July 25th 2012

Embargo 7am

BARRYROE

OIL IN PLACE RESOURCE UPDATE

UPDATED OIL IN PLACE ESTIMATES

RESERVOIR INTERVAL P50 (MMBO) P10 (MMBO)

MIDDLE WEALDEN 287 706

BASAL WEALDEN 756 906

TOTAL 1,043 1,612

FURTHER UPSIDE POTENTIAL IN HYDROCARBON BEARING LOWER

WEALDEN AND PURBECKIAN SANDS AS WELL AS IN DEEPER UPPER

JURASSIC EXPLORATION OBJECTIVES

Providence Resources P.l.c., (“Providence”) the Irish oil and gas exploration and production

company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide a

resource update on the Barryroe oil field in the North Celtic Sea Basin, offshore Ireland.

Providence (80%) operates Barryroe on behalf of its partner Lansdowne Oil and Gas plc (20%).

The area is located in Standard Exploration Licence (SEL) 1/11, lies in c. 100 metre water depth

and is c. 50 kilometres off the south coast of Ireland.

Following the successful drilling and testing of the Barryroe 48/24-10z well in March 2012,

Providence has now completed a series of comprehensive post-well studies in order to update

the in-place volumetric resource estimate for the Barryroe discovery contained within Standard

Exploration Licence (SEL) 1/11. This assessment has incorporated the data from all 6 wells drilled

on Barryroe, together with the recently acquired/processed 3D seismic data, existing 2D seismic

data, as well as utilizing other regional data.

This analysis demonstrates that the Barryroe trap at Base Wealden level is situated in the

hanging-wall side of an inverted major intra-basinal growth-fault system and covers an area of

several hundred square kilometres. The crest of the structure is located at c. 6,400 ft TVDSS with

a deepest logged hydrocarbons at c. 7,300 ft TVDSS with no evidence of an oil-water contact.

Reservoir fluid data from the recent 48/24-10z well indicate that there is unlikely to be any

primary gas cap present at the crest of the structure in the Basal Wealden Sands.

UPDATED STOIIP – MIDDLE AND BASAL WEALDEN

The lowest closing contour (P10) for the Barryroe structure at Basal Wealden reservoir level is

mapped at c. 7,500 ft TVDSS, just c. 200 ft down-dip from existing well control. A mid-case (P50)

Basal Wealden average net sand thickness of just 23 ft has been assumed across the structure

for volumetric purposes and, when combined with well petrophysical parameters, results in an

in-place P50 of 756 MMBO and P10 of 906 MMBO. The large increase in Basal Wealden

resources versus the previous estimate is based on the ability to use the new high quality 3D

seismic data to image and extend the Basal Wealden sand play across the entire mapped

Barryroe structure. The resource figures for the Middle Wealden (P50 of 287 MMBO and P10 of

706 MMBO) have not been revised and remain as per the previous RPS Energy audit.

ADDITIONAL LOWER WEALDEN & PURBECKIAN RESOURCE POTENTIAL

As in the recent 48/24-10z well, all of the previous Barryroe wells, which were drilled through the

Lower Wealden, encountered a thick c. 1,000 ft section of inter-bedded sands and shales with all

sands logged as hydrocarbon bearing. In the eastern part of Barryroe, these sands are generally

thin in nature however they thicken considerably to the west as evidenced by the previous Esso-

operated 48/23-1 well. That well, which logged c. 120 ft of stacked Lower Wealden hydrocarbon

bearing sands had average porosities of 16% and hydrocarbon saturations of 70%. A failed well

test in 1976 over this interval is now interpreted by the partners to be due to mechanical failure.

The 48/23-1 well also encountered a c. 70 ft logged hydrocarbon bearing sand within the

Purbeckian lacustrine shales underlying the Basal Wealden, which was not tested. Deeper

exploration potential has also been identified under Barryroe at Upper Jurassic level, which is as

yet undrilled. Mapping confirms the Barryroe closure persists to Base Cretaceous level and the

overpressured shales of the Purbeckian should provide an effective seal for any potential

accumulation.

Providence has commenced mapping of these newly prospective zones and plans to provide an

additional resource update once this work has been completed.

Speaking today, Tony O’Reilly, Chief Executive of Providence said,

“We are delighted to be in a position to provide such a significant increase in the Barryroe oil in

place resources. The subsurface mapping and geological modeling results have confirmed that the

Barryroe structure covers a very large area, and comprises four distinct hydrocarbon bearing

reservoir zones. Interestingly, our most recent well was situated c. 900 ft down-dip from the

structural crest and still encountered oil to the base of the primary Basal Wealden Sand. In fact,

the lack of any logged water bearing reservoir intervals in the lower c. 1,500 ft of our recent

48/24-10z attests to the resource potential within the Barryroe structure and strongly suggests

that there may also be material hydrocarbon potential at deeper reservoir intervals within the

structure. It is clear from these studies that Barryroe is a substantial oil accumulation across

multiple stacked horizons with much running room for further resource growth.”

Contacts:

Providence Resources Plc Tel: +353 1 219 4074

Tony O'Reilly, Chief Executive

John O’Sullivan, Technical Director

Powerscourt Tel: +44 207 250 1446

Lisa Kavanagh/Rob Greening

Murray Consultants Tel: +353 1 498 0300

Pauline McAlester/Pauline Dooley

Cenkos Securities Plc Tel: +44 207 397 8900

Adrian Hargrave/ Nick Wells

J&E Davy Tel: + 353 1 679 6363

Eugenee Mulhern

Liberum

Simon Atkinson/Clayton Bush Tel: +44 203 100 2000

ABOUT PROVIDENCE

Providence Resources Plc is an Irish based oil and gas exploration company whose shares are traded on the London

AIM market 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 & offshore). In 2011, Providence,

along with its partners, commenced a circa $500 million multi-year drilling programme on a number of exploration

and development wells in 6 different basins offshore Ireland. This programme represents the largest drilling

campaign ever carried out offshore Ireland. www.providenceresources.com.

ABOUT BARRYROE

The Barryroe licence lies in the North Celtic Sea and and has had six wells successfully drilled on the structure.

Hydrocarbons have been logged in all six wells with flow test results from four wells. Four wells were drilled in the

1970’s by Esso with a further appraisal well drilled in 1990. The last well, 48/24-10z, was drilled by Providence in

2011/2012. The field is fully covered by both 2D and 3D seismic. 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 (43o API) with a wax content

of c. 17-20%. Providence holds an 80% interest in the licence and operates on behalf of its partner, Lansdowne Oil

and Gas Plc (20%).

GLOSSARY

TVDSS – True Vertical Depth Subsea o API – Measurement Of Oil Gravity

STOIIP – Stock tank Barrels of Oil in Place

MMBO – Million Barrels of Oil

Ft - Feet

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

4848

IslandExpro

PSE KinsaleEnergy

LansdowneCeltic Sea

PSE SevenHeads

48/27

48/2248/17

48/28

48/2348/18

48/29

48/2448/19

48/30

48/2548/20

49/2649/21

49/16

ProvidenceResources 60%

Nautical 40%

ProvidenceResources 80%Lansdowne 20%

LO10/1

StandardEL1/11

KINSALE HEAD

BALLYCOTTON

BARRYROE

48/23-148/28-1

48/24-148/24-3

48/24-2

48/24-10z

48/28-2

48/23-2

48/23-3

48/18-1

48/24-5 48/24-5A

48/24-7A 48/24-7

48/19-1 48/19-1A

48/24-4

48/24-8

48/24-9

48/19-2

48/30-2

48/30-1

48/25-4

48/20-2

48/25-648/25-3 48/25-2

48/20-4

48/25-1

49/26-1 49/26-1A

48/20-1A 48/20-1

49/16-2

48/20-348/20-5

540,000 560,000

5,660

,000

5,680

,000

5,700

,000

8°W8°12'W8°24'W8°36'W

51°2

0'N51

°10'N

Offshore Ireland - Celtic SeaBarryroe Oil Field

45

36

27

55

46

37

28

56

47

38

57

48

58

4950

4142

33

IrelandIreland

109

106107

103 104

94 9593

102

92

6°W

6°W

8°W

8°W

10°W

10°W

52°N 52°N

LegendBarryroe WellWell drilledProvidence Resources LicenceGas Network

Prospects:GasOil - Basal WealdenOil - Middle Wealden

Coordinate System: ED 1950 UTM Zone 29NProjection: Transverse MercatorDatum: European 1950False Easting: 500,000.0000False Northing: 0.0000Central Meridian: -9.0000Scale Factor: 0.9996Latitude Of Origin: 0.0000Units: Meter

0 2 4 6 8 10 121Km

0 1 2 3 4 5 60.5Nautical Mile

1:250,000 1 cm = 2,500 mCenter Point:Long/Lat: 8°17'35.333"W 51°16'29.078"N XY [m]: 549,308 5,680,732

Ref./File Name: 20120724-A4L-BARRYROE STOIIP-2

8°40'49.696"W 5,7

04,982

576,433

51°3'1

3.453"

N

5,656,

4827°53'56.922"W

51°29'

23.125

"N

522,183

Date Saved: 24/07/2012 15:28:53Date Exported: 24/07/2012 15:28:59Drawn by: JC

Scale at A4

TOP PURBECKIAN

TOP PURBECKIAN

UPPER JURASSIC SANDS ?

BASE CRETACEOUS

BASE CRETACEOUS

20 km

48/23-1 48/28-1 48/24-1 48/24-10z48/24-3

SOURCE ROCK

REGIONAL SEAL

REGIONAL SEAL

TOP BASAL WEALDEN

TOP BASAL WEALDEN

BASAL WEALDEN SANDS}

Barryroe Oil FieldUpdated Schematic Cross-section

SOURCE ROCKPURBECKIAN SANDS

LOWER WEALDEN SANDS}

MIDDLE WEALDEN SANDS

July 2012

logged/tested

explorationPROVIDENCE