PROVIDENCE AGREES $250 MILLION REVOLVING CREDIT...

PROVIDENCE AGREES $250 MILLION REVOLVING CREDIT FACILITY WITH
                           MACQUARIE BANK

Providence  Resources  P.l.c.  ('Providence')  is  very  pleased   to
announce that  it has  agreed a  US $250  million Senior  First  Lien
Secured Revolving Line of Credit Facility ('Facility') with Macquarie
Bank Limited  ('Macquarie'). This  new  Facility will  refinance  and
re-place the ¤50  million Revolving  Line of  Credit Facility  agreed
between Providence and Macquarie in February 2006.

Under the  terms  of  the  Facility, US  $25  million  will  be  made
available at  Closing to  supply general  working capital,  fund  the
balance of the Singleton  acquisition and to  provide funds to  drill
and complete wells on existing assets. The remaining US $225  million
will be made available, at Macquarie's discretion and subject to  the
terms of the Facility, to fund oil and gas acquisitions,  investments
and development opportunities as they arise. The Facility has a  term
of  5  years  to  December  2012,  replacing  the  current  financing
facility, which was due to mature in April 2010.
Speaking today  on  the new  Facility,  Tony O'Reilly  Junior,  Chief
Executive of Providence Resources P.l.c., said:, commented:

"This new, upgraded and  extended Credit Facility  is great news  for
Providence and its shareholders.  It demonstrates Providence's  solid
corporate growth over the  past 2 years and  it provides the  Company
with a more flexible and substantive Credit Facility going forward.

"The provision of this new Facility is particularly encouraging at  a
time when  potential investment  opportunities are  numerous and  the
general credit  market  is  extremely tight  with  limited  financing
lines. This  Facility  will  allow  Providence  to  move  quickly  on
production and development opportunities, in line with our stated aim
to increase our daily  oil production rates. We  are delighted to  be
further strengthening our relationship with Macquarie Bank Limited."


Contacts:

Providence Resources P.l.c. Tel: [phone]
Tony O'Reilly Jnr., Chief Executive

Powerscourt Tel: [phone]
Rory Godson/Marie Cairney

Murray Consultants Tel: [phone]
Pauline McAlester/Robert Marshall

Notes to Editors

About Providence
Providence Resources P.l.c. is an independent oil and gas exploration
company listed on the AIM market in London and on Dublin's IEX
market. The Company was founded in 1997, but with roots going back to
1981 when it predecessor company, Atlantic Resources Plc was formed
by a group of investors led by Sir Anthony O'Reilly.
Providence's active oil and gas portfolio includes interests in
Ireland (offshore), the United Kingdom (onshore and offshore), the
United States (offshore) and West Africa (offshore Nigeria).
Providence's portfolio is balanced between production, appraisal and
exploration assets, as well as being diversified geographically.
Comprehensive information on Providence and its oil and gas
portfolio, including all press releases, annual reports and interim
reports are available from Providence's website at
www.providenceresources.com.

About Macquarie
The Macquarie  Group  is  a  diversified  international  provider  of
banking, financial, advisory and investment services with over 11,000
people in 25 countries. Macquarie Bank is a leading provider of  debt
and equity capital  for the  oil and  gas industry.  From offices  in
London, Houston  and  Sydney,  Macquarie's  Energy  Capital  Division
provides oil and gas borrowing base revolvers, structured and project
finance, corporate  restructurings and  recapitalisations,  mezzanine
and subordinated debt and equity capital. The Division also  provides
tailored commodity price risk management for energy companies.

About the Facility
Amount: ` US $ 250,000,000

Availability at Closing: US $ 25,000,000

Availability (subject to Macquarie approval) US $ 225,000,000

Type: Senior First Lien Secured Revolving Line of Credit Facility

Term: 60 Months (maturity December 2012)

Interest: Standard variable rate (LIBOR) + margin

Repayment: Revolver; 6 monthly Borrowing Base reviews; no penalty for
pre-payment

Security: As agreed between the parties

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