Technical Update - Dalkey Island Prospect, Offs...

2 November 2010
Embargo 7am

                                TECHNICAL UPDATE

                    DALKEY ISLAND PROSPECT, OFFSHORE IRELAND


  * SEISMIC INVERSION REVEALS POTENTIAL DIRECT HYDROCABON INDICATOR


  * DEEPER CARBONIFEROUS EXPLORATION PROSPECTIVITY IDENTIFIED


  * FINDINGS TO BE ANNOUNCED LATER TODAY AT ATLANTIC IRELAND CONFERENCE IN
    DUBLIN



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 together with its
partner, Star Energy Group.

Providence recently commissioned a third party rock physics modeling and seismic
inversion study over the Dalkey Island prospect. These data have revealed the
presence of a potential direct hydrocarbon indicator at the top of the primary
Lower Triassic reservoir interval. Direct hydrocarbon indicators have been noted
from analogous producing oil and gas fields in the nearby prolific Liverpool Bay
area. In addition, detailed petroleum systems analysis has suggested that the
underlying Carboniferous section, which to date has not been drilled in the
basin, may also be prospective for oil. This potential has been highlighted by
the 33/22-1 well, which was drilled on the edge of basin and which encountered
residual oil in Upper Carboniferous sands. Seismic mapping of the Upper
Carboniferous has revealed a large structural trap which directly underlies the
Lower Triassic Dalkey Island prospect.

These results will be presented by Providence at the Atlantic Ireland Conference
which is being held later today in Dublin.


Contacts:

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


 Powerscourt                   Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants            Tel: [phone]
 Pauline McAlester




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. Providences
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 at 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.



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Source: Providence Resources plc via Thomson Reuters ONE