Placing of 448.8 Million New Ordinary Shares to...

Embargo 12pm
February 11, 2010



   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 448.8 MILLION NEW ORDINARY SHARES
                     TO RAISE £14.4 MILLION (€16.3 MILLION)

The  Directors of Providence  Resources P.l.c. ("Providence"  or the "Company"),
the  London (AIM) and Dublin (IEX) listed oil and gas exploration and production
company,  are today  pleased to  announce that  they have  agreed the terms of a
placing of 448,750.000 new ordinary shares of €0.001 each ("Ordinary Shares") at
sterling  3.2 pence  per  share,  raising  gross proceeds of approximately £14.4
million   (€16.3   million)  before  expenses  (the  "Placing")  through  Cenkos
Securities  plc. The proceeds of the Placing will be used to invest in enhancing
production levels as well as providing general working capital, most notably for
its EIRGAS investment in the Kinsale Head assets.

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

"We  are pleased  to announce  this successful  Placing, broadening  further our
already  strong institutional shareholder base. The net proceeds of this Placing
will  be used to  enhance production levels  at the Group's  portfolio of assets
onshore  United Kingdom as well  as offshore in the  Gulf of Mexico. The placing
will  also provide additional  working capital for  EIRGAS's investment of up to
40% of the Kinsale Head assets, which comprise Ireland's only gas production and
storage operation.

We  expect 2010 to be a very exciting  year for Providence and its shareholders.
Whilst  this  fundraising  is  focused  on  the  production/storage  side of our
business,  we also expect to see material  progress in our exciting portfolio of
development and exploration assets such as those on the Irish Atlantic Margin".

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  12 February 2010. 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 3,371,189,642 Ordinary
Shares in issue.


Contacts:

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

Powerscourt                                 Tel: [phone]
Rory Godson/Elizabeth Rous

Murray Consultants                    Tel: [phone]
Pauline McAlester

Cenkos Securities Plc                Tel: [phone]
Joe Nally/ Nick Wells

Davy                                                Tel: + 353 1 679 6363
Eugenée Mulhern/ Stephen Barry


Notes to Editors:

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. In 2009, Providence became involved in gas storage operations
offshore Ireland through its subsidiary, EIRGAS (see below).

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 at www.providenceresources.com.

About EIRGAS Limited
EIRGAS Limited is a SPV (special purpose vehicle) established by Providence to
invest in gas storage and CCS opportunities offshore Ireland and the United
Kingdom. EIRGAS is currently owned 100% by Providence. In September 2009, EIRGAS
exercised an option to acquire up to 40% of the Kinsale Head gas production and
gas storage assets from PETRONAS.




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