Providence Contracts 3D Seismic Vessel for Surv...

7 March 2011
Embargo 7am


 PROVIDENCE CONTRACTS 3D SEISMIC VESSEL FOR SURVEY OVER BARRYROE OIL DISCOVERY
                            IN THE NORTH CELTIC SEA


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 announce that it has, on behalf of itself and its partners,
signed a contract with Polarcus Limited (OAX: PLCS) for a 3D seismic acquisition
project in the Celtic Sea, offshore Ireland. The survey, which will commence in
June and is expected to run for approximately 15 days, forms part of the planned
pre-development drilling programme on the Barryroe oil discovery ("Barryroe") in
the North Celtic Sea, offshore Ireland. Providence operates Barryroe (50%) with
partners San Leon Energy (30%) and Lansdowne Oil & Gas (20%).

This new 3D seismic survey, which is to be acquired using a vessel supplied by
Polarcus Limited, will be used to plan a pre-development drilling programme
designed to progress Barryroe to first oil. The partners believe that modern 3D
seismic data, in tandem with horizontal artificially lifted well completions in
the current high oil price environment, will be key components to unlocking
value at Barryroe.


Contacts:
 Providence Resources Plc              Tel: [phone]
 John O'Sullivan, Technical Director


 Powerscourt                           Tel: [phone]
 Rob Greening/Lisa Kavanagh


 Murray Consultants                    Tel: [phone]
 Pauline McAlester


 Cenkos Securities Plc                 Tel: [phone]
 Adrian Hargrave/ Nick Wells


 J&E Davy                              Tel: + 353 (0)1 679 6363
 Stephen Barry




EXPLANATORY NOTES

About Providence
Providence Resources Plc is Irish based oil and gas exploration and production
company listed on AIM (London) and ESM (Dublin). Providence's portfolio includes
extensive licence interests in Ireland (offshore), the U.K. (onshore and
offshore), the U.S.A. (offshore) and West Africa (offshore Nigeria). Providence
recently announced a multi-year, multi-well offshore drilling campaign to cover
the six basins in which the Company has licence interests offshore Ireland.
Providence and partners plan to invest upwards of $500 million in the drilling
of 10 exploration and development wells, with first drilling planned to commence
later in 2011. This programme represents the largest drilling campaign ever
carried out offshore Ireland. Comprehensive information (press releases and
Company reports) are available atwww.providenceresources.com.

About Barryroe
The Barryroe licence lies directly below the Seven Heads Gas Field and has been
successfully tested at flow rates of between 1,300 and 1,600 BOPD, from three
exploration and appraisal wells. The reservoir sands are of Cretaceous Middle
and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil
is light (30 to 42 degrees API) and contains relatively high wax content ranging
from 12 to 22 per cent, which may require treatment at surface. A third party
audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP
estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding
2C and 3C Barryroe technically recoverable contingent resources are 59 MMBO and
144 MMBO, respectively. Providence recently entered into a MOA with Shell
Trading and Marketing to agree an oil off-take agreement for future Barryroe oil
production.

About Polarcus
Polarcus is a pure play marine geophysical company with a pioneering
environmental agenda, specializing in high-end towed streamer data acquisition
from Pole to Pole. Polarcus is launching a fleet of modern 3D seismic vessels
using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime
technologies for improved operational efficiency with a reduced environmental
footprint. Polarcus offers contract seismic surveys and multi client projects
worldwide and has its principal office in Dubai, United Arab Emirates. For more
information, visitwww.polarcus.com

About This 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. Definitions in this press release are consistent with SPE
guidelines.

Glossary of terms used in this Announcement

ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED
BOPD Barrels of Oil per Day
MMBO Millions of Barrels of Oil
BOEPD Barrels of Oil Equivalent per Day
STOIPP                 Stock Tank Oil Initially In Place
TVDSS True Vertical Depth Subsea

SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in
preparing this announcement







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Source: Providence Resources plc via Thomson Reuters ONE

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