Providence Resources plc : Providence Resources plc : Miscellaneous

     Providence Resources plc : Providence Resources plc : Miscellaneous

12th February 2013

                              OPERATIONAL UPDATE
                               KISH BANK BASIN


Providence Resources P.l.c., ("Providence") the London (AIM) and Dublin (ESM)
listed oil and gas exploration and appraisal company, announces that it has
surrendered the Foreshore Licence ("Licence") granted over an area in the Kish
Bank Basin, offshore Dublin. The Licence was awarded by the Foreshore Unit of
the Irish Department of Environment, Community and Local Government on 27^th
September 2012 and permitted the carrying out of a well site survey and the
drilling of an exploration well in the Kish Bank Basin, located within
Standard Exploration Licence (SEL) 2/11. Providence holds a 50% interest in
SEL 2/11 which it operates on behalf of itself and its partner, PSE Seven
Heads Limited, a wholly owned subsidiary of PETRONAS.

The decision to surrender the Licence was taken by Providence and its partner
following discussions with the Department of Environment, Community and Local
Government when it became clear that there were certain elements of the EU,
EIA Directive that were not transposed correctly in 1999 by the Irish
Government. The lack of clarity on this issue meant that the Foreshore
Licence, and subsequent exploration activities, could have been subjected to
ongoing legal challenges and undue delays. The decision to surrender the
Foreshore Licence now means that the Minister can move immediately to amend
planning and environment regulations thereby ensuring that the Irish
regulatory framework complies with the EU Directive. Once this is done, the
Company will then be in a position to submit a new application to progress
operations in the Kish Bank area.

Commenting on the announcement, Tony O'Reilly, Chief Executive of Providence

"Providence complied fully with all environmental and planning regulations in
applying for and subsequently receiving the Foreshore Licence. However,
failure to transpose EU legislation correctly into Irish Law, by the Irish
Government over a decade ago, left the Licence open to legal challenge, which
could have resulted in undue delay in the Company carrying out its proposed
activities. Whilst it is frustrating that this situation has arisen and caused
a delay to our planned activities, we feel it is in the best interests for all
concerned to surrender the Licence and allow the Government to make the
necessary amendments and we can then make a new application to carry out our
planned programme. Despite the delay to the planned drilling activities, we
remain very excited about the potential of this exploration prospect."


Providence Resources P.l.c     Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive
Powerscourt                    Tel: +44 207 250 1446
Lisa Kavanagh/Rob Greening
Murray Consultants             Tel: +353 1 498 0300
Pauline McAlester
Cenkos Securities Plc          Tel: +44 207 397 8900
Adrian Hargraves/Nick Wells
J&E Davy                       Tel: +353 1 679 6363
Eugenee Mulhern
Liberum                        Tel: +44 203 100 2000
Clayton Bush

Providence Resources Plc is an Irish based oil & gas exploration, appraisal
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 multiple basins offshore Ireland, representing the largest drilling
campaign ever carried out offshore Ireland

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 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


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Providence Resources plc via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.