Providence Resources plc : Standard Exploration...

23 December 2011


                       STANDARD EXPLORATION LICENCE 1/11

                         INCREASE IN EQUITY IN BARRYROE


Providence Resources P.l.c., ('Providence') the London (AIM) and Dublin (ESM)
listed oil and gas exploration and production company, is pleased to confirm
that it has signed an agreement with San Leon Energy Plc ('San Leon') which will
see Providence increase its working interest in Standard Exploration Licence
1/11 ('Licence') from 50% to 80%.

Under the terms of the agreement, Providence will assume San Leon's 30% working
interest in the Licence, and in exchange, San Leon will receive a 4.5% NPI ('Net
Profit Interest') in the Licence. Subject to Irish governmental approval,
Providence will have an 80% interest in the Licence and will continue as
operator. Lansdowne Oil & Gas Plc ("Lansdowne") will retain a 20% interest in
the Licence.

Commenting on the increase in equity, Tony O'Reilly, CEO said:

"This transaction makes perfect strategic sense for both companies, allowing
each to focus on their respective core areas. Providence remains firmly focused
on its Irish portfolio, with the Barryroe appraisal well being the first well of
its multi-year, multi-basin drilling programme. We look forward to updating
shareholders on the progress of the drilling at Barryroe over the coming weeks."


CONTACTS:
 Providence Resources Plc        Tel: [phone]
 Tony O'Reilly


 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
 Eugenee Mulhern/Stephen Barry




ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil and gas exploration company whose
shares are traded on the AIM market in London and on Dublin's ESM market.
Providence's portfolio of production, appraisal and exploration assets includes
licence interests in Ireland (offshore) and the United Kingdom (onshore). In
2011, Providence announced plans to invest with its partners upwards of $500
million in the drilling of a number of exploration and development wells in 6
different basins offshore Ireland. This multi-year programme represents the
largest drilling campaign ever carried out offshore
Ireland.www.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. Providence holds
a 80% interest in the licence and operates on behalf of its partner Lansdowne
Oil and Gas Plc (20%).A third party audit carried out by RPS Energy for
Lansdowne Oil & Gas plc 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 entered into a MOA with Shell Trading and Marketing to
agree an oil off-take agreement for future Barryroe oil production.

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 member of The Petroleum Exploration Society of Great
Britain. Definitions in this press release are consistent with SPE guidelines.


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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