PROVIDENCE RELEASES FINAL AJE 4 WELL RESULTS

Embargo 7am
3 June 2008



            PROVIDENCE RELEASES FINAL AJE 4 WELL RESULTS


  * Five hydrocarbon bearing zones logged with gross pay of c. 690
    feet



  * Albian deep exploration target confirmed as hydrocarbon bearing



  * Results confirm and exceed pre-drill expectations



  * Well has been suspended as a possible future producer



Providence Resources P.l.c., the AIM and IEX listed oil and gas
exploration and production company, is pleased to provide an update
on the final well results from its recent operations on the AJE
Field, in OML113, offshore Nigeria.


As previously announced, the AJE-4 well was drilled using the
Transocean Pathfinder drillship in c.1,000ft water depth between
February and April 2008. Providence holds a 5% interest in the AJE
Field. The other partners are Yinka Folawiyo Petroleum Company
Limited (Operator), Chevron Nigeria Deepwater H Limited (Technical
Adviser to the Operator), Vitol Exploration Nigeria Limited and
Energy Equity Resources Aje Limited.


The AJE-4 well was designed to evaluate two objectives. The first
objective was to test the lateral extent of the Upper Cretaceous oil
and gas bearing reservoirs, which had been successfully tested in AJE
1 & 2 wells, thereby allowing the partners to assess the full extent
of the AJE field.  The second objective of the AJE -4 well was to
evaluate additional deeper exploration targets, particularly the
Albian, which were mapped to be underlying the AJE field. The AJE-4
well results confirm that these objectives have been comprehensively
achieved.


Speaking today, Tony O'Reilly, Chief Executive of Providence, said:

"We are delighted to report these results as they confirm our long
held view in relation to the commercial potential of the AJE field.
In addition, we are extremely pleased to be able to announce the
results from the exploration objectives of the AJE-4 well, which was
a target identified by the Technical Advisor. Discussions have
already commenced within the partnership concerning the potential
commercial development of the AJE field, as well as the future
exploration potential of OML113."


Primary Objective

The AJE-4 well is interpreted to have encountered the main Turonian
reservoir c. 30 feet up-dip from the AJE-2 well, and the
petrophysical logs confirm a gross Turonian hydrocarbon column of c.
335 feet. Down-hole pressure and sample data confirm that the
Turonian column comprises gas condensate overlying a c. 30 foot oil
rim and that the total column is thought to share a common contact
with the AJE-1 & 2 wells. The AJE-1 well flowed at an aggregate rate
of 42 MMSCFGPD and 2,262 BOPD over three tested zones from an
equivalent Turonian section. The results of the AJE-4 well now
suggest that the AJE Field may comprise a large low relief and
laterally extensive reservoir system. These results are close to
Providence's pre-drill prognosis and therefore support the pre-drill
Turonian resource estimates.

The underlying Upper Cenomanian oil pay zone contained a c. 65 foot
gross oil column and the data again suggest that this unit is in
communication with the oil payzone which was tested at a rate of
3,866 BOPD from a c. 20 ft Upper Cenomanian interval in the AJE-2
well.  A further new Lower Cenomanian oil pay zone was also confirmed
with a gross column of c. 60 ft. The recoverable resource potential
for this lower zone is currently being evaluated.  Combined, three
distinct hydrocarbon zones were encountered in the primary objective
with a cumulative gross column of c. 460 feet of which c. 305 feet is
gas condensate and c. 155 feet is oil.


Deep Exploration Objective

The AJE-4 well encountered two further zones that logged as
hydrocarbon bearing in the underlying Albian section. The upper zone
contains a c. 170 ft gross hydrocarbon column in massive sands and a
down-hole pressure and sampling programme confirmed the presence of
gas-condensate. A further, deeper c. 60 ft gross Albian zone was also
logged as hydrocarbon bearing. The resource potential associated with
these additional intervals is currently under evaluation.

As planned, no well flow testing was carried out as sufficient
productivity data already exists from the previous wells on the
field. A comprehensive logging and coring programme was completed
together with down-hole pressure measurements and hydrocarbon
sampling. Production casing has been set over the main reservoir
intervals and the well has been suspended so that it could be used in
the future as a possible producer. The drill ship Transocean
Pathfinder was released from contract on April 12 2008.



Contacts:

Providence Resources P.l.c.
                                                      Tel: [phone]
4074
Tony O'Reilly, Chief Executive

Powerscourt

Tel: [phone]
Rory Godson/Elizabeth Rous

Murray Consultants

Tel: [phone]
Pauline McAlester


Note 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. AJE-4 is the fourth well to be
drilled on the AJE Field, all of which have intersected hydrocarbons.

The AJE Field is located in water depths of between 325 feet and c.
3,000 feet and is 15 miles offshore being some 40 miles southwest of
Lagos. The discovery well, AJE-1, which was drilled in 1996
encountered oil and gas in reservoirs of Cretaceous Turonian age, and
flowed at an aggregate rate of 42 MMSCFD and 2,262 BOPD over three
zones. An appraisal well, Aje-2, which was drilled in 1997 also
encountered oil and gas in the Turonian and flowed 3,866 BOPD from an
additional zone in the Cenomanian which had not been tested in the
Aje-1 well. The AJE-3 well, which was drilled in 2005 on the
southwest flank of the field encountered significant gas shows whilst
drilling the Turonian reservoir section and this together with
wire-line log data, suggest that whilst reservoir quality is not
optimum, this section is gas bearing. In addition the well data also
indicated the presence of oil within Cenomanian sands.





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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