Providence Boosts Production at Vermillion 60

GULF OF MEXICO UPDATE PROVIDENCE BOOSTS PRODUCTION AT VERMILLION 60 * Production Increase of 300 BOEPD Net Providence Resources P.l.c., the London (AIM) and Dublin (IEX) listed oil and gas exploration and production company, is pleased to announce that it has successfully finished its re-completion activities on its Vermillion 60 ("VR 60") field, in which it holds a 50% working interest. The Aries Marine Lift Vessel Ram VIII was used to reenter the existing A7 well on the VR60 platform in order to re-complete the well to the new production zone. This new zone has excellent reservoir characteristics, with c. 20' net gas pay and porosities of up to 30%. The new zone is currently flowing at c. 5 MMSCFGD gross (or 300 BOEPD* net to Providence). Providence will continue to monitor the production from this new zone in order to maximise reserves recovery and gas production rates. * Providence holds a 50% non-operated working interest with a 36.667% net revenue interest in the field Contacts: Providence Resources Plc Tel: +353 1 2194074 Tony O'Reilly, Chief Executive Powerscourt Tel: +44 207 250 1446 Rory Godson/Elizabeth Rous Murray Consultants Tel: +353 1 498 0300 Pauline McAlester Cenkos Securities Plc Tel: +44 207 387 8900 Joe Nally/Nick Wells Davy Tel: + 353 1 679 6363 Eugenee Mulhern/ Stephen Barry About Providence Providence Resources Plc is an independent oil and gas exploration and production 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, the United Kingdom, the United States (Gulf of Mexico) and West Africa (Nigeria). Providence's portfolio is balanced between production, appraisal and exploration assets, as well as being diversified geographically. Further information on Providence and its oil and gas portfolio, including Annual Reports are available from Providence's website at www.providenceresources.com About Vermillion 60 Vermillion 60 is located about 20 kilometres south of the Louisiana and lies in about 40 feet of water. Providence holds a 50% non-operated working interest with a 36.667% net revenue interest in the field. The Vermillion 60 field was discovered in 1975 and produces from lower Pliocene and Pleistocene sandstones. The field is now mapped with 3D seismic and well control, and the current A7 well was drilled in early 2007. The A7 well has already produced c. 1.5 BCF to date from previous zones. The new zone is expected to contain up to c. 3 BCF of gross gas reserves. Further potential remains in this well with multiple behind pipe gas reserve zones already identified. Announcement In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and approved by John O'Sullivan, Exploration Manager of Providence Resources P.l.c. John O'Sullivan is a Geology graduate of University College Cork and holds a Masters in Geophysics from The National University of Ireland, Galway. John also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and is presently completing a dissertation leading to a PhD in Geology at Trinity College, Dublin. John is a Fellow of the Geological Society and a member of the Petroleum Exploration Society of Great Britain. He has 19 years experience in the oil and gas exploration and production industry and is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange. Glossary of terms used ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED MMSCFGD Million Standard Cubic Feet of Gas per Day BOEPD Barrels of Oil Equivalent per Day BOE Barrels of Oil Equivalent (1 BOE = 6,000 SCFG) BSCF Billion Standard Cubic Feet of Gas SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has beenused in preparing this announcement ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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