Providence Resources l c : TECHNICAL UPDATE - NEWGRANGE PROSPECT, GOBAN SPUR BASIN

Embargo 7am

April 17th 2014

 PROVIDENCE OFFERED TO CONVERT THE NEWGRANGE LICENSING OPTION INTO A FRONTIER EXPLORATION LICENCE

 PLANNING FOR A 1,000 KM 2D SEISMIC SURVEY HAS COMMENCED

 PRINCIPAL HYDROCARBON POTENTIAL IDENTIFIED IN JURASSIC & CRETACEOUS INTERVALS

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide an update on Licensing Option 11/11 ("Newgrange"). Providence Resources (80%, Operator) and Sosina Exploration (20%) were awarded Newgrange as part of the 2011 Irish Atlantic Margin Licensing Round. The Newgrange area lies in c.
1,000 metre water depth in the Goban Spur Basin and is c. 260 km off the south west coast of Ireland.
Having made the mandatory 25% areal relinquishment, the Newgrange partners have been offered a follow- on Frontier Exploration Licence (FEL) 6/14 by the Minister of State at the Department of Communications, Energy and Natural Resources. The principal element of the forward work programme is the acquisition of a
1,000 km 2D seismic survey over the area and survey planning has already commenced. Subsurface studies carried out during the licence option period highlighted clastic and carbonate exploration prospectivity within the Jurassic and Cretaceous intervals respectively. Seismic interpretation of 2D reflection profile data have revealed the presence of two large stacked four-way structural closures at both Base Cenozoic (Top Cretaceous) and Base Cretaceous levels covering a c. 1000 km2 area. The previously drilled 62/7-1, which is located c. 30 km from the Newgrange prospect and was drilled down-structure, encountered hydrocarbon shows in sands of Lower Jurassic age.

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Speaking today, John O'Sullivan, Technical Director of Providence said,
"Previous drilling has highlighted the prospectivity within the Jurassic and Cretaceous intervals of the Porcupine Basin, with much current industry focus on these Mesozoic play systems. The recent Dunquin North exploration well has proven that oil has been generated in the adjacent southern Porcupine Basin which flanks the Goban Spur and that Cretaceous carbonates can provide high porosity massive reservoir systems. The new 2D seismic programme is being designed to de-risk the Newgrange prospect at both prospective levels and should provide the critical data in order to advance this material prospect towards drilling."
Contacts:

Tony O'Reilly, Chief Executive
John O'Sullivan, Technical Director

Lisa Kavanagh/Rob Greening

Pauline McAlester

Nick Wells/Max Hartley

Eugenee Mulhern

Clayton Bush

Providence Resources P.l.c. is an Irish based oil & gas exploration and development company with a portfolio of appraisal and exploration assets offshore Ireland and the U.K. The Company is currently leading a circa $500 million multi -year drilling programme on a number of exploration/development wells over 6 different basins offshore Ireland, representing the largest drilling campaign ever carried out offshore Ireland www.providenceresources.com.

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 25 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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