Share on the Irish Stock Exchange on
29 April, 2004. The Warrants are exercisable at an exercise price of €0.045. The
Rights Issue Shares and Warrants will be 'twinned' as Units for the duration of
the Rights Issue. As further detailed in the timetable at the end of this
announcement, the Warrants cannot be exercised, nor traded separately from the
Rights Issue Shares before 18 June, 2004. The Warrants will then be exercisable
from 18 June, 2004 to 5.00 p.m. on 28 April, 2005.

Providence also confirms that application has been made to the Exploration
Securities Market of the Irish Stock Exchange for the Rights Issue Units and
also for 799,746,233 new Ordinary Shares (of which 338,333,333 are the shares to
be issued pursuant to the Subscription approved at yesterday's general meeting,
and 461,412,900 are new Ordinary Shares issued pursuant to conversion of
Convertible Capital Bonds), to be admitted to the Exploration Securities Market
of the Irish Stock Exchange. Such admission is expected to become effective and
dealings to commence, nil paid, in the Rights Issue Units on 4 May, 2004, and in
the other new Ordinary Shares on 5 May, 2004.

Document Availability
A copy of the ESM Particulars has been submitted to the Irish Stock Exchange and
the and will shortly be available for inspection at the following locations:

Company Announcements Office,
Irish Stock Exchange,
28 Anglesea Street,
Dublin 2,
Ireland.
Tel: + 353 1 617 4200

Copies of the ESM Particulars will also shortly be available, free of charge, in
Ireland, at the offices of the Company, 60 Merrion Road, Ballsbridge, Dublin 4,
and in London, at the offices of Matheson Ormsby Prentice, 3rd Floor, Pinnacle
House, 23-26 St. Dunstan's Hill, London EC3R 8HN.
Terms defined in the ESM Particulars have the same meaning in this announcement.

For Reference:
Providence Resources Plc          Murray Consultants       Davy

Stephen Carroll/                  Pauline McAlester        Eugenee Mulhern
Tony Odone
Tel: [phone]             Tel: [phone]/  Tel: [phone]
                                  00-353-87-2558300                

30 April, 2004

                             RIGHTS ISSUE Timetable
The expected timetable in relation to the Rights Issue is as set out below:

Record Date for the Rights Issue                           close of business on 
                                                                 20 April, 2004
                                                                                                                 
Despatch of the Rights Issue document and of the                 30 April, 2004
Provisional Allotment Letter (to Qualifying Non-CREST
Stockholders only)

Ex-Rights date (i.e. being the date from which the                  4 May, 2004
Existing Stock Units will trade excluding the
entitlement to participate in the Rights Issue)

Admission and commencement of dealing in the Rights                8.00 a.m. on 
Issue Units, nil paid                                              4 May, 2004

Nil Paid Rights and Fully Paid Rights enabled in                   8.00 a.m. on 
CREST                                                              4 May, 2004*
                                                              
Stock accounts in CREST credited with Nil Paid Rights              4 May, 2004

Recommended latest time for requesting withdrawal of               4.30 p.m. on 
Nil Paid Rights from CREST (i.e. if your Nil Paid                  18 May, 2004
Rights are in CREST and you wish to convert them to
certificated form)

Latest time for depositing renounced Provisional                   3.00 p.m. on 
Allotment Letters, nil paid, in CREST or for                       20 May, 2004
dematerialising Nil Paid Rights into a CREST stock
account

Latest time and date for splitting Provisional                     3.00 p.m. on 
Allotment Letters, nil paid                                        24 May, 2004

Latest time and date for acceptance and payment in                11.00 a.m. on
full                                                               26 May, 2004

Commencement of dealing in the Rights Issue Units,                 27 May, 2004
fully paid

Recommended latest time for requesting withdrawal of               4.30 p.m. on 
Fully Paid Rights from CREST                                       8 June, 2004

Latest time and date for depositing renounced                      3.00 p.m. on 
Provisional Allotment Letters, fully paid, in CREST or            11 June, 2004
for dematerialising Fully Paid Rights into a CREST
stock account

Latest time and date for splitting, fully paid                     3.00 p.m. on 
                                                                  15 June, 2004

Latest time and date for registration of renunciation,            3.00 p.m. on 
fully paid                                                        17 June, 2004
                                              
Commencement of dealing in the Rights Issue Shares                18 June, 2004
Expected date for crediting CREST stock accounts with             18 June, 2004
Rights Issue Shares

Expected date of despatch of definitive stock                      on or before 
certificates in respect of                                        25 June, 2004
Rights Issue Shares
Expected date of issue of Warrant Certificates                    25 June, 2004

*or as soon as practicable after Admission has become effective

ENDS



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