Providence Shoots New 2D Seismic Survey Offshor...

2 October 2009


      PROVIDENCE SHOOTS NEW 2D SEISMIC SURVEY OFFSHORE NIGERIA


Providence Resources P.l.c., the London (AIM) and Dublin (IEX) listed
oil and gas exploration and production company, is pleased to
announce the successful acquisition of a new 2D seismic survey over
its Oil Mining Lease 113 (OML 113) in the Benin Embayment, offshore
Nigeria. This new 2D survey was acquired by Petroleum Geo-Services
(PGS) using the vessel M.V Falcon Explorer and extended over a total
line length of c. 130 kilometres.

OML113 contains the Aje Field, which is operated by Yinka Folawiyo
Petroleum Company Limited ("YFP"), with Chevron Nigeria Deepwater H
Limited ("Chevron") acting as Technical Advisor to the Operator. The
other partners in OML113 are Vitol Exploration Nigeria Limited
("Vitol"), Energy Equity Resources Aje Limited ("EER") and PR Oil and
Gas Nigeria Limited ("Providence").


Contacts:

Providence Resources P.l.c.
                                                      Tel: +353 (0)1
219 4074
Tony O'Reilly, Chief Executive

Powerscourt

Tel: [phone]
Rory Godson/Elizabeth Rous

Murray Consultants

Tel: [phone]
Pauline McAlester


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
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. Four wells have been drilled on the
AJE Field, all of which have intersected hydrocarbons bearing
intervals.

The discovery well, AJE-1was drilled in 1996 and 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.

The AJE-4 well encountered the main Turonian reservoir c. 30 feet
up-dip from the AJE-2 well and the petrophysical logs confirmed a
gross Turonian hydrocarbon column of c. 335 feet. Down-hole pressure
and sample data confirmed that the Turonian column comprised 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
underlying Upper Cenomanian oil pay zone contained a c. 65 foot gross
oil column and the data suggest that this unit is in communication
with the oil payzone which was tested 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 AJE-4 well encountered two further zones
which logged as hydrocarbon bearing in the underlying Albian section.
The upper zone contained 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 c. 60 ft gross
Albian zone was also logged as hydrocarbon bearing.

In February, 2009, the project was deemed a Commercial Discovery by
the Operating Committee. Accordingly, the partners in the Aje Field
have authorised Chevron, as Technical Advisor to the Operator, to
prepare a Development Plan for development of the Aje Field.

Providence holds a 5% net revenue interest in the Aje Field with the
other partners in the project being 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.


About this Announcement

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 19 years and is a fellow of the Geological
Society of London. Definitions in this press release are consistent
with SPE guidelines.

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