Completion of Sale of Interest in the AJE Field...

30^th December 2011

COMPLETION OF SALE OF INTEREST IN THE AJE FIELD, OML 113,
OFFSHORE NIGERIA

Providence Resources P.l.c., ('Providence') the London (AIM) and Dublin (ESM) listed oil and gas exploration and production company, is pleased to confirm that it has closed its transaction to divest its Nigerian subsidiary, which holds its interest in OML 113 offshore Nigeria to Jacka Resources Limited, ("Jacka") an ASX-listed company. Under the terms of the transaction, the total consideration payable by Jacka is $16 million, $10 million of which was paid at Closing, with the balance of $6 million payable by 30 April 2012 with the proceeds of the transaction being used to reduce a portion of the convertible bond debt.   

Contacts:

Providence Resources P.l.c. Tony O'Reilly	Tel: [phone]
Powerscourt Rob Greening/Lisa Kavanagh	Tel: [phone]
Murray Consultants Pauline McAlester	Tel: [phone]
Cenkos Securities Plc Adrian Hargrave/Nick Wells	Tel: [phone]
J&E Davy Eugenee Mulhern/Stephen Barry	Tel: + 353 (0)1 679 6363

Notes to Editors

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.

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.

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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