Development Feasability Study Commences on Helv...

7 May 2010
Embargo 7am


 DEVELOPMENT FEASIBILITY STUDY COMMENCES ON HELVICK OIL FIELD, OFFSHORE IRELAND


  * STUDY TO ASSESS MINIMAL FACILITIES UNMANNED BUOY DEVELOPMENT CONCEPT FOR THE
    HELVICK FIELD


Providence Resources P.l.c., ('Providence') the Irish oil and gas exploration
and production company, whose shares are listed in London (AIM) and Dublin
(IEX), is pleased to announce that it has agreed to work with Unmanned
Production Buoy Limited ('UPB') in assessing the development feasibility for a
minimal facilities unmanned buoy development of the Helvick oil field in the
North Celtic Sea Basin, offshore Ireland.

The Helvick field is located in Standard Exploration Licence (SEL) 2/07 and is
situated some c. 40  kilometers off the south coast of Ireland in c. 80 metre
water depth.  Providence holds a 72.5% operated interest in SEL 2/07 with
partners Atlantic Petroleum (18.3%) and Sosina Exploration (9.2%). Providence
operates its interest in the Helvick field through its special purpose vehicle
EXOLA Limited. UPB is an Aberdeen based business established to pursue the
development, construction and deployment of unmanned production systems.


 Speaking today, Tony O'Reilly, Chief Executive of Providence, said:

"We are very excited to be working with UPB on assessing whether their unmanned
production buoy concept has an application at the Helvick field. The successful
application of this new technology, combined with the existing well
infrastructure in a high oil price environment, could help to unlock the value
of Helvick and herald Ireland's first oil development project."

Richard Selwa, Chairman and Founder of UPB, said:

"We welcome the opportunity to work with Providence in realising the potential
that the Helvick field has to offer. Our unique unmanned production buoy system
brings a number of proven technologies together and has the potential to unlock
billions of dollars worth of otherwise unexploited oil from the world's marginal
fields or tail end discoveries."

Contacts:

+-----------------------------+---------------------------+
| Providence Resources P.l.c. | Tel: [phone]   |
| Tony O'Reilly               |                           |
|                             |                           |
+-----------------------------+---------------------------+
| Powerscourt                 | Tel: [phone] |
| Rory Godson/Lisa Kavanagh   |                           |
|                             |                           |
+-----------------------------+---------------------------+
| Murray Consultants          | Tel: [phone]   |
| Pauline McAlester           |                           |
|                             |                           |
+-----------------------------+---------------------------+

Notes to Editors

About EXOLA
EXOLA Limited is a special purpose vehicle established by Providence to invest
in heavy and unconventional oil developments and opportunities offshore Ireland
and the United Kingdom. EXOLA is currently owned 100% by Providence.

About Providence
Providence Resources Plc is an independent oil and gas exploration company
listed on the AIM market in London and on Dublin's IEX market. Providence's
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 atwww.providenceresources.com
<

http://www.providenceresources.com/>.

About UPB
Unmanned Production Buoy Limited (UPB) has developed a unique unmanned system
for the production of oil.  Based entirely on existing technologies, this system
aims to exploit hydrocarbons offshore from stranded wells, exploration plays or
re-entry into fields. The system allows clients to access reserves from single
or multiple wells in a cost effective manner.  This is achieved by a simple
processing method which allows UPB systems to operate unmanned in water depths
exceeding 90 metres. Existing solutions require complex manned platforms which
are prohibitively expensive and render fields uneconomic. The key elements
comprise subsea trees, flexible risers, a 15,000 barrels of oil per day
Production Buoy, a 200,000 barrel storage tank and tanker offload system. It is
this breakthrough in Unmanned Offshore Production Technology which now allows
challenging fields to be exploited.


About Helvick
The Helvick oil field was discovered in 1983 by Gulf Oil with the drilling of
the 49/9-2 discovery well. This well encountered oil and gas in a downthrown
Jurassic tilted fault block trap on the northern margin of the North Celtic Sea
Basin, offshore Ireland. The 49/9-2 well was tested and flowed at a cumulative
rate of c. 10,000 BOEPD from four zones. Subsequent to the discovery well, a
further three wells have been drilled on the Helvick field to date, all of which
have logged and/or flowed oil/gas to surface. Integration of the well data with
reprocessed 3D seismic data has suggested that the field is of limited areal
extent with c. 10 MMBL STOIIP. However, due to the highly productive nature of
the reservoir (the suspended 49/9-2 and 6z wells tested at a cumulative rate of
c. 15,000 BOEPD), it is possible that any commercial reserves in the Helvick
field could be recovered in an extremely short time period which should
positively impact development economics.

This 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. Definitions in this press release are consistent with SPE
guidelines.




[HUG#1412969]