Providence Successfully Completes First Phase o...


Embargo 7:00am
18 October 2010


  PROVIDENCE SUCCESSFULLY COMPLETES FIRST PHASE OF 2010 DRILLING OPERATIONS AT
                                   SINGLETON


  * SINGLETON X11 DEVELOPMENT WELL DRILLING OPERATIONS SUCCESSFULLY COMPLETED TO
    PLAN


  * WELL ENCOUNTERED THICK HYDROCARBON BEARING RESERVOIR INTERVAL


  * RIG NOW TO COMMENCE X8x MULTI LATERAL DRILLING PROGRAMME


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 confirm that it has completed  drilling operations on its
new X11 development well, which forms part of its multi-well 2010 drilling
programme at the Singleton field, onshore UK. The second part of the programme,
the drilling of the X8x multi-lateral wells, will now commence. The Singleton
field is located in the Weald Basin in the south of England and is operated by
Providence (99.125%) with partner Noble Energy (0.8725%).

The X11 horizontal development well was drilled as a sidetrack to the previous
X9 production well and targeted potential un-swept reserves in the northern
fault block of the Singleton field. The well was drilled to a total measured
depth of 9,338 MDBRT (4261' TVDSS) and petrophysical analysis of down-hole log
data indicates that the well has encountered 2,081 ft of gross hydrocarbon
bearing interval with 1,784 ft of net pay. Both reservoir quality and
hydrocarbon saturation within the pay zone exceeded pre-drill expectations. The
well is currently being completed for production and the rig will then be moved
to the X8x well where two new lateral sections are planned to be drilled from
the existing production well. Once drilling operations have been completed, both
wells will be brought into production and a further operational update will be
provided.

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

"The drilling phase of the X11 development well has exceeded our expectations
both in terms of operational execution as well as geological outcome. We have
managed to drill more reservoir section than was originally planned whilst still
being below our budgeted figure for this well. It's a great result for
Providence and demonstrates our application of best practice in implementing the
X11 programme. The down-hole log data look excellent and bode well for the
production potential from this sector of the field. Once the well has been
completed our attention will switch to the X8x multi-lateral drilling programme,
which has been designed to assess the reserve potential of the north-west flank
of the Singleton field where we believe there may be significant upside."


CONTACTS:

 Providence Resources P.l.c.      Tel: [phone]
 Tony O'Reilly/John O'Sullivan


 Powerscourt                      Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants               Tel: [phone]
 Pauline McAlester


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


 Davy                             Tel: + 353 (0)1 679 6363
 Eugenée Mulhern/ Stephen Barry



NOTES TO EDITORS

ABOUT PROVIDENCE
Providence Resources Plc is an independent oil and gas exploration 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 (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 all press releases, annual reports and interim reports are
available from Providence's website atwww.providenceresources.com.

ABOUT SINGLETON
The Singleton oil field is located 7 km north of Chichester in onshore licence
PL 240 in the Weald Basin, South of England. The field consists of two east west
trending elongate horst blocks divided by a narrow graben. The wells produce
from the Jurassic-aged Great Oolite formation, consisting predominantly of
oolitic grainstones deposited during transgressive/regressive episodes. Since
production commenced in 1989, the field has produced c. 3.7 MMBO, which
represents a recovery factor to date of c. 3.5%. Published data from similar
fields in the area suggest an ultimate recovery factor of up to c.10% should be
achievable. Recent studies (2008) suggested an original oil in-place resource of
up to c.107 MMBO, a 50% increase over previous estimates which indicates that
there is up to c. 7 MMBO of potential remaining reserves. The produced oil is a
37o API gravity crude and is trucked to the Holybourne rail terminal.

ABOUT 2010 SINGLETON DRILLLING PROGRAMME
The 2010 Singleton drilling programme comprises the sidetracking of the X9 well
to a new and more optimal location together with the addition of two new lateral
sections to the currently producing X8x well, potentially providing c. 350 BOEPD
of additional cumulative production. In addition, the new X9 sidetrack well has
been designed for future acid fracture stimulation, thereby providing further
incremental production potential. Providence is utilising the BDF-28 drilling
rig with operations expected to last some 6 weeks.

GLOSSARY OF TERMS USED
All figures quoted are gross figures, unless otherwise stated
BOE Barrels of Oil Equivalent                                 BOPD Barrels of
Oil per Day
BOEPD Barrels of Oil Equivalent per Day                        MMBO Millions of
Barrels of Oil
OIIP Stock Tank Oil Initially In Place                        TVDSS  True
Vertical Depth Subsea
MDBRT Measured Depth Below Rotary Table

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


[HUG#1452537]








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