PROVIDENCE ANNOUNCES DETAILS OF 2008 OFFSHORE I...

Embargo 7.00am
19 June 2008
PROVIDENCE ANNOUNCES DETAILS
OF 2008 OFFSHORE
IRELAND DRILLING PROGRAMME


           GLOBALSANTAFE ARCTIC 2 RIG EXPECTED AUGUST 2008

     PROGRAMME FOCUSSED ON APPRAISAL OF THE HOOK HEAD OIL FIELD

      FURTHER APPRAISAL WELL PLANNED FOR DUNMORE OIL DISCOVERY


Providence, the AIM and IEX listed exploration and production
company, together with its partners, is pleased to announce details
of the upcoming 2008 drilling programme offshore Ireland. Providence,
as operator, has contracted the semi-submersible drilling rig
GlobalSantaFe Arctic 2 for a two firm plus one option well programme
in the North Celtic Sea Basin, offshore southern Ireland. Drilling
activities are expected to commence in August 2008.


The 2008 drilling programme has been agreed following the evaluation
of data collected during last year's successful 50/11-3 oil discovery
on the Hook Head structure. Post drill analysis by Providence
suggests resources of up to c. 60 MMBO recoverable based on a STOIIP
of c. 390 MMBO. A number of further appraisal well locations have
since been identified across the Hook Head structure with the
north-west sector being the first to be evaluated as part of the 2008
programme. This well location is interpreted to be structurally
higher than the 50/11-1 well which encountered c. 100ft of net
hydrocarbon bearing sands of Lower Cretaceous age and is therefore
considered to be a relatively low risk location. The results from the
initial well will be used in deciding the location of all subsequent
wells in the 2008 programme. This drilling programme has been
designed not only to further demonstrate the extent and magnitude of
the Hook Head oil field but also to provide important information on
deliverability, which is a key element in any future commercial
development.


Furthermore, ongoing studies in the Celtic Sea have highlighted
significant oil potential in an adjacent discovery known as Dunmore,
which is located in blocks 50/6 & 7 and is some 20 kilometres from
Hook Head. The 50/6-1 Dunmore discovery well flowed at c. 2,100 BOPD
of 44o API oil from Jurassic sands and updated mapping has revealed
an optimal appraisal well location on the structure some c. 500ft
up-dip from the original well. A site survey has been acquired for
this location and well planning is being finalised. Providence's
re-analysis of existing seismic data, together with a re-evaluation
of the drill stem test data from the discovery well, suggest that the
main structure contains contingent resources of c. 18 MMBO.

Commenting on the announcement, Mr Tony O'Reilly, Chief Executive
said:

"Following last year's successful oil discovery at Hook Head, we are
delighted this year to be in a position to drill further appraisal
wells in the Celtic Sea. The objective of this summer's drilling
programme is to demonstrate oil flow rates as well as establishing
the fields' areal extent.

The inclusion of the Dunmore oil discovery in this year's appraisal
programme is a great example of the portfolio potential of our Celtic
Sea assets. Not only did the Dunmore discovery well flow good quality
oil when originally discovered, but it also represents an opportunity
to prove up the Jurassic reservoir potential in the Celtic Sea.

The success of this year's appraisal programme is an essential
stepping stone in unlocking the oil potential of this under developed
region. With commodity prices nearing all time highs, we are in the
fortunate position of holding an attractive portfolio of assets
together with access to a rig, which is unlike many of our peers in
this tightening market."




Contacts:

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

Powerscourt                                                 Tel:  +44
207 250 1446
Rory Godson/Elizabeth Rous

Murray Consultants                                   Tel: [phone]
0300
Pauline McAlester

Cenkos
Nick Wells                                                       Tel:
[phone]


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 the all press releases, annual reports and
interim reports are available from Providence's website at
www.providenceresources.com

Celtic Sea Licence 2/07

Licence No 2/07 refers to part blocks 49/22, 49/23, 48/29, 48/30,
49/26, 49/27, 49/28, 49/8, 49/9, 49/13, 49/14, 50/6, 50/7 and 50/11
in the North Celtic Sea Basin. Standard Exploration Licence 2/07
partner percentages* are Providence Resources Plc (Operator) 43.5%,
Challenger Minerals (Celtic Sea) Limited 16.5%, Dyas BV 16.0%, Forest
Gate Resources Inc. 7.5%, Atlantic Petroleum (Ireland) Limited 11.0%,
Sosina Exploration Limited 5.5%. (*subject to regulatory approval).

About Hook Head

The Hook Head Field is located in c. 240' water depth being c. 60  km
offshore Wexford and is situated in Standard Exploration Licence 2/07
in the North  Celtic Sea Basin.  The Hook Head  structure is a  large
mid-basinal anticline where  three previous  wells have  successfully
encountered hydrocarbon bearing sands. The original 50/11-1 discovery
well, which was drilled  by Marathon in 1971,  logged c. 100 feet  of
hydrocarbon  bearing  section  in   five  sandstone  units of   Lower
Cretaceous  age.  The  well  was   not  flow-tested  due  to   severe
operational issues  at that  time. The  subsequent 50/11-2  appraisal
well, which  was  drilled  by  Marathon in  1975  was  drilled  as  a
delineation  well  at  the  down-dip   edge  of  the  structure   and
encountered c. 25' of hydrocarbon bearing section.

In 2007, Providence drilled  the 50/11-3 well  on a central  location
some 2 km northeast  of the  50/11-1 well and  successfully logged  a
total of c. 110' of net hydrocarbon bearing reservoir. The  reservoir
zones are of equivalent age to  those encountered in the 50/11-1 &  2
wells, located c. 2.5 km and c. 5 km to the south-west, respectively.
Whilst key reservoir and fluid data were acquired during the  initial
well flowing  period,  down-hole mechanical  conditions,  which  were
primarily related to the integrity of the casing string cement  bond,
delayed the implementation of a full flow test programme. The 50/11-3
well was  suspended  for  future  re-entry and  potential  use  as  a
production well.

About Dunmore

The Dunmore oil discovery is located in c. 70 metre water depth being
c. 40 km offshore Wexford and is situated in Standard Exploration
Licence 2/07 in the North Celtic Sea Basin. The 50/6-1 discovery well
was drilled in 1986 by Gulf Oil (now part of Chevron), and tested a
c. 60' gross interval at a rate of c. 2,100 BOPD from sands of Upper
Jurassic age at a depth of c. 5,000' TVDSS. The oil is a light,
sweet, 44o API crude and is interpreted to be trapped in a downthrown
terrace structure. Mapping of reprocessed 2D seismic data now suggest
that this structure rises to the east of the 50/6-1 well location and
that an appraisal well would be optimally drilled c. 500' up-dip from
the 50/6-1 well. On the assumption that a common contact exists
between the 50/6-1 discovery well and this crestal area, a number of
sands which were water bearing in the original well should be oil
bearing at the crestal area thereby significantly increasing the
potential flow rates. A site survey has been acquired and full
planning for an appraisal well on Dunmore is being finalized.


Terms Used in the Announcement

MMBO - MILLION BARRELS OF OIL

STOIIP - STOCK TANK OIL INITIALLY IN PLACE

CONTINGENT RESOURCES - Those quantities or petroleum estimated as of
a given date to be potentially recoverable from known accumulations
by application of development projects but which are not currently
considered to be commercially recoverable due to one or more
contingencies. Contingent resources are a class of discovered
recoverable resources.

RECOVERABLE RESERVES - Those quantities of petroleum anticipated to
be commercially recoverable by application of development projects to
known accumulations from a given date forward under defined
conditions. Reserves must further satisfy four criteria, they must be
discovered, recoverable, commercial and remaining (as of a given
date) based on the development project applied.

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 and member of the Energy Institute. Definitions in
this press release are consistent with SPE guidelines.

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