Project Update - Dunquin Prospect

3 March 2008


                  PROJECT UPDATE - DUNQUIN PROSPECT

* ExxonMobil to assume Operatorship
* Effective from March 31st, 2008


Providence Resources Plc ("Providence") is pleased to announce that,
pursuant to its agreement with ExxonMobil Exploration and Production
Ireland (Offshore) Limited ("ExxonMobil") and Sosina Exploration
Limited ("Sosina"), it has been formally advised that ExxonMobil will
assume the role of Operator in respect of Frontier Exploration
Licence ("FEL") 3/04. This licence, which covers certain blocks
containing the Dunquin exploration prospect, is located in the
Porcupine Basin, off the west coast of Ireland. ExxonMobil will
assume Operatorship with effect from March 31st 2008.

ExxonMobil holds an 80% equity interest in FEL 3/04, with Providence
and Sosina each having a 16% and 4% stake respectively. Providence
(which has acted as Operator of the licence since November 2004) and
Sosina have each welcomed this transfer of Operatorship, as it
progresses the phased exploration programme as was agreed as part of
the original ExxonMobil farm-in.

FEL 3/04 covers five offshore blocks, and contains the Dunquin
exploration prospect. Since licensing the area in November 2004, as
part of the Irish government's Porcupine Licencing Round Initiative,
the partners have carried out extensive geological studies over the
licence area, including the acquisition and processing of over 1,500
km of long offset 2D seismic reflection data.

Contacts:

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

Powerscourt Tel: [phone]
Rory Godson/Marie Cairney

Murray Consultants Tel: [phone]
Pauline McAlester/Robert Marshall

Notes to Editors

About Providence

Providence Resources P.l.c. is an independent oil and gas exploration
company listed on the AIM market in London and on Dublin's IEX
market. The Company was founded in 1997, but with roots going back to
1981 when it 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 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 at
www.providenceresources.com.

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