Rights issue results

Providence Resources PLC
31 May 2004



                          Providence Resources P.l.c.
                      Rights Issue Successfully Completed

Monday, 31st May 2004 - The Board of Providence Resources P.l.c. ('Providence'
or 'the Company') is pleased to announce the successful completion of the Rights
Issue raising €3.2 million.

Valid acceptances in respect of 21,037,122 Rights Issue Units have been received
from Qualifying Shareholders, representing an aggregate take-up of 78.61% of the
total number of Rights Issue Units offered and Davy has procured subscribers for
all of the remaining Rights Issue Units, including the entitlements of Overseas
Shareholders who were unable to subscribe, at a price of 14.6 cents per Unit.

Speaking this morning following the completion of the Rights Issue, Dr. Brian
Hillery, Chairman of Providence, said:

        'The successful completion of the €3.2 million Rights Issue and the
        earlier €10.15 million Subscription leave Providence well funded for the
        2004 Blackrock drilling programme and other appraisal work on our Celtic
        Sea and UK interests'.

This announcement should be read in conjunction with the ESM Particulars dated
30 April 2004. Terms defined in the ESM Particulars have the same meaning in
this announcement.

Ends.             Monday, 31st May 2004

For Reference:

Providence               Murray Consultants               Davy
Resources Plc
Stephen Carroll          Pauline McAlester                Eugenee Mulhern
Tel:                     Tel: [phone] /         Tel: [phone]
00-353-1-6675740         00-353-87-2558300                 



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