Blackrock Update

Providence Resources PLC
23 August 2004


                   PROVIDENCE RESOURCES P.l.c. ('Providence')

                                BLACKROCK UPDATE


Providence Resources Plc ('Providence') announces that drilling operations have
concluded on the Blackrock prospect (well IRL49/26-1A) in the Irish Celtic Sea
(Licensing Option 03/1). Logging of the well was completed earlier today (23rd
August 2004).

The drilling programme, which was conducted under 'tight hole' confidential
status, encountered good sandstone reservoir and associated seal development in
three of the five target horizons within the pre-drill depth prognosis.

Interpretation of electric wireline log data shows the presence of thin
hydrocarbon-bearing sands beneath the main Wealden reservoir interval. These
sands are of equivalent age to those sands encountered as hydrocarbon-bearing in
the original Esso-Marathon IRL48/30-1(1973) well, which was drilled on the
structure some 8 km west of the current well.

While there were hydrocarbon shows in this well, the lack of hydrocarbon shows
in the main Wealden reservoir interval together with a localised abnormally high
subsurface temperature suggests that the well location in the southern panel of
the Blackrock prospect is in close proximity and to the south of a major fault.
This fault, which separates the well from the previous hydrocarbon-bearing IRL48
/30-1 well, is thought to be partially sealing, and suggests that the main
reservoir interval encountered in the current well will be hydrocarbon-bearing
in the central and northern panels of the prospect. These central and northern
panels comprise two-thirds (c. 20,000 acres) of the original prospect area. This
fault is now considered to exercise an important regional control on hydrocarbon
maturation and migration, partially isolating the southern panel, which was not
evident in the pre-drill data.

A substantial volume of valuable well data has been obtained during the drilling
programme. This will further expand our knowledge base in progressing the
Blackrock programme going forward and a thorough evaluation will now be
undertaken before recommending a course of action.

Preliminary interpretation of the well results suggests that at least one
further well is warranted to assess the significant remaining hydrocarbon
potential on the Blackrock structure to the north of the IRL49/26-1A well.
Whilst an immediate second well has been considered, it has been decided to
fully evaluate the current well results in order to better optimise the forward
programme and location of future wells on the Blackrock structure.

Elsewhere within Providence's portfolio of interests the work programmes
continue on our collective strategy in the Irish Celtic Sea and in St. George's
Channel and on the Skye prospect in the UK North Sea. Providence is also
reviewing other potential prospects for expansion of its portfolio.
Since the re-financing of Providence's balance sheet earlier this year, raising
working capital and eliminating all corporate debt, Providence's finances
continue on a sound footing.

Commenting on the well results, Dr. Brian Hillery, Chairman of Providence said:

        'While the IRL49/26-1A well results are inconclusive and require further
        evaluation, it is known that large structures such as Blackrock often
        require a number of wells to determine commerciality. The presence of
        well developed reservoir intervals is very encouraging and the valuable
        data gained will enable Providence to map out a forward programme for
        the Blackrock structure in which we believe there remains significant
        hydrocarbon potential.

        'Elsewhere work programmes are ongoing on Providence's portfolio
        offshore Ireland and in the UK for which Providence is soundly
        financed'.


ENDS.                                     Monday, 23rd August 2004

For reference:

Providence Resources P.l.c.               Tel: [phone]
Dr. Brian Hillery, Chairman
Tony Odone, Head of Operations
Stephen Carroll, Finance Director

Murray Consultants                        Tel: [phone]
Pauline McAlester



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