Celtic Sea Drilling Update: Delivery of Arctic ...

Embargo: 7:00am
7(th) November 2011

                           CELTIC SEA DRILLING UPDATE

 DELIVERY OF ARCTIC III RIG FOR BARRYROE APPRAISAL DRILLING PROGRAMME, OFFSHORE
                                    IRELAND

Providence Resources P.l.c., ("Providence") the London (AIM) and Dublin (ESM)
listed oil and gas exploration and production company, is pleased to announce
that it has taken delivery of the GSF Arctic III ("Arctic III") semi-submersible
drilling rig for the upcoming appraisal drilling programme at Barryroe. The
Arctic III came under contract on Saturday, November 5(th) and the rig is
currently being mobilised to Irish waters from the North Sea. Providence holds a
50% interest in the Barryroe licence (SEL 1/11) and operates on behalf of its
partners San Leon Energy Plc (30%) and Lansdowne Oil & Gas Plc (20%). Drilling
is expected to commence within the next 2 weeks. A further announcement
regarding the drilling of Barryroe will be made in due course.


CONTACTS:
 Providence Resources Plc        Tel: [phone]
 Tony O'Reilly


 Powerscourt                     Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants              Tel: [phone]
 Pauline McAlester


 Cenkos Securities Plc           Tel: [phone]
 Adrian Hargrave/Nick Wells


 J&E Davy                        Tel: + 353 (0)1 679 6363
 Eugenee Mulhern/Stephen Barry



ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil and gas exploration company
listed on the AIM market in London and on Dublin's ESM market. Providence's
portfolio of production, appraisal and exploration assets includes licence
interests in Ireland (offshore) and the United Kingdom (onshore). In 2011,
Providence announced plans to invest with its partners upwards of $500 million
in the drilling of a number of exploration and development wells in 6 different
basins offshore Ireland. This multi-year programme represents the largest
drilling campaign ever carried out offshore Ireland.www.providenceresources.com.

ABOUT BARRYROE
The Barryroe licence lies directly below the Seven Heads Gas Field and has been
successfully tested at flow rates of between 1,300 and 1,600 BOPD, from three
exploration and appraisal wells. The reservoir sands are of Cretaceous Middle
and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil
is light (30 to 42 degrees API) and contains relatively high wax content ranging
from 12 to 22 per cent, which may require treatment at surface. Providence holds
a 50% interest in the licence and operates on behalf of its partners San Leon
Energy Plc (30%) and Lansdowne Oil and Gas Plc (20%).A third party audit carried
out by RPS Energy for Lansdowne Oil & Gas plc indicated P50 and P10 STOIIP
estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding
2C and 3C Barryroe technically recoverable contingent resources are 59 MMBO and
144 MMBO, respectively. Providence entered into a MOA with Shell Trading and
Marketing to agree an oil off-take agreement for future Barryroe oil production.

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.

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






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Source: Providence Resources plc via Thomson Reuters ONE

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