Providence Commences Spanish Point 3D Seismic S...

OPERATIONAL UPDATE

        PROVIDENCE COMMENCES SPANISH POINT 3D SEISMIC SURVEY

* BOS ANGLER VESSEL MOBILISATION HAS COMMENCED

* 300 SQ KILOMETRE 3D SEISMIC SURVEY TO BE ACQUIRED

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 commenced vessel mobilisation
operations for the Spanish Point 3D seismic survey. This 3D seismic
survey programme will cover a c.300 km2 area primarily over the
Jurassic Spanish Point gas condensate discovery and is expected to
take up to 60 days.

The survey acquisition contract was awarded to Bergen Oilfield
Services AS and
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 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.

Contacts:

Providence Resources P.l.c.                               Tel: +353 1
219 4074
Tony O'Reilly, Chief Executive

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

Murray Consultants                                               Tel:
[phone]
Pauline McAlester

Cenkos Securities Plc                                           Tel:
[phone]
Joe Nally/ Nick Wells

Davy

 Tel: + 353 1 679 6363
Eugenée Mulhern/ Stephen Barry


Explanatory Notes

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. 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 Spanish Point
Providence 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 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 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.

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

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
BOPD Barrels of Oil per Day
MMSCFGPD Millions of Cubic Feet of Gas Per Day

SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has  been
used in preparing this announcement

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