Providence Increases Interest in Barryroe Disco...

3rd December 2010
Embargo 7am


 PROVIDENCE INCREASES INTEREST IN BARRYROE DISCOVERY FOLLOWING ASSET DEALS WITH
                                   LANSDOWNE

  * PROVIDENCE TAKES  FURTHER  20% INTEREST IN BARRYROE OIL DISCOVERY
      * THIRD PARTY AUDIT DEMONSTRATES BARRYROE AS HAVING 373 MILLION BARREL OIL
        RESOURCE (P50) POTENTIAL


  * PROVIDENCE TO ASSUME OPERATORSHIP OF BARRYROE
      * PRE-DRILL 3D SEISMIC SURVEY EARLY 2011
      * PARTNERS DISCUSSING POTENTIAL FOR 2011 DRILLING


  * LANSDOWNE TO TAKE 10% EQUITY INTEREST IN HELVICK OIL FIELD


Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration
and production company, whose shares are listed in London (AIM) and Dublin
(ESM), is pleased to announce that it has increased its equity stake in, and
assumed Operatorship of, the Barryroe oil discovery ("Barryroe") in the North
Celtic Sea, offshore Ireland. Separately, Providence has agreed to assign a 10%
non-operated interest in the Helvick oil field, contained in Standard
Exploration Licence (SEL) 2/07 in the North Celtic Sea Basin, to Lansdowne Oil
and Gas plc ("Lansdowne").

Subject to Irish governmental approval, the revised equity partnership in
Barryroe will be Providence (50%), San Leon Energy (30%) and Lansdowne (20%),
whilst at Helvick, the revised equity participation in SEL 2/07 will be
Providence (62.5%), Atlantic Petroleum (18.333%), Lansdowne (10.0%) and Sosina
(9.1667%).

Having agreed this revised Barryroe equity participation, the partners have
commenced planning for a new 3D seismic survey over the eastern flank of
Barryroe. This survey, which is expected to be acquired during the first half of
2011, will be used to plan for an appraisal/pre-development well designed to
progress Barryroe to first oil. Previous studies have indicated that complex
reservoir architecture together with the waxy nature of the Barryroe crudes
could pose a challenge to commercial development. However, the partners believe
that modern 3D seismic data, in tandem with horizontal artificially lifted well
completions in the current oil price environment, should help to circumvent
these issues. The partners have also commenced discussions with other Irish
operators on potential rig availability for a pre-development well on Barryroe
in 2011.

A third party audit carried out by RPS Energy for Lansdowne indicated P50 and
P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The
corresponding 2C and 3C Barryroe recoverable contingent resources are 59 MMBO
and 144 MMBO, respectively.

John O'Sullivan, Technical Director of Providence, said:

"Given the magnitude of the potential resources identified in the 2009 Barryroe
audit, we are delighted to be in a position to increase our equity interest by
assuming the role of operator for the project. The potential presence of
hundreds of millions of barrels of oil in place in the shallow waters off the
south coast of Ireland is a huge prize. Working with our partners, we now plan
to drive this project towards early appraisal, with an initial 3D seismic
survey, followed by drilling."


Contacts:
 Providence Resources Plc              Tel: [phone]
 John O'Sullivan, Technical Director


 Powerscourt                           Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants                    Tel: [phone]
 Pauline McAlester


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


 J&E Davy                              Tel: + 353 (0)1 679 6363
 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 ESM
market. 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 atwww.providenceresources.com.
Through a 100% owned subsidiary, EXOLA Limited, the company is engaged in the
evaluation and potential development of unconventional oil fields offshore
Ireland.

About Barryroe
The Barryroe Licence lies directly below the Seven Heads Gas Field where oil has
been successfully tested at flow rates of between 1,300 and 1,600 BOPD, from
three exploration or appraisal wells. The reservoir sands are of Cretaceous
Middle and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS.
The oil is light (30 to 42 degrees API) and contains relatively high wax content
ranging from 12 to 22 per cent, which may require treatment at surface.

About Helvick
The Helvick oil field was discovered in 1983 by Gulf Oil with the drilling of
the 49/9-2 discovery well. This well encountered oil and gas in a downthrown
Jurassic tilted fault block trap on the northern margin of the North Celtic Sea
Basin, offshore Ireland. The 49/9-2 well was tested and flowed at a cumulative
rate of c. 10,000 BOEPD from four zones. Subsequent to the discovery well, a
further three wells have been drilled on the Helvick field to date, all of which
have logged and/or flowed oil/gas to surface. Integration of the well data with
reprocessed 3D seismic data has suggested that the field is of limited areal
extent with c. 10 MMBL STOIIP. However, due to the highly productive nature of
the reservoir (the suspended 49/9-2 and 6z wells tested at a cumulative rate of
c. 15,000 BOEPD), it is possible that any commercial reserves in the Helvick
field could be recovered in an extremely short time period which should
positively impact development economics. Providence is currently carrying out a
development feasibility study of the Helvick field.


Announcement
This announcement has been reviewed by John O'Sullivan, Technical Director,
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 20 years and is a fellow of the Geological
Society of London. Definitions in this press release are consistent with SPE
guidelines.

Glossary of terms used in this Announcement

ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED
BOPD         Barrels of Oil per Day
MMBO         Millions of Barrels of Oil
BOEPD         Barrels of Oil Equivalent per Day
STOIPPStock Tank Oil Initially In Place
TVDSS  True Vertical Depth Subsea

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



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Source: Providence Resources plc via Thomson Reuters ONE