Providence Agrees New Deal at AJE, OMJ 113, Nig...

Providence Resources Plc
                    PROVIDENCE AGREES NEW DEAL AT
                        AJE, OML 113, NIGERIA

     * New Partnership Formed

     * Drilling of AJE 4 Planned for Q1, 2008


Providence, the AIM and IEX listed company, is pleased to announce
that it has entered into a new farm-in agreement for the AJE Field,
located in OML113, offshore Nigeria. This new partnership is composed
of Yinka Folawiyo Petroleum Company Limited ("YFP"), the Operator,
Chevron Nigeria Limited ("Chevron"), Vitol Exploration Nigeria
Limited ("Vitol"), Energy Equity Resources Aje Limited ("EER") and
P.R. Oil and Gas Nigeria Limited "(Providence").

In addition, an agreement has been reached between all the
participants to move forward with the drilling of AJE 4 well. This
will test for hydrocarbon-bearing reservoir intervals, apparent in
the previous 3 AJE wells, as well as testing deeper potential
reservoir zones. It is envisaged that drilling will take place early
in quarter 1 of 2008. Further announcements in relation to this
drilling programme are expected in due course.

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

"We are delighted to be entering into this new deal along side
significant players Chevron, Vitol, EER and the Operator in OML 113,
YFP. Following the termination of the previous AJE commercial
agreement in April 2007, YFP entered into confidential negotiations
with prospective partners, including Providence.

We are pleased that after many months of negotiations, this new
farm-in group has been formed and will now move forward with the AJE
4 appraisal well programme that will assess the reserve potential of
the AJE Field."


Contacts:

Providence Resources Plc 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 Plc 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.

About AJE
The AJE Field is situated in Oil Mining Lease 113 (OML 113) in  water
depths of up to c. 3,000 feet and is 15 miles offshore Nigeria, being
some 40 miles southwest of Lagos.  3 wells have been drilled at  AJE,
all of  which have  intersected hydrocarbons.  Netherland Sewell  and
Associates Inc.  ("NSAI") have  carried  out an  independent  reserve
audit on AJE based on these 3 previous wells and they have attributed
contingent resources ranging from 117 MMBOE (P90) to 433 MMBOE (P10).

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