Providence Announces Commerciality of AJE

PROVIDENCE ANNOUNCES COMMERCIALITY OF AJE

               AJE FIELD DEEMED A COMMERCIAL DISCOVERY

                   DEVELOPMENT PLAN TO BE PREPARED




Providence Resources P.l.c., the London (AIM) and Dublin (IEX) listed
oil and gas exploration and production company, is pleased to confirm
that the Aje Field, in OML113, offshore Nigeria has been deemed a
Commercial Discovery by the Operating Committee.  Accordingly, the
partners in the Aje Field have authorised Chevron, as Technical
Advisor to the Operator, to prepare a Development Plan for
development of the Aje Field.

Providence holds a 5% net revenue interest in the Aje Field with the
other partners in the project being Yinka Folawiyo Petroleum Company
Limited (Operator), Chevron Nigeria Deepwater H Limited (Technical
Adviser to the Operator), Vitol Exploration Nigeria Limited and
Energy Equity Resources Aje Limited.

Speaking today, Tony O'Reilly, Chief Executive of Providence, said:

"We are delighted with the recent resolution of the Partners to
formally confirm the commerciality of the Aje Field and to authorize
Chevron to prepare a Development Plan.  These key decisions confirm
our long held view with regard to the value of our interest.   Whilst
this project is material for Providence, our interest in OML 113
offshore Nigeria lies outside of our core focus areas and thus
Providence continues to consider all options in relation to this
asset."


Contacts:

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

Powerscourt

Tel: [phone]
Rory Godson/Elizabeth Rous

Murray
Consultants                                                               Tel:
[phone]
Pauline McAlester

Notes to Editors

About Providence

Providence Resources Plc 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 the Announcement

This announcement has been reviewed by John O'Sullivan, Exploration
Manager, Providence Resources P.l.c. John holds a B.Sc. in Geology
from University College Cork, Ireland, an M.Sc. in Applied Geophysics
from the National University of Ireland, Galway and a M.Sc.in
Technology Management from The Smurfit School of Business at
University College Dublin. John is presently working part-time on a
PhD dissertation at Trinity College, Dublin. John has worked in the
offshore business for 19 years and is a fellow of the Geological
Society of London. Definitions in this press release are consistent
with SPE guidelines.

Note Regarding Forward looking statements
Some statements in this announcement are forward-looking. They
represent our expectations for our business, and involve risks and
uncertainties. We have based these forward-looking statements on our
current expectations and projections about future events. We believe
that our expectations and assumptions with respect to these
forward-looking statements are reasonable. However, because they
involve known and unknown risks, uncertainties and other factors,
which are in some cases beyond our control, our actual results or
performance, may differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
speak only as of the date of this document and no obligation is
undertaken, save as required by law or by the Listing Rules of the
Irish Stock Exchange and/or the UK Listing Authority to reflect new
information, future events or otherwise.

About AJE

The AJE Field is situated in Oil Mining Lease 113 (OML 113) in water
depths of up to c. 3,000 feet and is 15 miles offshore Nigeria, being
some 40 miles southwest of Lagos. AJE-4 is the fourth well to be
drilled on the AJE Field, all of which have intersected hydrocarbons.

The AJE Field is located in water depths of between 325 feet and c.
3,000 feet and is 15 miles offshore being some 40 miles southwest of
Lagos. The discovery well, AJE-1, which was drilled in 1996
encountered oil and gas in reservoirs of Cretaceous Turonian age, and
flowed at an aggregate rate of 42 MMSCFD and 2,262 BOPD over three
zones. An appraisal well, Aje-2, which was drilled in 1997 also
encountered oil and gas in the Turonian and flowed 3,866 BOPD from an
additional zone in the Cenomanian which had not been tested in the
Aje-1 well. The AJE-3 well, which was drilled in 2005 on the
southwest flank of the field encountered significant gas shows whilst
drilling the Turonian reservoir section and this together with
wire-line log data, suggest that whilst reservoir quality is not
optimum, this section is gas bearing. In addition the well data also
indicated the presence of oil within Cenomanian sands.

The AJE-4 well is interpreted to have encountered the main Turonian
reservoir c. 30 feet up-dip from the AJE-2 well and the petrophysical
logs confirm a gross Turonian hydrocarbon column of c. 335 feet.
Down-hole pressure and sample data confirm that the Turonian column
comprises gas condensate overlying a c. 30 foot oil rim and that the
total column is thought to share a common contact with the AJE-1 & 2
wells. The results of the AJE-4 well now suggest that the AJE Field
may comprise a large low relief and laterally extensive reservoir
system. The underlying Upper Cenomanian oil pay zone contained a c.
65 foot gross oil column and the data again suggest that this unit is
in communication with the oil payzone which was tested in the AJE-2
well.  A further new Lower Cenomanian oil pay zone was also confirmed
with a gross column of c. 60 ft.

The AJE-4 well encountered two further zones which logged as
hydrocarbon bearing in the underlying Albian section. The upper zone
contained c. 170 ft gross hydrocarbon column in massive sands and a
down-hole pressure and sampling programme confirmed the presence of
gas-condensate. A further c. 60 ft gross Albian zone was also logged
as hydrocarbon bearing.

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