Providence Completes Development Well Drilling ...

Embargo 7:00am
5 January 2011


                              PROVIDENCE COMPLETES
                        DRILLING OPERATIONS AT SINGLETON

· X8V LATERAL HORIZONTAL DEVELOPMENT WELL DRILLING
  OPERATIONS SUCCESSFULLY COMPLETED

· WELL LOGS CONFIRM THAT A THICK HYDROCARBON BEARING
  RESERVOIR INTERVAL HAS BEEN ENCOUNTERED

· WELL CURRENTLY BEING PREPARED FOR PRODUCTION

Providence Resources P.l.c., ('Providence') the Irish oil and gas exploration
and production company, whose shares are listed in London (AIM) and Dublin
(ESM), is pleased to confirm that it has completed drilling operations on its
new X8v lateral development well, which formed part of its multi-well 2010
drilling programme at the Singleton field, onshore UK. The first part of this
programme involved the successful drilling of the X11 development well, which
was completed in November 2010. The Singleton field is located in the Weald
Basin in the south of England and is operated by Providence (99.125%) with
partner Noble Energy (0.8725%).

The X8v horizontal development well was drilled as a new lateral to the existing
X8x producing well and targeted potential un-swept reserves in the northern
fault block of the Singleton field. The well was drilled to a total measured
depth of 10,100' MDBRT (4428' TVDSS) and petrophysical analysis of down-hole log
data confirm that the well has encountered 2,414 ft of gross hydrocarbon bearing
interval, with 2,316 ft of net pay. Reservoir quality and hydrocarbon saturation
within the pay zone are excellent. Both X11 and X8v wells are currently being
prepared for production and a further operational update will be provided over
the coming weeks.

Commenting, John O'Sullivan, Technical Director of Providence said:

"The success of the X8v lateral well has demonstrated our capability to drill
multi-lateral wells on the Singleton field, which we believe will be a
significant component of future field development planning. The petrophysical
logs show that the well has encountered a massive porous hydrocarbon bearing
section, in excess of our pre-drill estimates, which is encouraging in terms of
future production rates. We now look forward to completing the wells for
production over the coming weeks, thereby providing incremental production at
Singleton. These production data could significantly increase the potential
recoverable reserves in this sector of the field."

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
 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 ESM 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 SINGLETON
The Singleton oil field is located 7 km north of Chichester in onshore licence
PL 240 in the Weald Basin, South of England. The field consists of two east west
trending elongate horst blocks divided by a narrow graben. The wells produce
from the Jurassic-aged Great Oolite formation, consisting predominantly of
oolitic grainstones deposited during transgressive/regressive episodes. Since
production commenced in 1989, the field has produced c. 3.7 MMBO, which
represents a recovery factor to date of c. 3.5%. Published data from similar
fields in the area suggest an ultimate recovery factor of up to c.10% should be
achievable. Recent studies (2008) suggested an original oil in-place resource of
up to c.107 MMBO, a 50% increase over previous estimates which indicates that
there is up to c. 7 MMBO of potential remaining reserves. The produced oil is a
37o API gravity crude and is trucked to the Holybourne rail terminal.

ABOUT 2010 SINGLETON DRILLLING PROGRAMME
The 2010 Singleton drilling programme comprised the sidetracking of the X9 well
to a new and more optimal location together with the addition of two new lateral
sections to the currently producing X8x well, potentially providing c. 350 BOEPD
of additional cumulative production. In addition, the new X9 sidetrack well has
been designed for future acid fracture stimulation, thereby providing further
incremental production potential.

GLOSSARY OF TERMS USED
All figures quoted are gross figures, unless otherwise stated
BOE Barrels of Oil Equivalent
BOPD Barrels of Oil per Day
BOEPD Barrels of Oil Equivalent per Day
MMBO Millions of Barrels of Oil
OIIP Stock Tank Oil Initially In Place
TVDSS True Vertical Depth Subsea
MDBRT Measured Depth Below Rotary Table

ANNOUNCEMENT
This announcement has been reviewed by John O'Sullivan, Technical Director,
Providence Resources P.l.c. John holds a B.Sc. in Geology from University
College Cork, Ireland, an M.Sc. in Applied Geophysics from the National
University of Ireland, Galway and a M.Sc.in Technology Management from The
Smurfit School of Business at University College Dublin. John is presently
working part-time on a PhD dissertation at Trinity College, Dublin. John has
worked in the offshore business for 20 years and is a fellow of the Geological
Society of London and the Petroleum Exploration Society of Great Britain.
Definitions in this press release are consistent with SPE guidelines.






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Source: Providence Resources plc via Thomson Reuters ONE

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