Providence Makes Well Commitment on Dalkey Isla...

 22nd September 2011
Embargo 7am


  PROVIDENCE MAKES WELL COMMITMENT ON DALKEY ISLAND PROSPECT, OFFSHORE IRELAND

  * PARTNERS MAKE EXPLORATION WELL COMMITMENT TO IRISH GOVERNMENT


  * APPLICATION PROCESS FOR FORESHORE LICENCE HAS COMMENCED


  * GEOCHEMICAL STUDY INDICATES PRESENCE OF HIGHLY MATURE OIL PRONE SOURCE ROCK
    IN THE KISH BANK BASIN


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 provide an update on its Dalkey Island exploration prospect
in the Kish Bank Basin, offshore eastern Ireland. The Dalkey Island prospect is
located c. 10 km offshore eastern Ireland in c. 25 metre water depth. Providence
holds an operated 50% equity interest in Licensing Option 08/2 (LO 08/2)
together with its partner, Star Energy Group.

The Dalkey Island partners have recently applied to have LO 08/2 converted into
a Standard Exploration Licence by committing to a future work programme which
includes the drilling of one exploration well. As part of these activities, the
partners have commenced the application process for a foreshore licence over the
area in order to carry out well site survey and drilling operations. Providence
also recently commissioned a third party geochemical study on residual oil
samples from a nearby well which has confirmed the presence of a highly mature
Paleozoic marine oil prone source rock in the Kish Bank Basin.

Speaking today, John O'Sullivan, Technical Director of Providence said;

"Having completed our technical assessment of the basin, the partners have
elected to progress the Dalkey Island prospect into the drilling phase. Whilst
considerable exploration risk still exists, the recent additional studies, which
have revealed evidence of a highly mature oil prone source rock in the basin,
have provided significant encouragement as a similar interval is considered to
be the source for the prolific producing oilfields in the Liverpool Bay Area,
offshore UK. "

Contacts:
 Providence Resources P.l.c.     Tel: [phone]
 John O'Sullivan


 Powerscourt                     Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants              Tel: [phone]
 Pauline McAlester


 Cenkos Securities Plc           Tel: [phone]
 Adrian Hargrave/Nick Wells


 J&E Davy                        Tel: + 353 (0)1 679 6363
 Stephen Barry/Eugenee Mulhern




Notes to Editors

About Providence
Providence Resources Plc is an Irish based oil and gas exploration company
listed on the AIM market in London and on Dublin's ESM market. Providence's
portfolio of production, appraisal and exploration assets includes licence
interests in Ireland (offshore), the United Kingdom (onshore) and Nigeria
(offshore). In 2011, Providence announced plans to invest with its partners
upwards of $500 million in the drilling of a number of exploration and
development wells in the 6 basins in which it has licences interests offshore
Ireland. Commencing later this year, the multi-year programme represents the
largest drilling campaign ever carried out offshore Ireland.
www.providenceresources.com.

About the Dalkey Island Prospect
Previous exploration drilling in the Kish Bank Basin has confirmed the potential
for petroleum generation with oil shows seen in a number of wells together with
natural hydrocarbon seeps recorded from airborne surveys. New analysis of
vintage 2-D seismic data has revealed the presence of a large undrilled
structural closure at Lower Triassic level situated c. 10 km offshore Dublin.
This feature, known as the Dalkey Island exploration prospect, may be
prospective for oil, as there are prolific oil productive Lower Triassic
reservoirs nearby in the eastern Irish Sea offshore Liverpool. Whilst the Dalkey
Island exploration prospect could contain c. 870 MMBO in place, this undrilled
prospect still has significant risk and the partners are currently advancing a
focused work programme in order to better understand and hopefully mitigate
these risks. However, given its location in shallow water and close proximity to
shore, the prospect is of great interest as exploration drilling, together with
any future development costs are likely to be low.

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 20 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.

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

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