Placing of 16,096,800 New Ordinary Shares To Ra...

Not   for   release,   publication   or   distribution  in  or  into  the United
States, Australia, Canada,     the Republic of South    Africa or Japan.    This
announcement  is  not  an  offer  for  sale  of securities in the United States.
Securities  may not be offered or  sold in the United States absent registration
or  an exemption  from registration  under the  U.S. Securities  Act of 1933, as
amended.  The issuer of  the shares has  not registered, and  does not intend to
register,  any portion of the offering  in the United States and does not intend
to conduct a public offering of its securities in the United States.


February 16th, 2011



                          PROVIDENCE RESOURCES P.l.c.

                   PLACING OF 16,096,800 NEW ORDINARY SHARES

                    TO RAISE £41.0 MILLION (US$65.7 MILLION)



The  Directors of Providence  Resources P.l.c. ("Providence"  or the "Company"),
the  London (AIM) and Dublin (ESM) listed oil and gas exploration and production
company,  are today  pleased to  announce that  they have  agreed the terms of a
conditional  placing for  cash of  16,096,800 new ordinary  shares of €0.10 each
("Ordinary  Shares")  at  255p (€3.03)  per  share,  raising  gross  proceeds of
approximately  £41.0 million (US$65.7 million)  before expenses (the "Placing").
Cenkos  Securities  plc  was  sole  bookrunner  for  the  transaction and Cenkos
Securities plc and J&E Davy acted as co-managers.



The  Company has,  over the  past number  of years,  assembled a leading acreage
position  offshore Ireland comprising  both existing oil  and gas discoveries as
well  as  oil  and  gas  exploration  assets.  The Directors believe that recent
advances  in technology, infrastructure  and commodity pricing  support a unique
opportunity  to test the commercial potential of a number of these assets and so
lead  to  further  development  of  the  Company's  extensive portfolio offshore
Ireland.  Accordingly,  the  Directors  have  planned  a  multi-year, multi-well
drilling  campaign to  cover the  six basins  in which  the Company  has licence
interests.  This campaign  will target  up to  10 wells to  be drilled  from now
through  2013. Simultaneously,  the  ongoing  field  re-development programme at
Singleton (onshore UK) allows the Company to access greater production rates and
higher reserves from this licence.



The proceeds of the Placing will, therefore, primarily be used for the Company's
multi-well  drilling programme of oil  and gas prospects in  areas of proven oil
and  gas  discoveries  offshore  Ireland  and  onshore UK. The Placing will also
provide  capital for seismic studies to be undertaken on certain of Providence's
early stage assets in order to assess their suitability for drilling at a future
date.



Commenting  on the  announcement, Tony  O'Reilly, Chief  Executive of Providence
said:



"We are very pleased to announce this successful Placing, broadening further our
already  strong institutional shareholder base. The net proceeds of this Placing
will  be  used  to  fund  drilling  and  seismic  studies on our assets offshore
Ireland. The planned drilling programme not only represents the largest drilling
programme  in our history, but  it will also be  the largest co-ordinated multi-
basin  drilling programme ever carried out offshore Ireland. The proceeds of the
Placing  will enable us to retain a meaningful interest in these assets and will
allow  us to test the hydrocarbon potential of some of the major basins offshore
Ireland,  consisting of  both high  impact exploration and appraisal/development
wells.  With such  a comprehensive  programme, we  look forward  to the exciting
results from the development of our asset base".



The  Placing is conditional upon, inter  alia, shareholder approval to be sought
at  an Extraordinary General Meeting of the Company to be held on 11 March 2011
and  admission of the new Ordinary Shares to  trading on AIM and ESM. A circular
is  today being sent to  shareholders of the Company,  incorporating a notice of
the  Extraordinary General  Meeting. Application  will shortly  be made  for the
admission   of  the  new  Ordinary  Shares  to  trading  on  both  AIM  and  ESM
("Admission")  and,  subject  to  the  receipt  of  shareholder  approval, it is
expected  that Admission will occur  and that dealings will  commence on AIM and
ESM  on  14 March  2011. The  new  Ordinary  Shares  will rank pari passu in all
respects  with the  existing Ordinary  Shares currently  traded on  AIM and ESM.
Following Admission there will be 49,808,690 Ordinary Shares in issue.



Contacts:

 Providence Resources Plc           Tel: [phone]
 Tony O'Reilly, Chief Executive


 Powerscourt                        Tel: [phone]
 Lisa Kavanagh/Rob Greening


 Murray Consultants                 Tel: [phone]
 Pauline McAlester/Pauline Dooley


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


 J&E Davy                           Tel: + 353 1 679 6363
 John Frain/ Stephen Barry




This  announcement is for information purposes  only and shall not constitute an
offer  to buy, sell, issue, or subscribe for, or the solicitation of an offer to
buy,  sell, issue, or subscribe  for any shares, nor  shall there be any sale of
shares  in any jurisdiction in  which such offer, solicitation  or sale would be
unlawful prior to registration or qualification under the securities laws of any
such  jurisdiction.  This  announcement  has  been  issued  by  and  is the sole
responsibility of Providence.

This  announcement contains (or may  contain) certain forward-looking statements
with  respect  to  certain  of  Providence's  plans  and  its  current goals and
expectations  relating  to  its  future  financial condition and performance and
which  involve a number of risks  and uncertainties. Providence cautions readers
that  no forward-looking statement is a guarantee of future performance and that
actual  results could  differ materially  from those  contained in  the forward-
looking  statements. These forward-looking  statements can be  identified by the
fact  that they  do not  relate only  to historical  or current  facts. Forward-
looking  statements sometimes use  words such as  'aim', 'anticipate', 'target',
'expect',  'estimate', 'intend',  'plan', 'goal',  'believe', or  other words of
similar  meaning. By their  nature, forward-looking statements  involve risk and
uncertainty  because they relate to future  events and circumstances a number of
which  factors are beyond Providence's control. As a result, Providence's actual
future results may differ materially from the plans, goals, and expectations set
forth  in  the  forward-looking  statements.  Providence expressly disclaims any
obligation  or undertaking to  release publicly any  updates or revisions to any
forward-looking statements contained in this announcement to reflect any changes
in  Providence's  expectations  with  regard  thereto  or any changes in events,
conditions or circumstances on which any such statement is based.

No  representation or warranty, express or implied, is or will be made as to, or
in  relation to, and  no responsibility or  liability is or  will be accepted by
Cenkos  Securities  plc  ("Cenkos"),  J&E  Davy  ("Davy"),  or  by  any of their
respective  affiliates  or  agents  as  to,  or  in relation to, the accuracy or
completeness  of this announcement or any other written or oral information made
available  to or publicly available to any interested party or its advisers, and
any liability therefore is expressly disclaimed.

Cenkos,  which is authorised and regulated in  the United Kingdom by the FSA, is
acting  exclusively  for  the  Company  and  no-one  else in connection with the
Placing  and  will  not  be  responsible  to  anyone  other  than Providence for
providing  the protections afforded to customers of Davy or for providing advice
to  any other person in relation to the  Placing or any other matter referred to
herein.

Davy,  which is regulated in Ireland by  the Central Bank, is acting exclusively
for  the Company and no-one else in connection  with the Placing and will not be
responsible  to  anyone  other  than  Providence  for  providing the protections
afforded  to customers of  Davy or for  providing advice to  any other person in
relation to the Placing or any other matter referred to herein.

The  distribution of this announcement and the offering of the Placing Shares in
certain  jurisdictions  may  be  restricted  by  law.  No  action has been taken
by Providence,  Cenkos or Davy that  would permit an offering  of such shares or
possession  or  distribution  of  this  announcement  or  any  other offering or
publicity  material relating to such shares in any jurisdiction where action for
that  purpose is required. Persons into whose possession this announcement comes
are  required by Providence, Cenkos  or Davy to inform  themselves about, and to
observe such restrictions.

This  announcement is  not for  distribution directly  or indirectly  in or into
the United  States (including  its  territories  and  possessions,  any State of
the United  States and the District  of Columbia), Canada, Australia or Japan or
any  jurisdiction into which the same  would be unlawful. This announcement does
not constitute or form part of an offer or solicitation to purchase or subscribe
for     shares     in     the    capital    of    Providence    in    the United
States, Canada, Australia or Japan or any jurisdiction in which such an offer or
solicitation  is unlawful. In particular, the Placing Shares referred to in this
announcement have not been, and will not be, registered under the Securities Act
and  may not be offered  or sold in the United  States absent registration or an
exemption from the registration requirements under the Securities Act. No public
offering  of securities of Providence is or  will be made in connection with the
Placing in Ireland, the United Kingdom, the United States or elsewhere.










This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Providence Resources plc via Thomson Reuters ONE

[HUG#1489600]