Final Results

Providence Resources PLC
14 June 2004



                   PROVIDENCE RESOURCES P.l.c. ('Providence')
                              PRELIMINARY RESULTS
                      FOR THE YEAR ENDED 31 DECEMBER 2003
Highlights:

   •Reached agreement to farm out 50% interest in Blackrock Prospect

   •€13.35 million raised through share placing and rights issue; plus
    conditional €5 million raised through warrants

   •Successfully re-financed Group in May 2004

   •On course with summer 2004 Blackrock drilling programme

Providence today announces its preliminary results for the year ended 31
December 2003.

During 2003, your Company made significant progress on its Celtic Sea activities
through work programmes and expansion of areas under licence and is now actively
progressing towards the July 2004 Blackrock drilling programme.

Last month, Providence successfully raised a total of €13.35 million gross
through a placing primarily with new institutional shareholders and a rights
issue to existing shareholders plus a conditional €5 million by way of warrants
exercisable at €0.045 per share up to April 2005.

The result of these fundraisings has been to re-finance the Group's balance
sheet, eliminating all corporate debt and providing adequate working capital
resources to fund its share of the Blackrock drilling programme, as well as
funding the ongoing work programmes on Providence's other licencing interests.

Operations

Blackrock Prospect(Licensing Option 03/1)

The 2003 work programme on the Blackrock prospect demonstrated a substantial (c.
30,000 acres) hydrocarbon structure with five separate target horizons
(estimated to contain an unrisked potential recoverable volume of up to 613
million barrels of oil) which prompted an acceleration of drilling plans for
Blackrock. In December 2003, Providence exercised its option to increase its
interest in Licensing Option 03/1 from 50% to 75% prior to farming out the
Blackrock prospect.

Providence was pleased to announce a farm out in March 2004 whereby it had
reached agreement with Challenger Minerals Inc and Palace Exploration Company
(collectively referred to as the CMI JV). Under the terms of the agreement, the
CMI JV has the right to earn a 50% interest in Licensing Option 03/1 in return
for the CMI JV part funding the drilling of a test well in 2004 on the Blackrock
Prospect and funding 100% of the costs of drilling a second well, if the CMI JV
elects to exercise the second well option to earn its interest. Once the CMI JV
has earned its 50% interest, Providence will retain a 37.5% interest with Midmar
retaining a 12.5% interest in the Blackrock prospect and Licensing Option 03/1.

Challenger Minerals Inc is a wholly owned subsidiary of GlobalSantaFe
Corporation, one of the largest international oil and gas drilling contractors,
and Palace Exploration Company is an independent US oil and gas company with
worldwide interests.

Providence, as Operator, is advancing the legal agreements with the CMI JV and
the drilling contract for the 2004 Blackrock drilling programme for which a
drilling rig is expected to be on location in July.


Collective Strategy (Licensing Options 03/8 and 03/7)

The collective approach adopted by Providence reflects the Company's Celtic Sea
appraisal and development strategy to combine existing discoveries with new
large prospects to improve overall economics and reduce risk.

In pursuit of this strategy, Providence applied for and was granted two new
Licensing Options 03/8 and 03/7 in October 2003 taking in significant tranches
of acreage in the North Celtic Sea Basin and in St. George's Channel Basin.
Providence, as Operator, holds an 80% interest in these two Licensing Options.

Licensing Option 03/8 (covering an area of 340 sq kms) in the North Celtic Sea
Basin contains a combination of oil and gas discoveries and prospects known as
Block 50/11 (Hook Head prospect), Blocks 50/6&7, Ardmore, Helvick and Glandore.
Licensing Option 03/7 (covering an area of 560 sq kms) in St. George's Channel
Basin contains a number of potential gas prospects known as Dionysus.

Licensing Options 03/8 and 03/7 are each for a 3 year term reflecting the phased
planned work programme over that period, including first improving the quality
of existing available seismic and well data using modern analytical techniques
and then optimising techno-economics within a collective drilling and
development approach.


UK Skye oil prospect

Providence was granted a 45% interest in Licence P1087 which is for a 2 year
term commencing 1 October 2003 in part-block 14/24a located in the UK Central
North Sea adjacent to the Witch Ground Graben which is a prolific hydrocarbon
producing area.

The block contains the Skye prospect from which both oil and gas were recovered
from the 1973 Shell operated 14/24-1 well. However, this well was never tested
as the anticipated Jurassic reservoir target was not present. The work programme
currently underway, and expected to be completed in the second half of 2004
involves a re-evaluation of existing data on the block, in relation to the
potential recoverable oil encountered in the Devonian reservoir, which is the
primary interval at the nearby Buchan oil field. In addition, the work programme
during the licence term will evaluate high potential exploration targets around
the flanks of the Skye structure.


Financial

Turnover for the year ended 31 December 2003 of €757,000 (2001: €864,000) was
generated from the Group's producing interest in the onshore UK Singleton oil
field which performed in line with expectations. The average oil price achieved
in 2003 was US$29 per barrel compared to US$25 in 2002. The Group recorded an
operating loss of €163,000 (2002: operating profit of €36,000). The loss on
ordinary activities after taxation was €580,000 (2002: €397,000) due primarily
to a non-cash interest charge arising on convertible capital bonds of €361,000
(2002: €393,000) which will be satisfied by the issue of ordinary shares in
Providence Resources P.l.c.

Since the year end, the Group strengthened its balance sheet by completing new
equity fundraisings totalling €13.35 million gross in May 2004 and also issued
warrants to conditionally raise a further €5 million at €0.045 per share if
exercised at any time up to April 2005. Also since the year end all corporate
debt has been eliminated and convertible capital bonds of US$8.7 million were
converted and the remainder will mature in July 2004.


Outlook

The Company is looking forward to a period of high activity during 2004, the
most important of which is the Blackrock drilling programme this summer.

Additionally, the Company will continue its work programmes on its undeveloped
hydrocarbon discoveries in the Celtic Sea and St. George's Channel licence
interests offshore Ireland as well as the UK Skye prospect.

I look forward to reporting on these various activities over the coming months.

Finally, I would like to welcome Dr. Phil Nolan who joined our Board recently.
He is currently chief executive of eircom plc, holds a BSc and a PhD in geology
and has extensive prior experience in the oil and gas industry, which will
benefit Providence as we move forward.

14 June 2004

For reference:

Providence Resources P.l.c.
Dr. Brian Hillery, Chairman          Tel: [phone]

Murray Consultants
Pauline McAlester                    Tel: [phone]


Providence Resources P.l.c.
Consolidated Profit and Loss Account
For the year ended 31 December 2003
                                             31 December   31 December
                                                    2003          2002
                                                    €000          €000

Turnover                                             757           864

Cost of sales                                       (412)         (430)
                                                --------     ---------
Gross Profit                                         345           434

Operating expenses                                  (508)         (398)
                                                --------     ---------

Operating (Loss)/Profit                             (163)           36

Interest receivable and similar income                 2             2
Interest payable and similar charges                (419)         (435)
                                               ---------      --------
Loss on Ordinary Activities before Taxation         (580)         (397)

Tax on loss on ordinary activities                     -             -
                                                --------     ---------
Retained Loss for the Year                          (580)         (397)
                                                   =====         =====

Profit and Loss Account

At beginning of year                             (24,138)      (23,741)

Retained loss for the year                          (580)         (397)
                                               ---------     ---------
Profit and Loss Account, end of year             (24,718)      (24,138)
                                                  ======         =====
Loss per Ordinary Share (cents)

- Basic and Fully Diluted                        (0.055c)      (0.041c)
                                                  ======         =====


Providence Resources P.l.c.

Consolidated Balance Sheet as at 31 December 2003

                                             31 December   31 December
                                                    2003          2002
                                                    €000          €000
Fixed Assets
Oil and gas interests                              7,175         6,595
Tangible assets                                       20            18
                                               ---------       -------
                                                   7,195         6,613
                                               ---------       -------
Current Assets
Debtors                                              183           407
Cash at bank and in hand                             181           324
                                              ----------    ----------
                                                     364           731
Creditors: Amounts falling due within one         (1,403)         (721)
year
                                              ----------      --------
Net Current (Liabilities)/Assets                  (1,039)           10
                                              ----------       -------
Total Assets Less Current Liabilities              6,156         6,623

Creditors: Amount falling due after more
than one year                                        (13)         (286)


Provision for Liabilities and Charges             (1,526)       (1,488)
                                               ---------       -------
Net Assets                                         4,617         4,849
                                                   =====          ====
Capital and Reserves
Called up share capital                           12,751        12,750
Share premium                                      5,720         5,691
Capital conversion reserve                           623           623
Convertible capital bonds                          9,595         8,324
Profit and loss account                          (24,718)      (24,138)
Foreign currency translation reserve                 646         1,599
                                               ---------     ---------
Shareholders' Funds                                4,617         4,849
                                                   =====        ======

ENDS


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