Providence Awards Spanish Point 3D Seismic Survey

PROVIDENCE AWARDS SPANISH POINT 3D SEISMIC SURVEY


*         SURVEY CONTRACT AWARDED TO BERGEN OILFIELD SERVICES AS

*         300 SQ KILOMETRE 3D SEISMIC SURVEY TO BE ACQUIRED Q2/3 2009


Providence Resources P.l.c., ('Providence') the London (AIM) and
Dublin (IEX) listed oil and gas exploration and development company,
is pleased to announce that it has awarded the Spanish Point 3D
seismic survey acquisition contract to Bergen Oilfield Services AS.
This 3D seismic survey programme, which is expected to commence in
Q2/3 2009, will cover a c.300 square kilometre area primarily over
the Jurassic Spanish Point gas condensate discovery. The survey will
be acquired using the recently refitted BOS Angler 3D seismic survey
vessel.

Providence (56%) operates the Spanish Point licence (FEL 2/04) on
behalf of its partners Chrysaor E&P Ireland (30%) and Sosina
Exploration (14%). The budgeted costs of this survey will be borne
100 percent by Chrysaor as part of the farm-out agreement announced
on 12 August 2008.

The original 35/8-2 Spanish Point discovery well flowed c.1,000 BOPD
and c. 5 MMSCFGPD from one of four logged hydrocarbon bearing
intervals. Third party modeling of  these  well data has suggested
that an optimally placed and stimulated development well could flow
at significantly higher rates from all hydrocarbon bearing intervals.
The partners consider that the acquisition of a 3D seismic survey
over Spanish Point is vital in order to further enhance the detailed
understanding of the reservoir, as well as to optimise potential
future well placement. The survey has also been designed to
accommodate future time lapse 3D seismic surveying, which has been
demonstrated to be particularly effective in monitoring fluid
movement during field production.

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

"We are pleased to advise shareholders of material progress on our
Spanish Point Project with the awarding of this major 3D seismic
survey contract. Our third party studies to date have indicated that
the Spanish Point accumulation may constitute a significant
commercial discovery, containing median contingent recoverable
resources of c.1.4 TSCF and c.160 MMBO. Looking ahead, we believe
that well stimulation technology may be the key to commercialising
Spanish Point. This 3D survey will help to optimise the best future
well locations and the most effective appraisal and  production test
programme to undertake."


Contacts:

Providence Resources P.l.c.
                                                      Tel: [phone]
4074
Tony O'Reilly Jnr., 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 its 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 Spanish Point Discovery

Providence currently holds a 56% interest and is operator of FEL
2/04, which covers blocks 35/8 & 9
situated in the Porcupine Basin, off the west coast of Ireland. The
blocks are situated in 300-400 metres of water and are located
approximately 200 km off the coast. Spanish Point was discovered in
1981 by Phillips Petroleum and a consortium which included Atlantic
Resources Plc, Providence's predecessor company. The discovery well
(35/8-2) flowed c. 1,000 BOPD and c. 5 MMSCFGPD from a hydrocarbon
column of c. 1,400 ft in sandstones of Upper Jurassic age. However,
due to a combination of low commodity prices, high cost of
development and lack of an indigenous gas market and infrastructure
at that time, the project was not declared economic and the licence
was subsequently relinquished.

Providence Resources Plc applied for and became operator of the
Spanish Point licence in November 2004 which has a 15 year-term.
Providence's geological team carried out a geological and geophysical
analysis which supported and improved the 1981 post-drill analysis.
The combination of this new analysis, coupled with advances in
technology and an improved oil/gas price regime, suggest that a
commercial development of Spanish Point might be possible.

In August 2008, Providence, together with its partner Sosina signed a
staged farm-out agreement with Chrysaor Holdings Limited, a privately
owned development led company. The terms of the farm-out agreement
provide for Chrysaor to conduct a significant appraisal work
programme on the Spanish Point discovery in return for a minimum 30%
interest in Spanish Point. Chrysaor then has the option to earn up to
a maximum 70% interest in the event that two wells are subsequently
drilled on Spanish Point. The agreement is subject to certain
milestones being achieved with an initial commitment by Chrysaor to
fund the budgeted cost of a 3-D seismic programme on Spanish Point as
consideration for the initial 30% interest. Chrysaor may then
undertake to finance the drilling of up to two appraisal wells where
it will commit not less than 60% cost share, whilst also capping the
other partners' cost share, to earn an additional interest of up to
40%, thereby reducing the other partners' stakes pro rata.

Terms used in this Announcement

BOPD                           Barrels of Oil per Day
BOEPD                         Barrels of Oil Equivalent per Day
MMSCFGPD                 Millions of Cubic Feet of Gas Per Day
MMBO                          Million Barrels of Oil
TSCF                            Trillion Standard Cubic Feet

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.


About Bergen Oilfield Services AS
Bergen Oilfield Services AS (BOS) is a Norwegian offshore seismic
survey company with a focus on subsea technology commercialisation.
We manage the whole value chain from vessel ownership and data
acquisition through to processing; ensuring a high quality, on time
response. The organisation is driven by the quality of its services,
the continuous pursuit for innovative solutions and the expertise of
its employees. At all stages of our operations, safety, quality and
environmental preservation are paramount.

About BOS Angler
Bergen Oilfield Services (BOS) is proud to announce the re-launch of
the BOS Angler, the world's first "geophysical toolbox" vessel. With
the trend for combination and on demand exploration tools required by
our clients, the BOS Angler is one of the BOS solutions to an ever
growing industry demand.

E&P companies realise that to achieve the best prospect imaging
solution, a combination of new and proven existing exploration tools
are required. The BOS Angler coupled with the BOS team  are ahead of
the game in delivering bespoke solutions to global exploration
challenges. Not just seismic, not just better seismic but a
combination of exploration tools to deliver data and images for
exploration success.

Following a successful upgrade the BOS Angler is equipped for
multiple streamer surveys and prepared for OBS and other seabed
operations. BOS Angler is a DP II Ice Class survey vessel and is
already attracting interest for work in Arctic and other northern
exploration latitudes.

BOS Angler is the latest vessel to join the growing BOS Fleet - all
vessels are owned and managed by Bergen Oilfield Services AS.

To date, BOS 2D & 3D operations have achieved the highest levels of
operational performance courtesy of our very experienced seismic crew
base.

Contact Information at www.bergenofs.no

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