Providence Resources plc : Providence Resources plc : COMPLETION OF SALE OF ONSHORE UK ASSETS TO IGAS ENERGY PLC FOR $66

 Providence Resources plc : Providence Resources plc : COMPLETION OF SALE OF

Embargo 7:00am
1 March 2013

                            COMPLETION OF SALE OF
                               FOR $66 MILLION

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration
and appraisal company, whose shares are listed in London (AIM) and Dublin
(IEX), is pleased to announce that it has closed the sale of its UK onshore
assets (comprising the Singleton oil field, Baxter's Copse development project
and Burton Down exploration prospect) to IGas Energy Plc for a gross
consideration of $66 million. The realised proceeds, after repaying all the
outstanding sums payable under the Deutsche Bank pre-paid swap debt facility,
amounts to approximately $22 million. All other terms of the transaction
remain as disclosed in the announcement of 28 September 2012.

Commenting on the sale, Tony O'Reilly, Chief Executive said:

"We are very pleased to have closed this transaction, which means that the
Company is now totally debt free. We will now continue to concentrate on our
extensive Irish portfolio of appraisal projects and exploration prospects,
which are the subject of a major multi-basin drilling programme."


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 6 different 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
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