Providence Resources plc - Operational Update B...

Embargo 7:00am
25^th July 2013

OPERATIONAL UPDATE
BARRYROE

NSAI CPR FINANCIAL RESULTS ON BASAL WEALDEN RESERVOIR NOW AVAILABLE

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide an update on the Barryroe oil field ("Barryroe") in the North Celtic Sea Basin, offshore Ireland. Providence (80%) operates Barryroe on behalf of its partner Lansdowne Oil and Gas plc (20%). The area which is located in Standard Exploration Licence (SEL) 1/11 and Licensing Option (LO) 12/4, lies in c. 100 metre water depth and is c. 50 kilometres off the south coast of Ireland.

In April 2013, Providence published a competent person's contingent resource audit on the in place hydrocarbon and recoverable resources from the Basal Wealden A oil reservoir, as independently reported  by Netherland Sewell & Associates Inc. (NSAI).

NSAI have now provided an estimate of the cashflows attributable to Providence from the Basal Wealden A oil reservoir at Barryroe. A summary excerpt from this recently issued report is now available on the Providence website, www.providenceresources.com

Contacts:

Providence Resources P.l.c. Tony O'Reilly, Chief Executive	Tel: [phone]
Powerscourt Lisa Kavanagh/Rob Greening	Tel: [phone]
Murray Consultants Pauline McAlester	Tel: [phone]
Cenkos Securities Plc Adrian Hargraves/Nick Wells	Tel: [phone]
J&E Davy Eugenee Mulhern	Tel: + 353 1 679 6363
Liberum Clayton Bush	Tel: [phone]

ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil & gas exploration and appraisal company with a portfolio of appraisal and exploration assets offshore Ireland and the U.K. The Company is currently involved in a circa $500 million multi-year drilling programme on a number of exploration/development wells over 6 different basins offshore Ireland, representing the largest drilling campaign ever carried out offshore Ireland www.providenceresources.com.

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 and member of The Petroleum Exploration Society of Great Britain. Definitions in this press release are consistent with SPE guidelines.

Pursuant to Section 48 of the 'Licensing Terms for Offshore Oil and Gas Exploration, Development & Production 2007', the information contained herein has been furnished to the Minister for Communications, Energy & Natural Resources".

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

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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Providence Resources plc via Thomson Reuters ONE

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