Company Information for Providence Resources

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AIM; PVR

Company Statement

Providence Resources is an international upstream oil and gas company currently actively involved in Ireland, UK, Nigeria( West Africa) and Gulf of Mexico(USA).

Our shares are quoted on both the Alternative Investment Market (AIM) of the London Stock Exchange and the Irish Enterprise Exchange (IEX) of the Irish Stock Exchange.

Providence's strategy has been to assemble a portfolio of producing assets in geo-politically safe areas, with a portfolio of offshore and onshore prospects, combining existing discoveries with large new prospects to improve overall economics and reduce risk profile.

Operations and Technology

Providence’s active oil and gas portfolio includes interests in Ireland (offshore), the UK (onshore and offshore), the United States (Gulf of Mexico) and Africa (offshore Nigeria). Providence’s portfolio is balanced between production, appraisal and exploration assets, as well as being diversified geographically.

The Company has recently established a base in Indonesia to evaluate opportunities in South East Asia and has, through an agreement with Star Energy, also become involved in the evaluation of gas storage opportunities.

Ireland

St. GEORGES CHANNEL
Standard Exploration Licence 1/07 (100% interest)

Providence holds a 100% equity position in Standard Exploration Licence 1/07 in the St. George’s Channel Basin, which contains part of the Dragon gas field (c.25%) as mapped from existing seismic and well data. The Dragon field, which straddles the Irish/ UK median line, was discovered in 1994 by Marathon Oil, who have cited an associated gas resource level of c. 80 BSCF. The recent development of LNG facilities at nearby Milford Haven in South Wales in conjunction with the strengthening of local gas prices has made the development of the Dragon resource more attractive. Prior to any development it is likely that a unitisation will take place in order to finalise equity interests in the field.

OFFSHORE WEST OF IRELAND

FRONTIER EXPLORATION LICENCE 2/04 & 4/08 (56% interest)

The 56%-owned Spanish Point gas condensate discovery is located in FEL 2/04 in the Main Porcupine Basin some 200km off the west coast of Ireland. The licence authorisation which covers blocks 35/8 & 9 lies in c. 400m water depths and was granted in November 2004 for a 15 year term. The discovery well (35/8-2) was drilled by a consortium led by Phillips Petroleum (and included Atlantic Resources, the predecessor company to Providence) in 1981 and flowed c. 1,000 BOPD and c. 5 MMSCFGD from one of four logged payzones of Upper Jurassic age. Post-drill analysis by Phillips suggested that while the discovery could contain resources of up to 1.1 TSCFG and 112 MMBO, it was deemed uneconomic due to a combination of low commodity prices, high production costs and lack of gas infrastructure in Ireland at the time. Providence has recently commissioned a series of independent reports which suggest that the field contains estimated contingent resources (2C) of 1.4 TSCFG and 160 MMBO with significant upside potential both within the field and as in adjacent prospects.

OFFSHORE EAST IRELAND – KISH BANK

Licence Option No 08/2

In August 2008, Providence and Star Energy, (a subsidiary of Petronas, the Malaysian National Oil Company) were awarded a three-year Licence Option over eight blocks in the Kish Bank Basin. The agreed work programme will focus on the oil and gas exploration potential of the basin while the ULYSSES Project will specifically assess the potential for underground saline reservoirs in the Kish Bank Basin to be used as sites for CO2 sequestration as well as natural gas storage.

UK

UK Onshore

SINGLETON (99.125% interest)

The Singleton field is located in West Sussex, onshore UK. The field was brought on stream in 1989 with peak production of 1,000 BOPD being achieved in 1996 from 4 wells. Current production is approximately 700 BOEPD from 7 wells. The successful drilling of two new production wells in 2005, resulted in an approximate 50% production increase for the field. Estimates of STOIIP at Singleton are c. 107 mmstb of which c. 3.6 MMBO have been produced to date, representing a recovery factor of c. 3.3%. Numerous surface and subsurface studies are ongoing with the objective of raising production from Singleton to 1,000 BOEPD. These activities include but are not limited to, facilities de-bottlenecking, compressed natural gas and the drilling of a new production well on the field in Q1 2009.

Africa

Providence holds a 5% interest in Oil Mining Lease 113 (“OML 113”) offshore Nigeria, containing the Aje Field. The partnership is made up of the following: Chevron, Vitol, Energy Equity Resources, Yinka Folawiyo Petroleum Limited and Providence.

OML 113 lies on the extreme western part of offshore Nigeria adjacent to the border of offshore Benin in the Benin Embayment. The Benin Embayment lies along the prolific West African Transform Margin, a petroleum fairway which contains fields including the Tullow operated Jubilee Field offshore Ghana. OML 113 covers approximately 1,670 square kilometres, or 412,500 acres, in areal extent and lies approximately 43 kilometres southwest of Lagos.

Board of Directors and Key Management

Non-Executive Chairman	Dr Brian Hillery
Chief Executive	Tony O'Reilly Jnr.
Finance Director	Philip O'Quigley
Non-Executive Director	Peter Kidney
Non-Executive Director	Dr. Philip Nolan
Non-Executive Director	Lex Gamble
Non-executive Director	James S.D. McCarthy
Non-Executive Director	Dr Philip Nolan
Company Secretary	Michael Graham

Company Address

Airfield House, Airfield Park
Donnybrook, United Kingdom Dublin 4


Telephone:	+353 1 2194074
Facsimile:	+353 1 2194006
Email:	info[at]providenceresources.com
Website:	http://www.providenceresources.com

Additional Address/Key Contact

Tony O’Reilly; Chief Executive; info@providenceresources.com
John O'Sullivan; Exploration Manager; josullivan@providenceresources.com
Philip O'Quigley; Finance Director; poquigley@providenceresources.com
Michael Graham; Secretary; mgraham@providenceresources.com

Nominated Brokers

Cenkos Securities Ltd,
6-7-8 Tokenhouse Yard,
London EC2R 7AS, UK

Nominated Advisors

Cenkos Securities Plc,
6-7-8 Tokenhouse Yard,
London EC2R 7AS, UK

Broker/Analyst Reports

21/01/09 - Growth Equities and Company Research

Major Shareholders

Sir Anthony O'Reilly	34.09%
Artemis Investment Management Limited	2.99%
JP Morgan Asset Management UK Limited	8.18

Most Recent Statement

16/02/10 - Providence Secures Exploration Authorisation over Baltimore Heavy Oil Discovery, Offshore Ireland
22/12/09 - END OF YEAR TRADING STATEMENT 2009
29/09/09 - Providence Secures New Financing Facility with BNP Paribas
22/09/09 - Singleton Oil Field Operations Update
15/09/09 - PROVIDENCE EXERCISES OPTION TO ACQUIRE 40% OF KINSALE HEAD ASSETS FROM PETRONAS
03/09/09 - Providence Commences Production from New US Offshore Gas Field

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