Providence AGM Statement

Providence Resources PLC
19 July 2004


                           PROVIDENCE RESOURCES P.l.c.

                             ANNUAL GENERAL MEETING

At today's Providence Resources P.l.c. ('Providence') Annual General Meeting
shareholders were updated on the significant corporate progress achieved during
the year including activities relating to the Company's expanded portfolio of
oil and gas interests in Ireland and in the UK as it prepares for imminent
drilling operations on the Blackrock prospect in the Celtic Sea. The highlights
were:

   •The agreement to farm out a 50% interest in the Blackrock prospect
    (Licensing Option 03/1) to 2 international large scale partners, Challenger
    Minerals Inc. and Palace Exploration Company. This farmout agreement
    validates the results of the 2003 Blackrock work programme which
    demonstrated a substantial (c. 30,000 acres) hydrocarbon structure with five
    separate target horizons (estimated to contain an unrisked potential
    recoverable volume of up to 613 million barrels of oil) and has prompted an
    acceleration of drilling plans for Blackrock. Challenger Minerals Inc. is a
    wholly owned subsidiary of GlobalSantaFe Corporation, one of the largest
    international oil and gas drilling contractors, and Palace Exploration
    Company is an independent US oil and gas company with worldwide interests.

    Under this farm-in agreement Challenger Minerals Inc. and Palace Exploration
    Company (collectively referred to as the CMI JV) have the right to earn a
    combined 50% interest in Licensing Option 03/1 in return for part funding
    the drilling of a test well in 2004 on the Blackrock Prospect and funding
    100% of the costs of drilling a second well, if they elect to exercise the
    second well option to earn their interest.

   •In May Providence successfully raised a total of €13.35 million through a
    share placing primarily with new institutional shareholders and a rights
    issue to existing shareholders. In addition Providence issued warrants
    which, if exercised, will raise a further €5 million resulting in a combined
    total of over €18 million.

   •Providence announced at the AGM that it had acquired a further 4%
    interest in Licensing Option 03/1 (which contains the Blackrock prospect)
    from Midmar Energy Limited by way of a farmin by Providence for Stg£760,540
    (c.€1.15 million) prior to the commencement of drilling operations.

   •The resulting interests, after earn-in by the CMI JV, will be Providence
    41.5% and Midmar 8.5% respectively in the Blackrock prospect and Licensing
    Option 03/1.



   •Providence also announced at the AGM that the Stena Dee drilling rig is
    currently being mobilised in Rotterdam and is expected to be en route
    imminently to commence drilling operations on the Blackrock prospect.

   •The grant during 2003 of 2 new Licensing Options in which Providence has
    an 80% interest, each for a 3 year term, in the Celtic Sea and in St.
    George's Channel. This significant tranche of acreage represents an exciting
    combination of existing undeveloped discoveries (at 50/11: Hook Head, 50/6&
    7, Ardmore and Helvick) supplemented by new large prospects (at Glandore and
    Dionysus) with common synergies and upside potential. This is an integral
    part of Providence's collective strategy for the Irish offshore.

   •In the UK, Providence reported on the work programme currently underway
    on the Skye oil and gas prospect and the exploration targets around the
    flanks of the Skye structure. The evaluation is ongoing and is expected to
    be completed in the second half of 2004.



Speaking at the Annual General Meeting, Dr Brian Hillery Chairman of Providence
said:

        'We are very pleased to report that the Stena Dee drilling rig is
        currently being mobilised in Rotterdam and is expected to be en route
        imminently to commence drilling operations on the Blackrock prospect
        within our extensive Irish oil and gas portfolio. We look forward to
        evaluating results with considerable anticipation.'


ENDS                                                Monday 19th July 2004

For reference:

Providence Resources P.l.c.
Dr. Brian Hillery, Chairman               Tel: [phone]
Stephen Carroll / Tony Odone

Murray Consultants
Pauline McAlester                         Tel: [phone]



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