Providence Agrees Hook Head Farm Out Deal

4 October 2010
Embargo 7am


                   PROVIDENCE AGREES HOOK HEAD FARM OUT DEAL


  * SOSINA EXPLORATION GRANTED OPTION TO ACQUIRE A 50% EQUITY INTEREST IN HOOK
    HEAD OIL DISCOVERY IN RETURN FOR DRILLING AN APPRAISAL WELL IN 2011



Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration
and production company, whose shares are listed in London (AIM) and Dublin
(IEX), is pleased to announce that it has agreed, along with its partner
Atlantic Petroleum P/F ("Atlantic"), an option (the "Option") with Sosina
Exploration Limited ("Sosina") which provides Sosina with the right to acquire
up to a further 50% equity interest in the Hook Head oil discovery in return for
the drilling of an appraisal well in 2011. The Hook Head oil accumulation is
located in Standard Exploration License 2/07 and is situated some c. 65
kilometers offshore Ireland in the North Celtic Sea Basin in c. 80 metre water
depth.

Pursuant to the agreement, Sosina has agreed to fund and carry out a number of
studies on potential appraisal drilling and development feasibility of the Hook
Head discovery for a 10% interest and will acquire an additional 40% equity
interest and the right to operate should it elect to fully fund and drill an
appraisal well on Hook Head by the end of 2011. Under such a circumstance, the
revised equity interests in the field would be Sosina (59.17%), Providence
(32.59%) and Atlantic (8.24%). The farm-out transaction is subject to Irish
governmental approval.


Contacts:

 Providence Resources P.l.c.      Tel: [phone]
 Tony O'Reilly/John O'Sullivan


 Powerscourt                      Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants               Tel: [phone]
 Pauline McAlester


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


 Davy                             Tel: + 353 (0)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. 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 atwww.providenceresources.com.

About the Hook Head oil discovery
The Hook Head oil discovery is located in the North Celtic Sea Basin in c. 80
metre water depth and is situated some c. 65 kilometers off the south coast of
Ireland. Originally discovered by Marathon oil in 1971, four wells have been
drilled to date on the structure all of which have either logged and/or tested
hydrocarbons to surface. Analysis suggests that the oil appears to be a high
pour point crude with a gravity of 27o API and wax content of 10-20%. The most
recent in-house volumetric estimates suggest that this oil accumulation could
contain an in place resource potential of up to c. 120 MMBO. Providence
currently holds an operated 72.5% interest in Hook Head with partners Atlantic
Petroleum (18.5%) and Sosina Exploration (9%).

Announcement
In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies,
the information contained in this announcement has been reviewed and approved by
John O'Sullivan, Technical Director of Providence Resources P.l.c. John
O'Sullivan is a Geology graduate of University College Cork and holds a Masters
in Geophysics from The National University of Ireland, Galway. John also holds a
Masters in Technology Management from the Smurfit Graduate School of Business at
University College Dublin and is presently completing a dissertation leading to
a PhD in Geology at Trinity College, Dublin. John is a Fellow of the Geological
Society and a member of the Petroleum Exploration Society of Great Britain. He
has 20 years experience in the oil and gas exploration and production industry
and is a qualified person as defined in the guidance note for Mining Oil & Gas
Companies, March 2006 of the London Stock Exchange.





[HUG#1448661]








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