Placing of 368.2 million New Ordinary Shares

Embargo 7:00am
11 April 2007

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
  STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
                     Providence Resources P.l.c.
            PLACING OF 368.2 MILLION NEW ORDINARY SHARES
             TO RAISE ¤25.774 MILLION (US$34.6 MILLION)

The Directors  of Providence  Resources P.l.c.  ("Providence" or  the
"Company"), the  AIM (London)  and IEX  (Dublin) traded  oil and  gas
exploration and  production company,  are today  pleased to  announce
that they have  agreed the terms  of a placing  of 368.2 million  new
Ordinary Shares at  7.0 cents  per share, raising  gross proceeds  of
approximately ¤25.774 million (US$34.6 million) before expenses  (the
"Placing") through Cenkos Securities plc.

The proceeds of the Placing will be allocated to a number of specific
identified projects and uses:

  * The appraisal drilling of the Hook Head Project in the Celtic Sea
    in Summer 2007;
  * The ongoing development of the Company's other Irish offshore
    assets;
  * The proposed appraisal drilling, via a fourth well, at AJE,
    Providence's Nigerian asset in late 2007 (subject to rig
    availability);
  * Additional investment at the producing Singleton oil field,
    onshore UK, with a view to near-term cash flow;
  * Further possible investment in potential oil and gas developments
    in the Gulf of Mexico; and
  * General working capital purposes.

The  two  key  development  projects  for  2007  are  the  previously
announced appraisal drilling at Hook Head in the Celtic Sea, offshore
Ireland; and  further appraisal  drilling at  AJE, offshore  Nigeria.
Both of these are projects contain proven discoveries and both  wells
have been  designed  to establish  the  commercial viability  of  the
projects, with the objective, on  success, of moving forward to  fast
track development. The Company  will also be  looking to advance  its
portfolio  offshore  the  West  coast  of  Ireland,  with  particular
reference to the  planned drilling syndication  of the Spanish  Point
Project.
In addition, the Company continues  to seek opportunities which  will
enhance its  production  cash flow  capabilities,  complementing  the
recent announcement  by the  Company of  its intention  to acquire  a
majority stake  at the  onshore UK  Singleton oilfield,  which it  is
expected  will,  conditional  on   completion  of  the   acquisition,
significantly increase  Providence's daily  oil production  rates  to
approximately 600 BOPD.

Commenting on the announcement, Tony O'Reilly Jnr, Chief Executive of
Providence said:
"We  are  delighted  today  to  announce  this  successful   Placing,
broadening our already strong shareholder base and attracting ten new
UK institutional shareholders. The net  proceeds of the Placing  will
be actively used to enhance  the Providence portfolio of  production,
appraisal, development and high impact exploration assets.

"2007 is expected to be a  very exciting year for Providence and  its
shareholders,  and  this  fundraising,  together  with  our   diverse
portfolio of interests and  key industry relationships,  consolidates
our position, allowing the Company  to maximise its potential in  the
current economic climate".
Cenkos Securities plc acted  for the Company in  the Placing with  UK
institutional investors. The Placing is conditional upon, inter alia,
admission of  the new  Ordinary Shares  to trading  on AIM  and  IEX.
Application has  been made  for  the admission  of the  new  Ordinary
Shares to  trading  on both  AIM  and  IEX ("Admission")  and  it  is
expected that Admission will occur and that dealings will commence on
AIM and IEX on 17 April 2007. The new Ordinary Shares will rank  pari
passu in all  respects with  the existing  Ordinary Shares  currently
traded  on  AIM   and  IEX.   Following  Admission   there  will   be
2,466,531,324 Ordinary Shares in issue.

Contacts:
Providence Resources Plc
Tony O'Reilly Jnr., Chief Executive Tel: + 353 (1) 219 4074

Powerscourt Media
Victoria Brough Tel: + 44 (0) 207 250 1446

Murray Consultants
Pauline McAlester Tel: + 353 (1) 498 0300

Cenkos Securities plc
Joe Nally Tel: [phone]
[phone]

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 (offshore), the UK (onshore and offshore), the Gulf of Mexico
(USA) and West Africa  (offshore Nigeria). Providence's portfolio  is
balanced between  production, appraisal  and exploration  assets,  as
well as being diversified geographically.

Recent key corporate announcements include:

     * Extension to Apollo Licensing Option 05/03, St. George's
       Channel (announced April 5th, 2007)
     * Acquisition of Majority Stake in Singleton (announced April
       2nd, 2007)
     * Ireland 2007 Celtic Sea Drilling Programme (announced March
       30th, 2007)
     * Celtic Sea Licence 3/07, OBS Survey & 3 Farm ins (announced
       March 28th, 2007)
     * Initial Farm out at Spanish Point (announced March 15th, 2007)
     * Celtic Sea Farm-out to Forest Gate Resources Inc. (announced
       Feb 23rd, 2007)
     * Celtic Sea Farm-out to DYAS and Atlantic Petroleum (announced
       Feb 7th, 2007)
     * Grant of Irish Standard Exploration Licence 1/07 & 2/07
       (announced Feb 6th, 2007)
     * Award of Licence in UK 24th Seaward Round (announced Feb 2nd,
       2007)
     * Providence makes oil and gas discovery in Gulf of Mexico
       (announced Jan 25th, 2007)
     * Award of Goban Spur Licencing Option with ExxonMobil & Sosina
       (announced Nov 1st 2006)
     * Secures Rig Slot for 2007 (announced Sept. 25th, 2006)
     * 20% Farm-out Deal agreed with CMI on Celtic Sea Licences
       (announced Sept 5th, 2006)
     * Completion of Dunquin Seismic (announced Aug. 8th, 2006)
     * Increased production at its Singleton oilfield (announced
       March 7th, 2006)
     * Dunquin Farm-out to ExxonMobil (announced on Feb 13th, 2006)
       and
     * ¤50 million Revolving Credit Finance Facility with Macquarie
       (announced on Feb 2nd, 2006).

Comprehensive  information  on  Providence   and  its  oil  and   gas
portfolio, including  its 2005  AIM Admission  document, 2005  Annual
Report, Interim  Report  2005  and  recent  press  releases  are  all
available from Providence's website at www.providenceresources.com

Additional Information
Cenkos Securities plc ("Cenkos"),  which is authorised and  regulated
in the United Kingdom by The Financial Services Authority, is  acting
exclusively for the Company as broker and placing agent in connection
with the Placing. Cenkos is not acting for any other person and  will
not be responsible to anyone other than the Company for providing the
protections afforded to clients of  Cenkos or for advising any  other
person in relation to the Placing.

The new Ordinary Shares have not been, nor will be, registered  under
the United States Securities  Act of 1933 (as  amended) or under  the
securities legislation of any state  of the United States of  America
or of any province  or territory of Canada,  Australia, Japan or  the
Republic of South Africa. There will be no public offering of the new
Ordinary Shares in the United States.

Subject to certain  exceptions, the  new Ordinary Shares  may not  be
directly or  indirectly  offered,  sold,  transferred,  taken  up  or
delivered in,  into or  from the  United States,  Canada,  Australia,
Japan or the Republic of South Africa or their respective territories
or possessions. This  announcement does  not constitute  an offer  to
sell or issue  or the solicitation  of an offer  to buy new  Ordinary
Shares in any  jurisdiction in  which such offer  or solicitation  is
unlawful. Accordingly, copies of this announcement are not being  and
must not be  mailed or otherwise  distributed or sent  in or into  or
from the United States, Canada,  Australia, Japan or the Republic  of
South Africa and  any person receiving  this announcement  (including
custodians, nominees and trustees) must not distribute or send it  in
or into or from  the United States, Canada,  Australia, Japan or  the
Republic of South Africa. This announcement has not been approved  by
Cenkos for the purposes of section  21 of the Financial Services  and
Markets Act 2000. This announcement has not been examined or approved
by The Financial Services Authority, the London Stock Exchange or the
Irish Stock Exchange or any other regulatory authority.

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