92% of Warrants Exercised

Providence Resources PLC
28 July 2005


                           Providence Resources P.l.c.

28 July 2005

         Providence Raises €4.6 million with 92% of Warrants Exercised

Providence Resources P.l.c. is pleased to report that 102.9 million warrants
have been exercised by participating shareholders at a price of €0.045 per share
during the period ending 22 July 2005, resulting in an additional €4.63 million
cash for Providence from warrants exercised during the last 12 months.
This result is equivalent to 92% of the 111 million warrants issued under the
Rights Issue and Subscription in 2004. As previously advised, the exercise
period has now expired.

Speaking this morning, Tony O'Reilly Jnr, Chief Executive Designate, said:

        'This successful financing result demonstrates shareholders' ongoing
        support for Providence's strategy. The Company has recently commenced
        trading on AIM and our active oil and gas portfolio in Ireland, the UK
        and offshore Nigeria, where the drilling programme in the Aje Field will
        shortly commence, provides a broad range of opportunities for Providence
        shareholders'.

Contacts:

Providence                                     Tel: [phone]

Tony O'Reilly Jnr. - Chief Executive
Designate

Stephen Carroll - Finance Director

Powerscourt                                    Tel: [phone]
                                               
Rory Godson                                    Mob: [phone]
                                              
Victoria Brough                                Mob: [phone]
                                               

Murray Consultants                             Tel: [phone]

Pauline McAlester


NOTES TO EDITORS

WARRANTS EXERCISED DURING THE PERIOD ENDING 22 JULY 2005:

   •Indexia Holdings Limited

    22.2 million = €1.0 million (exercised in April 2005)
    66.2 million = €2.98 million (exercised following EGM whitewash approval in
    July 2005)

   •Retail holders

    14.5 million = €0.65 million (exercised over 12 month period ending 22 July
    2005)

Indexia Holdings Limited is a company controlled by Sir Anthony O'Reilly who in
turn has a beneficial interest 47.5% of the total issued share capital of
Providence.

GENERAL

    Providence's active oil and gas portfolio includes interests in Ireland
    (offshore), the UK (onshore and 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 Report 2004 are all
    available from Providence's website at www.providenceresources.com
    Providence's AGM will be held on Friday 5 August 2005 at the Burlington
    Hotel, Dublin 4 at 11:00 a.m.


ENDS

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