PROVIDENCE RESOURCES P.l.c. END OF YEAR TRADING...

22 December 2008


                     PROVIDENCE RESOURCES P.l.c.
END OF YEAR TRADING STATEMENT 2008

2008 HIGHLIGHTS


  * Gulf of Mexico: Galveston A-155 gas discovery

  * Offshore Nigeria: Successful AJE 4 appraisal well
  * Dunquin: Exxon Mobil becomes Operator
  * Drombeg: New 13 Block licence awarded to Providence, Sosina and
    Exxon Mobil
  * Gulf of Mexico: Acquired Triangle portfolio of oil and gas assets
  * Porcupine Basin: Chrysaor farms into Spanish Point

  * Kish Bank Basin, offshore Dublin: Awarded Licensing Option with
    Star/Petronas and commenced ULYSSES Project
  * Raised ¤42 million Convertible Bond


2009 OUTLOOK


  * Singleton, Onshore UK: Drilling of  X-10 well in Q1
  * Gulf of Mexico: Commencement of production at Galveston A-155
  * Nigeria: AJE Project advancing towards Declaration of
    Commerciality
  * Gulf of Mexico: Drilling initiatives/re-completions within
    Triangle portfolio
  * Spanish Point, Porcupine Basin: 3-D Seismic programme
  * Increasing exposure to gas storage opportunities
  * Dunquin, Newgrange and Drombeg: Forward plans with Exxon Mobil



Commenting on activity during  2008 and future  plans for 2009,  Tony
O'Reilly, Chief Executive of Providence Resources P.l.c., said:

"2008 has been Providence's most successful year to date in key areas
such as reserve addition, project sanction, portfolio diversification
and expansion  of partnerships.  In  2008, the  discovery of  gas  at
Galveston Island A-155, together with the acquisition of the Triangle
oil and  gas  portfolio,  substantially grew  our  reserve  base  and
production levels in  the Gulf of  Mexico from our  initial entry  in
2007. Combined with  growing oil production  from Singleton  (onshore
UK), the Company has the necessary cash flow to meet its  operational
requirements going forward. This cash flow has been further  enhanced
by successful hedges put in place,  which saw the Company enter  into
multi-year contracts at base prices  of $100/BL oil and $10/MMCF  gas
for a significant proportion of its production.

"Looking ahead, this production cash  flow should further benefit  in
2009 from the re-instatement of production which has been compromised
since Hurricanes  Gustav and  Ike, as  well as  the start  up of  new
production from Galveston A-155 in  the Gulf of Mexico. In  addition,
we are planning to drill the X-10 well at Singleton in Q1 2009, which
we believe  will enhance  production significantly  whilst  providing
important new data which  we hope will  improve the ultimate  reserve
potential of this large oil field.

"In West Africa, Providence participated in the AJE-4 well which  not
only  successfully  achieved  its   appraisal  objectives  but   also
confirmed the presence of  a new deeper  hydrocarbon system in  block
OML 113. We  believe that  the AJE-4 well  has materially  progressed
this project towards Declaration of Commerciality and, together  with
other  companies'  recent  successes  offshore  Ghana,  confirm   the
potential of the West African Transform Margin as a future  petroleum
province. Closer to home,  we drilled two  wells offshore Ireland  in
the Celtic Sea, which both encountered hydrocarbons, but the  overall
results were disappointing  and will require  further evaluation  and
analysis before deciding on any next steps.

"2008 also saw Providence enter into a new partnership with  Chrysaor
on Spanish Point. The year also saw Providence further  consolidating
its relationship with Exxon Mobil through the successful  acquisition
of the  13 new  blocks over  the Drombeg  prospect in  the  Porcupine
Basin. Providence now holds interests in 27 blocks off the west coast
of Ireland in partnership with Exxon Mobil and, importantly, 2008 saw
Exxon Mobil assume Operatorship over the Dunquin licence and  declare
it technically 'ready to drill'.

"During  the  period,  we  were   also  delighted  to  welcome   Star
Energy/Petronas into  Ireland as  our partner  in the  new Kish  Bank
Licensing Option. This represents the first project sanctioned  under
our Irish  Gas  Storage  MOU.  Not  only  does  this  now  facilitate
Providence to work with two  world class companies offshore  Ireland,
but it also allows Providence  to investigate the potential of  Irish
gas storage opportunities, both methane and CO2, businesses which may
become important adjuncts to our existing exploration and  production
business model. We were also  very pleased to see that  Star/Petronas
has agreed to  acquire Marathon's Kinsale  gas fields and  associated
infrastructure, which includes gas production and storage.

"Providence Resources  enters  2009  with a  clear  strategy,  strong
partners and en even more enhanced asset portfolio with a great  deal
of activity  planned.  Combined  with the  solid  financial  base  of
production cash flow and our existing credit facility, I am confident
that  Providence  represents  a  strong  investment  proposition  for
shareholders."

Contacts:

Providence Resources Plc                      Tel: [phone]
Tony O'Reilly, Chief Executive

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

Murray Consultants                                   Tel: [phone]
0300
Pauline McAlester
Notes to Editors

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 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 (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 the  AIM Admission document  and Annual  Reports
are      available      from       Providence's      website       at
www.providenceresources.com

Note Regarding Forward looking statements
Some statements in this announcement are forward-looking. They
represent our expectations for our business,
and involve risks and uncertainties. We have based these
forward-looking statements on our current expectations and
projections about future events. We believe that our expectations and
assumptions with respect to these forward-looking statements are
reasonable. However, because they involve known and unknown risks,
uncertainties and other factors, which are in some cases beyond our
control, our actual results or performance, may differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements speak only as of the date of this
document and no obligation is undertaken, save as required by law or
by the Listing Rules of the Irish Stock Exchange and/or the UK
Listing Authority to reflect new information, future events or
otherwise.


Terms Used in the Announcement
BL - BARREL OF OIL
MMCF - THOUSAND CUBIC FEET OF GAS
BOE - BARRELS OF OIL EQUIVALENT
BCF - BILLION CUBIC FEET

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