PROVIDENCE CONFIRMS SIGNIFICANT OIL DISCOVERY, ...

10 October 2007


   PROVIDENCE CONFIRMS SIGNIFICANT OIL DISCOVERY, OFFSHORE IRELAND

       SIGNIFICANT OIL ACCUMULATION AT HOOK HEAD NOW CONFIRMED
       GOOD QUALITY OIL RECOVERED FROM TARGET RESERVOIR ZONES
            HOOK HEAD APPRAISAL WELL NOW BEING SUSPENDED

Providence Resources Plc ("Providence"), the AIM and IEX listed
company, together with its partners announces that it has now ended
its well testing operations on the 50/11-3 Hook Head appraisal well,
offshore Ireland. This well, which is located in c. 240 ft. water
depth and is c. 60 km offshore southern Ireland, is situated in
Standard Exploration Licence 2/07 in the North Celtic Sea Basin. The
licence interest is jointly held by six companies and is operated by
Providence Resources, which has an interest of approximately 43.5%
(see below). The well was drilled to a total depth (TD) of 4,880 ft.
true vertical depth subsea (TVDSS) using the semi-submersible
drilling rig Petrolia, which Providence and its partners had
contracted for a 50-day period.

Some of the key results determined from the drilling programme and
the preliminary evaluation of the well data are:

  * The well was drilled on the crest of the structure and was on
    geological prognosis confirming the pre-drill interpretation.
  * Hydrocarbons were encountered over a 484 ft. gross interval in
    the main target zone with 75 ft. of net hydrocarbon bearing
    section.
  * Three further prospective zones, which were identified pre-drill
    as exploration targets for the well, were all logged as being
    hydrocarbon-bearing. These good quality reservoir zones, which
    are above the main target zone, had good oil/gas shows whilst
    drilling and logged a cumulative of c. 20 ft. of additional net
    pay.
  * The hydrocarbon type recovered is now confirmed as a good quality
    (c. 30o API) crude oil, with associated gas.
  * The reservoir is normally pressured to c. 1,170 psi at c. 2,550
    ft. TVDSS.
  * The reservoir porosities within the hydrocarbon bearing zones are
    up to 27%.

Whilst key reservoir and fluid data were acquired during the initial
well flowing period, down-hole mechanical conditions*, which were
primarily related to the integrity of the casing string cement bond,
delayed the implementation of a full flow test programme. Further
work on the down-hole mechanical conditions was precluded by the time
limitations relating to the rig contract.

Accordingly, the partners have now moved to suspend the well for
future re-entry and potential use as a production well, having
gathered all data that can be reasonably acquired at this time. The
rig is currently being demobilized.

The Hook Head partners have committed to an immediate and detailed
evaluation of the well results in the context of operations as well
as reservoir data with a view to further appraisal/ development
drilling at Hook Head early in the 2008 drilling season. Discussions
have already commenced regarding the securing of an appropriate rig.

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

"We are very pleased to have confirmed Hook Head as a significant oil
accumulation with hydrocarbon bearing reservoirs over a large area.
This drilling programme has been a major step forward for Providence
and its partners as it has met or exceeded our pre-drill objectives,
in terms of hydrocarbon type, areal extent and indicative
productivity. We also were able to obtain important well data and
fluid samples, which will be vital for our future planning. We will
now move quickly to evaluate all of these data in the context of our
further drilling plans and potential development scenarios for Hook
Head."

*A lack of good casing cement bond resulted in poor casing integrity,
which resulted in water ingress from zones above and below the main
hydrocarbon-bearing intervals. Several sequential remedial cement
jobs were carried out which hampered the ability to carry out a full
testing programme within the timeframe available. However, this
remedial work has secured the well for potential future re-use.

Contacts:

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

Powerscourt Tel: [phone]
Rory Godson/Elizabeth Rous

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

Davy Corporate Finance
Stephen Barry Tel: [phone]

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 the all press releases, annual reports and
interim reports are available from Providence's website at
www.providenceresources.com

About Hook Head
The Hook Head structure is a large mid-basinal anticline where two
previous wells have encountered hydrocarbon bearing sands. The
original IRL50/11-1 discovery well was drilled by Marathon in 1971. A
subsequent IRL50/11-2 appraisal well was drilled by Marathon in 1975
as a delineation well at the down-dip edge of the structure.
Post-drill mapping by Marathon indicated that the crest of the
structure was located to the north-east of the IRL50/11-1 discovery
well, which was further supported by the seismic data acquired by
Providence in 2006 and is now substantiated by the this IRL50/11-3
appraisal well.. This crestal location is some 2 km northeast of the
IRL50/11-1 well and is c. 70 metres structurally higher than the
original well. Pre-drill, in-house, volumetric estimates suggested
that the Hook Head discovery has a STOIIP figure of up to 391 MMBO
over 3 panels, containing prospective resources of up to 70 MMBO REC.

Celtic Sea Licence 2/07
Licence No 2/07 refers to part blocks 49/22, 49/23, 48/29, 48/30,
49/26, 49/27, 49/28, 49/8, 49/9, 49/13, 49/14, 50/6, 50/7 and 50/11
in the North Celtic Sea Basin. Standard Exploration Licence 2/07
partners include, Providence Resources Plc (Operator) 43.5294%,
Challenger Minerals (Celtic Sea) Limited 16.3235%, Dyas BV 16.3235%,
Forest Gate Resources Inc. 7.5%, Atlantic Petroleum (Ireland) Limited
10.8824%, Sosina Exploration Limited* 5.4412%.
* Farm in subject to Ministerial Consent

This announcement has been reviewed by John O'Sullivan, Exploration
Manager, 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 18 years and is a fellow of the Geological
Society of London and member of the Energy Institute. Definitions in
this press release are consistent with SPE guidelines.

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