Interim Results

Providence Resources PLC
29 October 2004


                          PROVIDENCE RESOURCES P.l.c.
                    INTERIM REPORT AND FINANCIAL STATEMENTS
                      FOR THE 6 MONTHS ENDED 30 JUNE 2004
Highlights

Financial
   •Turnover up 32% at €510,000
   •Operating Profit of €113,000
   •Net Profit of €12,000
   •Equity fund raising of €13.35 million in May 2004 - strengthened, debt
    free balance sheet with shareholders' funds of €16.9 million

Operations - Ireland
   •Blackrock prospect - IRL49/26-1A well - good quality sandstone reservoirs
    and top-seals encountered - interim analysis points to further Blackrock
    drilling north of IRL49/26-1A location - post-well evaluation is ongoing -
    significant hydrocarbon potential remains within the Blackrock structure
   •Collective strategy - geological and geophysical work nearing completion
    on 4 discoveries and 7 prospects/leads in the Celtic Sea/St. George's
    Channel - multi-well programme planning underway.
   •West coast - new application submitted for prospects in the Porcupine
    basin

Operations - UK
   •UK North Sea - further licences have been awarded
   •Average daily production at Singleton (Onshore UK) up by over 25% on 2003
    levels

Operations - International
   •International -several new large oil and gas ventures are currently under
    active review - technical and commercial discussions are now in hand

Commenting on today's results, Dr. Brian Hillery, Chairman of Providence said:

Thus far, 2004 has been an extremely busy and exciting period, with drilling
activity, various geological work programmes and ongoing portfolio expansion.
The overall favourable environment for oil and gas companies, with significant
prospects, confirmed discoveries, evolving drilling plans, proven operatorship
and potential international ventures, all point to a very positive outlook for
Providence.


For reference:              Friday, 29th October 2004

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

Murray Consultants
Pauline McAlester                           Tel: [phone]




                          PROVIDENCE RESOURCES P.l.c.
                    INTERIM REPORT AND FINANCIAL STATEMENTS
                      FOR THE 6 MONTHS ENDED 30 JUNE 2004
Chairman's Statement
The main highlights for Providence during the first half of 2004 and to date
are:

Financial
   •Turnover up 32% at €510,000 (2003: €385,000);
   •Operating Profit achieved of €113,000 (2003: loss of €21,000)
   •Net profit of €12,000 (2003: loss of €157,000)
   •Equity fund raising of €13.35 million in May 2004 - strengthened, debt
    free balance sheet with shareholders' funds of €16.9 million

Operations - Ireland
   •Blackrock prospect - IRL49/26-1A well - good quality sandstone reservoirs
    and top-seals encountered - interim analysis points to further Blackrock
    drilling north of IRL49/26-1A location - post-well evaluation is ongoing -
    significant hydrocarbon potential remains within the Blackrock structure

   •Collective strategy - geological and geophysical work nearing completion
    on 4 discoveries and 7 prospects/leads in the Celtic Sea/St. George's
    Channel - multi-well programme planning underway.

   •West coast - new application submitted for prospects in the Porcupine
    basin

Operations - UK
   •UK North Sea - further licences have been awarded
   •Average daily production at Singleton (Onshore UK) up by over 25% on 2003
    levels

Operations - International
   •International - several new large oil and gas ventures are currently
    under active review - technical and commercial discussions are now in hand

Financial

Turnover for the 6 month period to 30 June 2004 of €510,000 (first half 2003:
€385,000) was generated from the Group's 20% producing interest in the onshore
UK Singleton oil field. Gross profit increased to €377,000 (first half 2003:
€216,000). The Group's share of production in the first half of 2004 averaged
102 barrels of oil per day (bopd) at an average oil price of $33.70 per barrel
(first half 2003: 81 bopd at an average oil price of $29.10 per barrel).

The Group recorded an operating profit of €113,000 (first half 2003: loss of
€21,000) and a profit on ordinary activities after taxation of €12,000 (first
half 2003: loss of €157,000) after a non-cash interest charge arising on
convertible capital bonds of €131,000 (first half 2003: €137,000) to be
satisfied by the issue of ordinary shares in Providence Resources P.l.c. (see
note 3).

Providence's ordinary shares are currently traded on the Exploration Securities
Market of the Irish Stock Exchange. Following the May 2004 fund raising of
€13.35 million, Providence's shareholder base now includes a number of UK
institutions and with this in mind Providence is currently evaluating the
possibility of seeking a dual UK and Irish quotation, by way of admission to AIM
in London, to extend the Company's profile.

Ireland: Blackrock Prospect

Following completion of the IRL49/26-1A well on the Blackrock prospect during
the summer months, Providence is now conducting a thorough evaluation of the
substantial volume of well data acquired. This ongoing evaluation will integrate
the new information with pre-existing data to best point toward the next steps
and activity on the Blackrock prospect. Final decisions on how best to progress
the prospect will await the outcome of all of the ongoing post-well work on
Blackrock. Blackrock may form part of a larger multi-well programme offshore
Ireland.

The presence of good sandstone reservoir and substantial thickness of top-seal
mudstone at the IRL49/26-1A well location confirms that the Blackrock prospect
is well defined. The prospect continues to be very significant with unrisked
potential to contain several hundred million barrels of oil, notwithstanding the
lack of significant hydrocarbons at this year's flank well location. It is
intended to convert the existing Licensing Option 03/1 into a 6 year Blackrock
exploration licence prior to end 2004.

Ireland: Multi-well programme

Providence's existing Irish offshore portfolio of prospects extends from
Blackrock in the southwest, upwards through the North Celtic Sea Basin into St.
George's Channel and contains some 4 discoveries plus 7 prospects and leads.
Subsurface work on these fields and prospects is now near completion with
ongoing planning for a multi-well programme which may include:

   •Gas prospects in St. George's Channel close to and adjoining the proven
    Dragon gas field where Marathon are believed to be planning to drill an
    appraisal well in 2005

   •The Ardmore discovery, containing proven gas, which could now possibly be
    developed via the existing Kinsale gas field facilities given currently
    improving gas prices

   •The Blackrock prospect to the north of the 2004 IRL49/26-1A well

   •The Hook Head oil discovery (IRL50/11-A), which has been independently
    verified as containing an unrisked volume of c.300 million barrels of oil in
    place

   •The 50/6 discovery (IRL50/6-A) which flow tested oil at c.2,100 barrels
    of oil per day

This integrated multi-well programme is currently being targeted for 2005/2006.
Efforts are being made to implement the programme in 2005 provided that all
suitable commercial arrangements can be finalised.

Porcupine Basin

Providence has recently submitted an application to the Irish Petroleum Affairs
Division for the granting of a licence in the Porcupine Basin off the west coast
of Ireland. The area under application contains a large stranded wet gas
discovery. In addition, the blocks contain a tested oil discovery as well as a
large deepwater exploration prospect which together provide significant upside
potential. Should the application be successful, Providence will primarily focus
on the deployment of new development technologies such as Gas to Liquids (GTL)
in order to leverage value from the existing discovery.

UK
Current oil production of c.100 bopd from the onshore UK Singleton oil field is
expected to increase during 2005 where plans are advancing for the drilling of
at least one in-field well. The Singleton oil field, located in West Sussex,
onshore UK currently produces from 4 wells and was first brought on stream in
1991.

Offshore, Providence was recently awarded a 25% licence interest for a two year
term in four UK North Sea blocks in the 22nd Round of Offshore Licensing. Block
UK9/9d includes the UK9/9d-17 well which was drilled in 1997 and encountered a
high pressure Upper Jurassic oil-bearing reservoir interval. Blocks UK210/20e,
UK210/24c and UK210/25c contain identified prospectivity within two Jurassic
reservoir targets.

International
Providence is actively reviewing a selection of large, high impact, low risk
appraisal and development projects internationally. While these projects are
geographically widespread, they all contain synergies which leverage on
Providence's experience and proven abilities. Commercial entry terms are under
discussion and further announcements may be anticipated.

Outlook
Thus far, 2004 has been an extremely busy and exciting period, with drilling
activity, various geological work programmes and ongoing portfolio expansion.
The overall favourable environment for oil and gas companies, with significant
prospects, confirmed discoveries, evolving drilling plans, proven operatorship
and potential international ventures, all point to a very positive outlook for
Providence.

Dr. Brian Hillery
Chairman
29 October 2004




Providence Resources P.l.c.
Consolidated Profit and Loss Account
(unaudited)
For the 6 months ended 30 June 2004
                                         6 months ended  6 months ended
                                           30 June 2004    30 June 2003
                                             (unaudited)     (unaudited)
                                                 € 000           € 000

Turnover                                           510             385

Cost of sales                                     (133)           (169)
                                              
Gross Profit                                       377             216

Operating expenses                                (264)           (237)
                                            
Operating Profit/(Loss)                            113             (21)

Interest receivable and similar income              30               1
Interest payable and similar charges              (131)           (137)
                                             
Profit/(Loss) on Ordinary Activities
before Taxation                                     12            (157)

Tax on ordinary activities                           -               -
                                              
Retained Profit/(Loss) for the Period               12            (157)
                                                
Profit and Loss Account

At beginning of period                         (24,718)        (24,138)

Retained profit/(loss) for the period               12            (157)
                                            
Profit and Loss Account, end of period         (24,706)        (24,295)
                                                
Profit/(Loss) Per Ordinary Share (cent)

- Basic and fully diluted                      0.0009c        (0.015c)
                                                


Providence Resources P.l.c.
Consolidated Balance Sheet as at 30 June 2004 (unaudited)

                                            30 June 2004   30 June 2003
                                              (unaudited)   (unaudited)
                                                   € 000         € 000

Fixed Assets
Oil and gas interests                              7,882         6,763
Tangible assets                                       53            18
                                               
                                                   7,935         6,781
                                               
Current Assets
Debtors                                              228           430
Cash at bank and in hand                          11,103            93
                                              
                                                  11,331           523
Creditors: Amounts falling due          
within one year                                     (822)         (731)
                                             
Net Current Assets/(Liabilities)                  10,509          (208)
                                              
Total Assets Less Current Liabilities             18,444         6,573

Creditors: Amount falling due after more
than one year                                        (9)          (286)


Provision for Liabilities and Charges             (1,531)       (1,485)
                                               
Net Assets                                        16,904         4,802
                                                  
Capital and Reserves
Called up share capital                           13,194        12,750
Share premium                                     17,432         5,691
Capital conversion reserve                           623           623
Convertible capital bonds                          9,717         8,453
Profit and loss account                          (24,706)      (24,295)
Foreign currency translation reserve                 644         1,580
                                               
Equity Shareholders' Funds                        16,904         4,802
                                                   

Notes to the Interim Statement

 1. The results for the six month periods ended 30 June 2004 and 2003 are
    neither audited nor reviewed.

 2. The calculation of the profit per share is based on the profit for the
    period on ordinary activities after taxation of €12,000 divided by the
    weighted average number of ordinary shares in issue during the period on a
    basic and fully diluted basis of 1,398,568,098.

 3. The Directors of Providence Resources Capital Limited as the issuer of the
    Convertible Capital Bonds have resolved that all obligations of the Bonds
    will be satisfied by the issue of ordinary shares in Providence Resources
    P.l.c. as provided for under the terms and conditions of their issue in June
    2000. All Bonds have been redeemed with effect from July 2004.

 4. The Interim Statement is being sent to registered shareholders and is
    available on the Company's website at www.providenceresources.com. Further
    copies will be available from the Company's offices at 60 Merrion Road,
    Dublin 4.




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