Gulf of Mexico 2009 Operations Update

GULF OF MEXICO
                       2009 OPERATIONS UPDATE


  * Portfolio of 9 producing oil and gas assets as well as extensive
    exploration opportunities

  * 2009 work programme includes:

     * Reinstating hurricane compromised production

     * Further enhancing production rates

     * Evaluation of potential Q4 development drilling opportunities

  * Providence net production increase estimated at 900 BOEPD by mid
    Q3, 2009

Providence Resources P.l.c., the London (AIM) and Dublin (IEX) listed
oil and gas exploration and production company, is pleased to provide
an update on several positive developments within its portfolio of
producing oil and gas interests in the Gulf of Mexico. These
developments will not only reinstate lost production, but will also
lead to a meaningful increase in daily production rates, with
production rising by an estimated 900 BOEPD net to Providence by mid
Q3, 2009.  The Company is also reviewing a number of new drilling
opportunities in the region, which could see the Company taking
advantage later in the year of the recent reduction in rig rates.

Re-instating Production Impacted by Hurricanes

As previously announced, last September's Hurricanes Gustav and Ike
seriously impacted production in the area, including Providence's
production from its Ship Shoal 253 and High Island A-268 producing
fields in addition to delaying the start-up of the new Galveston
A-155 gas field by around six months. The cumulative impact on from
this lost/deferred production is estimated at approximately 500 BOEPD
net to Providence.
Installation of the production platform at Galveston A-155 was
performed in January 2009 and the wellbore completion was carried out
during April 2009 using the Hercules 350 jack-up drilling rig. A
production flow-line will now be laid in May to connect the platform
to the gas export infrastructure, with first gas production now
expected in early Q3 at rates of up to c. 200 BOEPD net to
Providence.

At Ship Shoal 253, all major remedial works on the topsides
production facilities and platforms have now been effectively
completed with some remaining sub-sea pipeline work still to be
finalised. Repairs to third party export pipelines have taken longer
than planned and it is therefore expected that production will
re-commence in mid Q3 at a rate of 250 BOEPD net to Providence.

At High Island A-268, production re-commenced in Q1 following the
re-instatement of the main third party gas export line that was
damaged. Plans are now being finalised to hook-up the HI A-268 wells
(currently producing c. 30 BOEPD) to a compressor during Q2 to
further maximise the field's production rate and reserves potential.
In addition to the current producing zones, there are also gas
bearing zones behind pipe in each of the wells which will be accessed
in the future once the current producing zones have been fully
depleted.

Enhancing Production Rates & Evaluating Drilling Opportunities

At Vermillion 60, a significant recompletion program has been agreed
for Q2 to produce from a new zone that should see Providence's net
production increase from 25 BOEPD to some 300 BOEPD. This work is
expected to take place within the next six weeks.

At Main Pass 19, a work-over was performed on a well in the field
during Q1 to allow the well to produce at higher oil rates. The
result was that gross oil production from this well increased from a
production rate of c. 5 BOPD to an initial stabilised rate of c. 140
BOPD.

In addition to work programmes at its existing producing assets, the
Company has a number of drilling opportunities which are currently
being examined for potential activity later this year depending on
partner agreement and rig availability and rates.

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

"Over the past two years, we have built up a sizeable portfolio of
oil and gas assets in the Gulf of Mexico. Unfortunately, last year's
hurricanes severely impacted our production rates and development
plans, but I am pleased that we have been able to react in a timely
manner to re-instate production, as well as to bring on line new
opportunities. The cumulative impact of the above measures should
result in our daily production rates from our Gulf of Mexico
portfolio increasing by some 900 BOEPD by mid Q3.

"Looking further ahead, Providence will continue to optimise its
asset portfolio as well as looking at new opportunities in the
region. On the drilling front, the Company is reviewing its extensive
list of opportunities in light of the significant reduction in rig
rates over the recent months."

Contacts:


Providence Resources P.l.c.              Tel: [phone]
Tony O'Reilly, Chief Executive

Powerscourt                              Tel: [phone]
Rory Godson/Elizabeth Rous

Murray Consultants                       Tel: [phone]
Pauline McAlester



Notes to Editors:

About Providence

Providence Resources P.l.c. is an independent oil and gas exploration
company traded on the AIM (London) and IEX (Dublin) markets. The
Company was founded in 1997, but with roots going back to 1981 when
its predecessor company, Atlantic Resources Plc was formed by a group
of investors led by Sir Anthony O'Reilly. Providence's active oil and
gas portfolio includes interests in Ireland, the United Kingdom, the
Gulf of Mexico (USA) and 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 its annual reports and recent press releases, is
available from Providence's website at www.providenceresources.com


Review

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
19 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.


Glossary of Terms Used

BOEPD Barrels of Oil Equivalent Per Day
BOPD    Barrels of Oil Per Day

BOE Barrels of Oil Equivalent (1 BOE = 6,000 SCFG)

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

About Providence's Gulf of Mexico Interests


Asset             Location           Operator   %     Type

High Island A-268 Gulf of Mexico,    Peregrine  5.0%  Oil & gas
                  U.S.A.                              production
Galveston A-155   Gulf of Mexico,    Peregrine  10.8% Gas development
                  U.S.A.
Ship Shoal        Gulf of Mexico,    SPN        50.0% Oil & gas
252/253/267*      U.S.A.                              production
Main Pass 19      Gulf of Mexico,    Petsec     45.0% Oil & gas
                  U.S.A.                              production
Mobile MO 861**   Gulf of Mexico,    Providence 50.0% Gas (depleted)
                  U.S.A.
East Cameron 257  Gulf of Mexico,    SPN        12.5% Gas production
                  U.S.A.
West Cameron 333  Gulf of Mexico,    Mariner    32.5% Gas production
                  U.S.A.
Vermillion 60     Gulf of Mexico,    SPN        50.0% Gas production
                  U.S.A.
Ridge             Onshore Louisiana, Brammer    30.0% Gas production
                  U.S.A
Main Pass 89***   Gulf of Mexico,    Beryl      17.5% Gas production
                  U.S.A.


*     Earned interest through well bore
**    MO 861gas reserves are depleted and so an abandonment programme
is being implemented
***   Back-in rights for 25% of 70% after pay out

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