Annual Report and Proposed Capital Reorganisation

30 April 2010

                          PROVIDENCE RESOURCES P.l.c.

                        ("Providence" or the "Company")


                                 Annual Report
                                      and
                        Proposed Capital Reorganisation


Providence  Resources P.l.c., the  Irish oil and  gas exploration and production
company,  whose shares  are listed  in London  (AIM) and  Dublin (IEX), is today
posting  its Annual Report  for the year  ended 31 December 2009 together with a
Notice  of AGM to Shareholders.  The AGM is convened  to be held in The Westbury
Hotel, Grafton Street, Dublin 2 at 11.00 am on 26 May 2010.

The  Company is also posting a circular containing a Notice of EGM in connection
with  a proposed  reorganisation of  its share  capital to all Shareholders. The
Capital  Reorganisation  comprises  firstly  a  consolidation  of  the  Existing
Ordinary  Shares (and also the authorized but unissued existing Ordinary Shares)
and secondly a Subdivision of the Consolidated Shares to create the New Ordinary
Shares.

An  Extraordinary General Meeting has also  been convened for 26 May 2010 at The
Westbury Hotel, Grafton Street, Dublin 2 (immediately following the AGM convened
for  11:00am), at  which  Shareholder  approval  will  be sought for the Capital
Reorganisation.

Pursuant  to Rule 20 of the  AIM Rules and Rule  20 of the IEX Rules, the Annual
Report,  the Notice  of AGM  and the  Circular containing  the Notice of EGM are
available at www.providenceresources.com <

http://www.providenceresources.com/>.


Capital Reorganisation

Consolidation
It  is  proposed  that  with  effect  from  the Record Date every 1,000 Existing
Ordinary  Shares  of  nominal  value  €0.001  each  will be consolidated into 1
Consolidated  Share  of  nominal  value  €1.00  each.  Treatment  of  fractional
entitlements is outlined under 'Effect of Capital Reorganisation' below.

Subdivision

Following  the Consolidation  it is  proposed that  every Consolidated  Share be
subdivided into 10 New Ordinary Shares of nominal value €0.10 each.

Effect of Capital Reorganisation

The  effect of the  Capital Reorganisation is  to reduce the  number of Ordinary
Shares  in issue by  a multiple of  approximately 100 and, accordingly, assuming
normal market conditions, to increase the price at which the New Ordinary Shares
will  trade to approximately 100 times the  value at which the Existing Ordinary
Shares currently trade.

The  Directors  anticipate  that  the  Capital Reorganisation, if approved, will
reduce  the number of Shareholders from  the present level of 24,223 to 13,894,
thus easing the administrative burden on the Company and reducing the associated
cost whilst at the same time providing Shareholders who hold small shareholdings
with a means of selling their Existing Ordinary Shares free of normal individual
dealing expenses.

Shareholders  should  be  aware  that  if  they  hold  fewer than 1,000 Existing
Ordinary  Shares they would not  be entitled to receive  any New Ordinary Shares
should  the Capital Reorganisation  become effective and  as a result would lose
their  entire  shareholding.  In  accordance  with  the Articles of Association,
fractional  entitlements arising following the consolidation of shareholdings of
less   than   1,000 Existing   Ordinary   Shares,  and  the  balance  of  larger
shareholdings not evenly divisible by 1,000, would be aggregated and sold in the
market  with the net proceeds, after  expenses, being dispatched to Shareholders
in  due proportion to their holdings of  Existing Ordinary Shares, save that any
amounts  below €3.00 would  be donated to  charity. The Board  believes that the
shareholdings  thus affected, which,  based on the  Closing Price of an Ordinary
Share  on the Latest  Practicable Date, have  a maximum aggregate  value of less
than €39.96 each, are too small to be considered economic.

For  example, save in circumstances where the  net proceeds do not exceed €3.00,
Shareholders  holding fewer  than 1,000 Existing  Ordinary Shares  on the Record
Date would receive a cash payment representing the proceeds of the sale of their
fractional  entitlements on market less the  expenses of sale. These expenses of
sale  (broker commissions)  would be  significantly less  than that  which would
apply to an individual Shareholder disposing of his shareholding.

Holders of more than 1,000 Existing Ordinary Shares on the Record Date but whose
shareholding is not exactly divisible by 1,000 on the Record Date would, save in
circumstances where the net proceeds do not exceed €3.00, receive a cash payment
representing the proceeds of the sale of their fractional entitlements on market
less  the expenses  of sale.  Again these  expenses of sale (broker commissions)
would  be  significantly  less  than  that  which  would  apply to an individual
Shareholder disposing of a part of his shareholding.

The  expected timetable  of principal  events is  set out  in Appendix I to this
announcement.

EGM

In order to approve the Capital Reorganisation, an Extraordinary General Meeting
has  been convened  on 26 May  2010 (immediately following  the AGM convened for
11:00am), at  which Shareholder approval will be  sought for the Resolutions. As
set  out above, the circular detailing the Capital Reorganisation and containing
the notice of EGM is today being posted to Shareholders.

Admission

Application  will be made  to the London  Stock Exchange and  to the Irish Stock
Exchange  for the New Ordinary  Shares to be admitted  to trading on AIM and IEX
respectively  and, conditional on the approval  of the Capital Reorganisation by
Shareholders at the EGM, it is expected that dealings in the New Ordinary Shares
will  commence at 8 a.m.  on 27 May 2010. The  ISIN for the  New Ordinary Shares
will  be IE00B66B5T26  and the  Company's existing  ISIN will  be cancelled from
8:00am on 27 May 2010.

Following  the Capital  Reorganisation the  Company will  have 33,711,890 voting
Ordinary Shares in issue.


Definitions  herein  shall  have  the  same  meanings as defined in the circular
posted  to Shareholders on 30 April 2010 and which is available on the Company's
website - www.providenceresources.com <

http://www.providenceresources.com/>


Contacts:

 Providence Resources Plc         Tel: [phone]
 Tony O'Reilly


 Powerscourt                      Tel: [phone]
 Rory Godson/Lisa Kavanagh


 Murray Consultants               Tel: [phone]
 Pauline McAlester


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


 Davy Corporate Finance           Tel: + 353 (0)1 679 6363
 Eugenee Mulhern/ Stephen Barry


 First Energy Capital             Tel: + 44 (0)207 448 0201
 Richard Hail



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 IEX
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 at www.providenceresources.com
<

http://www.providenceresources.com/>



                                   APPENDIX I

                   EXPECTED TIMETABLE OF PRINCIPAL EVENTS(1)
Latest time and date for receipt of Forms              11.00 a.m. on 24 May 2010
of Proxy in respect of AGM


Latest time and date for receipt of Forms              11.00 a.m. on 24 May 2010
of Proxy in respect of EGM


Annual General Meeting                                 11.00 a.m. on 26 May 2010


Extraordinary General Meeting                      immediately following the AGM
                                                                    convened for
                                                        11.00a.m. on 26 May 2010

Cessation of dealing in the Existing            close of business on 26 May 2010
Ordinary Shares


Record Date for the Capital                             5.00 p.m. on 26 May 2010
Reorganisation


Commencement of dealing in the New              start of business on 27 May 2010
Ordinary Shares


CREST accounts credited with New Ordinary                            27 May 2010
Shares


Despatch of Fraction Cheques                            on or before 8 June 2010


Despatch of share certificates in respect               on or before 8 June 2010
of New Ordinary Shares to non-CREST
Shareholders


NOTES

(1)  Unless otherwise stated, all references in this document are to Dublin
time. The dates given are based on the Directors expectations and may be subject
to change. Any change to the timetable will be notified to the Irish Stock
Exchange, the London Stock Exchange and to the market via a regulatory
announcement.



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