Providence Resources plc: Providence Resources P.l.c. - Interim Results for half year ended 30th June 2013

 Providence Resources plc: Providence Resources P.l.c. - Interim Results for
                        half year ended 30th June 2013

30 September 2013
Embargo: 7am

                         PROVIDENCE RESOURCES P.l.c.
                       ("Providence" or the "Company")
                           Interim Results for the
                       half year ended 30^th June 2013

Providence Resources P.l.c., the Irish oil and gas exploration and appraisal
company, whose shares are quoted in London (AIM) and Dublin (ESM), announces
its interim results for the half year ended 30^th June 2013.

OPERATIONAL HIGHLIGHTS

  * Barryroe Oil Field, Celtic Sea
        * Publication of NSAI Competent Person's Report
             *   2C Recoverable Resources of 346 MMBOE
                         *    311 MMBO & 207 BCF gas in solution (or 34.5
                               MMBOE)
             *   2C Financials (after tax) attributable to Providence
                         *    Net contingent cash-flow of $10.6 billion
                         *    NPV 10% of $2.6 billion
        * Farm out process ongoing
             *    Rothschild managing the process, with significant industry
                   interest
        * Underlying Upper Jurassic potential confirmed in adjacent operated
           acreage

  * Dunquin, South Porcupine Basin
       * Completion of drilling of Dunquin North well
            * 144' residual oil column interpreted in high porosity
               over-pressured massive carbonate reservoir system
                 *         Water confirmed as mobile fluid phase
                 *         New petroleum play system confirmed
            * Application made to extend second phase of Dunquin Frontier
               Exploration Licence by 12 months to November 2014

  * Spanish Point, Main Porcupine Basin
        * Farm in by Cairn Energy Plc who assume an operated
           38% equity interest
        * Rig confirmed for 2014 appraisal drilling
             *                Blackford Dolphin semi-submersible drilling rig
                               expected April 2014
             *                Application made to convert Licencing Option
                               11/2 into an exploration licence with 3D
                               seismic surveying offered as the forward work
                               programme

  * Southern Porcupine Basin
        * Application made to convert Drombeg Licence Option 11/9 into an
           exploration licence with 3D seismic surveying offered as the
           forward work programme
        * Application made to convert Repsol operated Newgrange Licence
           Option 11/11 into an exploration licence with 2D seismic surveying
           offered as the forward work programme

FINANCIAL HIGHLIGHTS



  * Sale of Onshore UK assets for $66 million
       * Repayment of all corporate debt
  * Profit of €1.328 million for the half year
       * Includes one-time gain of €6.095 million from sale of UK assets

Commenting on activity during the first half of 2013 and ongoing operations,
Tony O'Reilly, Chief Executive of Providence Resources P.l.c., said:

"Following the truly transformational year of 2012, the first half of 2013
continued with a high level of activity. The main focus of our activities
remained the ongoing post well work at Barryroe, the independent audit of
resources and the launch of our industry wide Barryroe farm out campaign.

"The publication of the two Netherland Sewell & Associates, Inc. (NSAI)
independent audits earlier this year further substantiated the scale of
Barryroe and also helped to redefine the industry view of the Irish offshore
and its potential. As planned, we are now actively engaged in a farm out
process, which involves bringing in a suitably qualified partner to advance
the project from development to first oil. The Company is very pleased with
the level of international industry interest in Barryroe received to date.

"Aside from Barryroe, we continue with the necessary preparatory work on the
remaining four wells being planned as part of our multi-basin drilling
programme. The next well to be drilled is the Cairn operated Spanish Point
appraisal well, which is currently scheduled take place early in the second
quarter of 2014.

"Whilst in the short-term, the absence of mobile hydrocarbons in the Dunquin
North well was received negatively by the stock market, we believe that the
evidence for oil generation and entrapment in the southern Porcupine Basin may
well provide much greater sustainable value for our shareholders in the longer
term. It is also important to remember that this well, being the first in the
basin, was always a high risk exploratory venture. The fact that we were able
to confirm the presence of a new working petroleum system is very encouraging
and which has, without doubt, caught the attention of the international E&P
sector.

"In addition, the recently announced oil discoveries in the Flemish Pass Basin
offshore Canada, which were once geologically on-trend with the southern
Porcupine Basin, have only served to further highlight the oil potential of
this area. As the largest acreage holder in the southern Porcupine Basin, we
are very well positioned to capitalise on this growing industry interest in
one end of what has been termed the 'North Atlantic source rock superhighway'.

"Much has been said of late about the renaissance of the Irish offshore, and
the arrival of new entrants such as Cairn Energy, Woodside and Kosmos only
serves to augment this very positive environment. However, more drilling needs
to be carried out as there are still too few wells being drilled offshore
Ireland - averaging only one a year. Providence takes pride that, as an Irish
independent, through its multi-basin drilling programme, we are leading the
charge: the only new exploration and appraisal wells drilled offshore Ireland
in 2012 and 2013, and being planned for 2014, are on Providence originated
projects.

"As the most active company offshore Ireland, partnership has always been a
key part of Providence's strategy, and having successfully completed various
farm outs, today we work with an array of notable co-venture companies,
including ExxonMobil, ENI, PETRONAS, Repsol, Chrysaor, First Oil Expro,
Sosina, Lansdowne and Atlantic Petroleum. This year, we were very pleased to
welcome Cairn Energy Plc into our Spanish Point consortium after it acquired a
38% equity stake and assumed the role of Operator. All of our partners bring
both technical capabilities and financial support which allow us to move
forward with our extensive programme of exploration and appraisal drilling
activities.

"Providence has always believed in the material hydrocarbon prospectivity
offshore Ireland and the results from Barryroe and Dunquin North, together
with the recent results in the conjugate Flemish Pass Basin, continue to
endorse this view. We remain committed to our programme of drilling, whilst
also leveraging relevant industry farm in partners to take our asset portfolio
through the development phase to production. The decision by us and our
partners to elect to move from licensing options to exploration licences also
further validates the emergence of the Irish Atlantic Margin as a highly
prospective, world class oil and gas province."

Tony O'Reilly        
Chief Executive
     
30^th September 2013

                   

Contacts:
Providence Resources P.l.c.         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
Cenkos Securities Plc           Tel: +44 207 397 8900
Nick Wells/Max Hartley
J&E Davy                            Tel: + 353 1 679 6363
Eugenee Mulhern
Liberum                             Tel: +44 203 100 2000
Clayton Bush

TERMS USED IN THIS ANNOUNCEMENT:
CPR - Competent Person's Report
MMBO - Million Barrels of Oil
MMBOE - Million Barrels of Oil Equivalent
BCF - Billion Cubic Feet of Gas
REC - Recoverable
STOIIP - Stock Tank Original Oil in Place
NPI - Net Profit Interest
TD - Target Depth
MDBRT - Measured Depth Below Rotary Table
DCF - Discounted Cashflow

ABOUT PROVIDENCE
Providence Resources P.l.c. is an Irish based oil & gas exploration and
appraisal 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

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

OVERVIEW OF OPERATIONS

BARRYROE OIL FIELD (PVR 80% interest)

During 2013, the Company's main focus continued to be the extensive post well
studies from the 48/24-10z well, which included: further seismic reprocessing;
evaluation of additional regional geological data; the completion of the Phase
2 field development studies; ongoing permitting and environmental studies; the
publication of NSAI CPR audits; and gearing up for the planned farm out
campaign, which commenced in late Q2 2013.

  * Publication of Competent Person's Report (CPR) data
     In April 2013, a CPR on the Basal Wealden Sands was issued by leading
     international audit firm Netherland, Sewell & Associates Inc (NSAI). This
     audit validated the significant volumetric and recoverable resources of
     the Basal Wealden sands at Barryroe.

  As a result, the updated total on block audited resource figures for
Barryroe now stand at:

  * 2C STOIIP of 1.048 billion barrels
  * 2C Recoverable Resources of 346 MMBOE
       *                311 MMBO & 207 BCF gas in solution (or 34.5 MMBOE)
  * The audited resource figures exclude an additional 778 MMBO STOIIP (P50)
     identified by Providence in logged hydrocarbon bearing intervals, within
     stacked Lower Wealden and Purbeckian sands

In July 2013, the Company released summary details of the financial CPR for
the Basal Wealden sands only, as prepared by NSAI. These show the net
contingent cash-flows attributable to Providence's 80% interest, after
providing for tax and the 4.5% NPI payable to San Leon Energy. 

Prepared on range of cases, and on an undiscounted and discounted basis, the
results were as follows: 

   

NET CONTINGENT
PVR CASHFLOWS     80%        DCF
(US $ Millions)   TOTAL      @ 10%
1C (Low Case)     2,732.0    709.7
2 C (Best Case)  10,660.4  2,627.8
3 C (High Case)   28,214.4  6,990.3

  * Evaluation of Jurassic potential
     During the period, studies were carried out on the deeper Upper Jurassic
     potential, which the Company had previously postulated to exist below the
     Barryroe oil field and which was thought to have material upside resource
     potential. During 2013, an evaluation of the previous Esso operated
     48/22-1a well, which lies c. 20 km west and down-flank of the Barryroe
     Field in the adjacent Licensing Option 12/04 (Providence 80%, Operator),
     was undertaken. This new analysis has highlighted a c. 300' gross
     interval of Upper Jurassic Tithonian aged hydrocarbon bearing sands with
     c. 70' of net pay, averaging 12% porosity. These sands, which were not
     tested at the time, may exist beneath the target depth (TD) of the
     current Barryroe wells, thereby adding even further resource potential to
     the known Barryroe Purbeckian and
     Wealden hydrocarbon bearing intervals.

     In addition, it is notable that the 48/22-1a well had to be prematurely
     abandoned having encountered a significant 14 pounds per gallon (ppg)
     pressure kick, with hydrocarbons circulated to surface from a glauconitic
     bearing Jurassic sandstone at TD, which was not logged due to operational
     constraints and safety issues. These data suggest that there could also
     be the potential for a further deeper Jurassic shallow water marine
     hydrocarbon bearing system below the Tithonian.

  * Farm out process
     Having issued the NSAI Resource CPR, the Company commenced an industry
     wide farm out campaign on Barryroe. Following an advisor selection
     process, Rothschild was appointed to advise the Company on this farm out
     process.

     Whilst confidentiality provisions and commercial considerations prohibit
     the identification of the companies involved in this process, interest
     levels have been high, with approximately a dozen companies having
     reviewed the data - with these companies representing a good cross
     section of leading, international E&P companies. Discussions are ongoing,
     with the Company working to conclude discussions over the coming months.

MULTI-BASIN DRILLING CAMPAIGN

The first half of the year saw a continuation of the Company's multi-well
drilling programme offshore Ireland - the only new drilling activities taking
place offshore Ireland. Following the successful appraisal drilling of the
Barryroe oil field in 2012, the Company continued with drilling operations at
the ExxonMobil operated Dunquin North exploration prospect in the southern
Porcupine Basin, the second well in the Company's $500 million, six well
drilling programme.

  * Dunquin North (PVR 16% Interest)
     Drilling operations on the Dunquin North exploration well, situated on
     the northern flank of the c. 700 sq km intra-basinal ridge system in the
     southern Porcupine Basin, were completed on 15^th July 2013, having
     reached a final total depth of c. 16,400 feet MDBRT. The primary Lower
     Cretaceous Dunquin target was encountered within the pre-drill depth
     prognosis and comprised a thick over-pressured carbonate reservoir
     system. The well was terminated having drilled a total thickness of c.
     800 feet of massive porous carbonate reservoir. Preliminary well analysis
     indicated the reservoir to be water bearing - however, petrophysical log
     interpretation, elevated gas levels, together with oil shows in sidewall
     cores over the upper 144 feet section of the reservoir, is interpreted to
     represent the presence of a residual oil column.

     As the first well to be drilled in this large deepwater basin, the
     results from the Dunquin North are a qualified technical success as they
     have demonstrated that all of the key components of a working petroleum
     system exist in the southern Porcupine Basin. As the largest acreage
     holder in the southern Porcupine Basin, with interests in Dunquin South
     (16%), Drombeg (80%) and Newgrange (40%) and Cuchulain (3.2%), the
     confirmation of an oil prone petroleum system, compared to the pre-drill
     gas prognosis, is very encouraging and further work is being carried out
     on in order to characterise this newly emerging petroleum system. Based
     on the extensive post well analysis being carried out, an application has
     been made to extend the second phase of this frontier exploration licence
     by 12 months to November 2014. This post well evaluation will shed
     important new insights on the adjacent Dunquin South prospect (c. 900
     MMBOE REC P50), as well as the nearby Drombeg, Newgrange and Cuchulain
     prospects.

  * Spanish Point (PVR 32% Interest)
     The third well in the planned programme is the Spanish Point appraisal
     well (100 MMBOE REC 2C), located in the northern Porcupine Basin. This
     well, which is currently scheduled to be drilled in early Q2 2014 using
     the Blackford Dolphin semi-submersible drilling rig, will be operated by
     Cairn Energy Plc. Cairn which, when it farmed into the Spanish Point
     licence acreage (FEL 2/04, FEL 4/08 & LO 11/2) in April 2013, assumed
     operatorship of the entire Spanish Point licence area. This appraisal
     well, which follows on from the original discovery well in the 1980s, is
     being drilled on 3D seismic (acquired in 2008) and is designed to
     establish flow rates and volumetric upside (estimated additional c. 100
     MMBOE REC). The partners have also elected to convert the adjacent LO
     11/2 (Spanish Point South) area into a Frontier Exploration Licence and
     are planning to acquire a c. 500 sq km 3D survey over the area.

  *2014 / 2015 Drilling
 In addition to the planned drilling at Spanish Point, works continue for the
 preparation of drilling activities on the remaining three wells in the
 current programme:
    *Dragon gas discovery (200 BCF REC 2C), St. George's Channel (PVR 100%
      interest)  - appraisal/development drilling in the summer of 2014; 
    *Polaris oil prospect (P50 STOIIP of 520 MMBO), Rathlin Basin (PVR 100%
      interest) -exploration drilling later in 2014/early 2015
    *Kish Bank oil prospect (250 MMBO REC P50). Irish Sea (PVR 50% interest)
      - exploration drilling later in 2014/early 2015
  Further appraisal/pre-development drilling may also be undertaken at the
  Barryroe oil project in the Celtic Sea Basin (PVR 80% interest), at the
  discretion of incoming farminees.
  As always, the timing of all planned drilling, site and seismic activities
  is based on relevant permit requirements and appropriate equipment
  availability/procurement.
OTHER FUTURE DRILLING OPPORTUNITIES

Looking further ahead, the Company continues to advance other prospects
towards future drilling. These include Drombeg in the Porcupine Basin,
Newgrange in the Goban Spur Basin and Pegasus in the St George's Channel
Basin.



  * Drombeg (PVR 80% interest)
     Currently held under Licensing Option 11/9, the 872 MMBO REC (P50)
     Drombeg oil prospect is the subject of farm in discussions with a number
     of international companies. The results of the offset Dunquin North well
     are extremely encouraging for the Drombeg prospect given the evidence of
     oil generation and entrapment in a similar aged section. In addition, the
     over-pressured reservoir conditions indicate that the shared Lower
     Cretaceous top seal, which is significantly thicker at Drombeg, is
     currently integral. Given these new data, together with the scale of this
     very large oil exploration opportunity, the Company and its partner,
     Sosina (20%), have elected to convert this Licensing Option into a
     Standard Exploration Licence and are planning to acquire a new 3D seismic
     survey over the prospect, prior to drilling.




  * Newgrange (PVR 40% interest)
     The Newgrange prospect, which is held under Licensing Option 11/11, is
     operated by Repsol (40%) with Providence (40%) and Sosina (20%). Similar
     to the Drombeg prospect, a decision has been taken to convert this
     Licensing Option into a Standard Exploration Licence with plans
     for further 2D seismic acquisition in advance of any exploratory
     drilling. The recent results from the Dunquin well have led to a
     re-appraisal of hydrocarbon type (from gas to oil) with volumetric
     quantification currently under review.

  * Pegasus (PVR 100% interest)
     The Pegasus prospect, in which Providence currently holds a 100% equity
     stake, is being prepared for exploration drilling in 2015. This large gas
     prospect (250 BCF GIIP) would benefit from any infrastructure established
     for the planned development of the adjacent Dragon gas field. The Company
     is undertaking a farm out process for all of its assets in the St
     George's Channel.

  * Other Celtic Sea Assets (PVR c. 72.5% interest)
     The Company is in various stages of discussions on the potential to farm
     out its other Celtic Sea assets, including Hook Head (PVR 72.5%
     interest), Dunmore (PVR 72.5% interest) and Helvick (PVR 62.5% interest).
     The success of any of these farm outs are contingent on commercial terms
     being satisfactorily agreed and the approval of partners and regulatory
     authorities.

  * Atlantic Margin
     Finally, as part of its ongoing analysis of the conjugate Atlantic Margin
     plays, especially following on from the technical results from the
     Dunquin North well, a number of new opportunities are being evaluated on
     the Atlantic Margin, both in Ireland and further afield. 

OVERVIEW OF FINANCIALS

SALE OF ONSHORE UK ASSETS TO IGAS ENERGY PLC

On September 28^th 2012, the Company announced that it had entered into an
agreement with IGas Energy Plc to divest its UK onshore production and
development assets (Singleton, Baxter's Copse and Burton Down) for a total
gross consideration of US$ 66 million. This transaction, which closed in
February 2013, allowed for the repayment of all outstanding indebtedness to
Deutsche Bank of $44 million, leaving the balance of the gross sale proceeds
of US$ 22 million available for general working capital purposes. The
transaction resulted in the Company being debt free.

FINANCIAL RESULTS - HALF YEAR ENDED JUNE 30^th, 2013

  *With the divestment of the UK onshore operations, the financial results
    for the half year ended June 30^th 2013 now show only continuing
    operations. As such, the divested UK onshore activities are now shown as
    "discontinued operations" and, accordingly, the comparative 2012 results
    are shown as re-presented. 
  *From an income statement perspective, the Company showed a profit of
    €1.328 million versus a prior year loss of €33.295 million (with most of
    the gain due to the sale of Singleton of €6.095 million).
  *Cash (& cash equivalents) at June 30th was €23.817 million with the
    closing reconciliation of the sale of the UK onshore assets to IGas
    generating an additional €1.2 million cash payment (received in July
    2013).
  *The loss per share from continuing activities was 5.65 cents compared to
    11.45 cents in 2012.
  *The reported profit per share was 2.06 cents compared to a loss of 60.40
    cents in 2012.
  *Over the past 2 years, the Company has reduced debt levels by c €75
    million and the Company is now debt free.

                                LIST OF ASSETS
          Asset                Basin        Operator     %          Type
         IRELAND
Barryroe                  Celtic Sea       Providence  80.0%  Oil development
Hook Head                 Celtic Sea       Providence  72.5%  Oil and gas
                                                              discovery
Dunmore                   Celtic Sea       Providence  72.5%  Oil discovery
Helvick                   Celtic Sea       Providence  62.5%  Oil and gas
                                                              discovery
Kish Bank                 Kish Bank        Providence  50.0%  Oil and gas
                                                              exploration
ULYSSES                   Kish Bank        EIRGAS      50.0%  Gas storage
                                                              evaluation
Kylemore                  Slyne Basin      Providence  66.6%  Gas exploration
Shannon                   Slyne Basin      Providence  66.6%  Gas exploration
Spanish Point             Main Porcupine   Cairn       32.0%  Oil and gas
                                                              development
Burren                    Main Porcupine   Cairn       32.0%  Oil discovery
Wilde/Beehan              Main Porcupine   Cairn       32.0%  Oil and gas
                                                              exploration
Cama (North and South)    Main Porcupine   Cairn       32.0%  Oil and gas
                                                              exploration
Rusheen (North and South) Main Porcupine   Cairn       32.0%  Oil and gas
                                                              exploration
Costelloe (Main, North    Main Porcupine   Cairn       32.0%  Oil and gas
and South)                                                    exploration
Shaw                      Main Porcupine   Cairn       32.0%  Oil and gas
                                                              exploration
Synge                     Main Porcupine   Cairn       32.0%  Oil and gas
                                                              exploration
Spanish Point South       Main Porcupine   Cairn       32.0%  Oil and gas
                                                              exploration
Dunquin North             South Porcupine  ExxonMobil  16.0%  Oil exploration
Dunquin South             South Porcupine  ExxonMobil  16.0%  Oil exploration
Drombeg                   South Porcupine  Providence  80.0%  Oil exploration
Cuchulain                 South Porcupine  ENI         3.2% Oil and gas
                                                              exploration
Newgrange                 Goban Spur       Repsol      40.0%  Oil and gas
                                                              exploration
Pegasus                   St George's      Providence 100.0%  Oil and gas
                          Channel                             exploration
Orpheus                   St George's      Providence 100.0%  Oil and gas
                          Channel                             exploration
Dionysus                  St George's      Providence 100.0%  Oil and gas
                          Channel                             exploration
Dragon                    St George's      Providence 100.0%  Gas development
                          Channel
Note:
EIRGAS is a wholly owned subsidiary of Providence

UNITED KINGDOM
Polaris      Rathlin, N. Ireland  Providence  100.0%  Oil and gas exploration
Dragon       St Georges Channel   Providence  100.0%  Gas development
Note:
Dragon sits c. 75% in Irish territorial waters/c. 25% in UK territorial waters

PROVIDENCE RESOURCES P.l.c.
Condensed consolidated income statement
For the 6 months ended 30 June 2013

                             Notes 6 months ended 6 months ended Year ended 31
                                    30 June 2013   30 June 2012  December 2012
                                     Unaudited      Unaudited       Audited
                                       €'000          €'000          €'000
Continuing operations
Administration expenses                   (3,327)        (3,493)       (3,937)
Pre-licence expenditure                       (8)              -             -
Impairment of exploration,                     -              -       (1,495)
evaluation
and production assets
Operating loss                 1          (3,335)        (3,493)       (5,432)
Finance income                                 61            178           494
Finance expense                3            (260)        (2,999)       (3,295)
Loss before income tax                    (3,534)        (6,314)       (8,233)
Income tax expense                          (109)              -             -
Loss from continuing                      (3,643)        (6,314)       (8,233)
operations
Profit / (loss) from           2            4,971       (26,981)      (15,950)
discontinued operations (net
of income tax)
Profit / (loss) for the                     1,328       (33,295)      (24,183)
period
Loss per share (cent) -
continuing operations
Basic loss per share           8           (5.65)        (11.45)       (13.51)
Diluted loss per share         8           (5.65)        (11.45)       (13.51)
Profit / (loss) per share
(cent) - discontinued
operations
Basic profit/ (loss) per                     7.71        (48.95)       (26.17)
share
Diluted profit / (loss) per                  7.71        (48.95)       (26.17)
share
Profit / (loss) per share
(cent) - total
Basic profit/ (loss) per                     2.06        (60.40)       (39.68)
share
Diluted profit / (loss) per                  2.06        (60.40)       (39.68)
share

    
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2013

                                6 months ended 30 6 months ended Year ended 31
                                    June 2013      30 June 2012  December 2012
                                    Unaudited       Unaudited       Audited
                                      €'000           €'000          €'000
Profit / (loss) for the                     1,328       (33,295)      (24,183)
financial period
Foreign exchange translation                4,783        (1,770)          (97)
differences
Net change in fair value of                     -              -         2,305
cash flow hedges transferred to
income statement
Cashflow hedges - net fair                      -              -             -
value loss
               -                 -              -         3,407
related deferred tax
Total income and expense                    4,783        (1,770)         5,615
recognised in other
comprehensive income
Total comprehensive income                  6,111       (35,065)      (18,568)
/(expense) for the period

The total recognised expense for the period is entirely attributable to equity
holders of the Company.

PROVIDENCE RESOURCES P.l.c.
Consolidated statement of financial position
As at 30 June 2013

                                   Notes 30 June 2013 30 June 2012 31 December
                                          Unaudited    Unaudited      2012
                                            €'000        €'000       Audited
                                                                      €'000
Assets
Exploration and evaluation assets    4         74,244       53,621      67,076
Development and production assets    5              -       39,615           -
Property, plant and equipment                      43           27          42
Derivative instruments                              -        5,795           -
Deferred tax                                        -        4,749           -
Total non-current assets                       74,287      103,807      67,118
Trade and other receivables                     4,880       22,267       4,005
Derivative instruments                              -        1,433           -
Restricted cash                                     -        3,473           -
Cash and cash equivalents                      23,817       41,145      16,831
Total                                          28,697       68,318      20,836
Assets classified as held for sale                  -            -      43,852
Total currents assets                          28,697       68,318      64,688
Total assets                                  102,984      172,125     131,806
Equity
Share capital                        6         18,137       18,123      18,136
Capital conversion reserve fund                   623          623         623
Share premium                        6        210,049      209,589     209,975
Singleton revaluation reserve                       -        2,559       2,471
Convertible bond - equity portion                   -          673           -
Foreign currency translation                    1,031      (5,425)     (3,752)
reserve
Share based payment reserve                     6,083        4,512       4,942
Cashflow hedge reserve                              -      (1,124)           -
Retained deficit                            (162,969)    (174,897)   (164,297)
Total equity attributable to                   72,954       54,633      68,098
equity holders of the Company
Liabilities
Loans and borrowings                 7              -       24,520           -
Decommissioning provision                       4,975        5,525       4,738
Deferred tax                                        -       28,319           -
Derivative instruments                              -            -           -
Total non-current liabilities                   4,975       58,364       4,738
Trade and other payables                       25,055       39,610      23,445
Loans and borrowings                 7              -       11,017           -
Derivative instruments                              -        8,501           -
Total                                          25,055       59,128      23,445
Liabilities classified as held for                  -            -      35,525
sale
Total current liabilities                      25,055       59,128      58,970
Total liabilities                              30,030      117,492      63,708
Total equity and liabilities                  102,984      172,125     131,806

PROVIDENCE RESOURCES P.l.c.
Consolidated statement of changes in Equity
For the 6 months ended 30 June 2013

                       Capital                                             Conver-
                        Con-           Singleton Foreign                    tible
                       version  Share    Re-    Currency  Share           Bond -
                Share  Reserve  Prem-  valuation  Trans-   Based  Warrants equity  Cashflow Retained
               Capital Fund     ium            lation  Payment         portion  Hedge    Deficit   Total
                €'000   €'000  €'000    €'000    €'000    €'000   €'000    €'000   €'000     €'000    €'000
At 1 January
2013            18,136     623 209,975     2,471  (3,752)   4,942        -       -        - (164,297)   68,098
Profit for
financial
period               -       -       -         -        -       -        -       -        -     1,328    1,328
Currency
translation          -       -       -         -    4,783       -        -       -        -         -    4,783
Cashflow hedge       -       -       -         -        -       -        -       -        -         -        -
Total
comprehen-sive
income               -       -       -         -    1,031       -        -       -        - (162,969)   74,209
Transactions
with owners,
recorded
directly in
equity
Share based
payment              -       -       -         -        -   1,141        -       -        -         -    1,141
Transfer to
P&L -
Singleton sale       -       -       -   (2,471)        -       -        -       -        -         -  (2,471)
Shares issued
in year              1       -      74         -        -       -        -       -        -         -       75
At 30 June
2013            18,137     623 210,049         -    1,031   6,083        -       -        - (162,969)   72,954
At 1 January
2012            16,668     623 130,548     2,650  (3,655)   4,368    5,641   2,333  (2,305) (148,994)    7,877
Loss for
financial
period               -       -       -         -        -       -        -       -        -  (33,295) (33,295)
Currency
translation          -       -       -         -  (1,770)       -        -       -        -         -  (1,770)
Cashflow hedge       -       -       -         -        -       -        -       -    1,181         -    1,181
Total
comprehend
sive income          -       -       -         -  (5,425)       -        -       -  (1,124) (182,289) (26,007)
Transactions
with owners,
recorded
directly in
equity
Shares issued
in period        1,315       -  72,281         -        -       -        -       -        -         -   73,596
Share based
payments             -       -       -         -        -     144        -       -        -         -      144
Transfer from
Singleton
revaluation
reserve              -       -       -      (91)        -       -        -       -        -        91        -
Warrants
redemption         140       -   6,760         -        -       -  (5,641)       -        -     5,641    6,900
Bond
redemption           -       -       -         -        -       -        - (1,660)        -     1,660        -
At 30 June
2012            18,123     623 209,589     2,559  (5,425)   4,512        -     673  (1,124) (174,897)   54,633
At 1 January
2012            16,668     623 130,548     2,650  (3,655)   4,368    5,641   2,333  (2,305) (148,994)    7,877
Loss for
financial year       -       -       -         -        -       -        -       -        -  (24,183) (24,183)
Currency
translation          -       -       -         -     (97)       -        -       -        -         -     (97)
Cashflow hedge       -       -       -         -        -       -        -       -    2,305         -    2,305
Total
comprehensive
income               -       -       -         -  (3,752)       -        -       -        - (173,177) (14,098)
Transactions
with owners,
recorded
directly in
equity
Shares issued
in year          1,314       -  72,415         -        -       -        -       -        -         -   73,729
Share based
payments             -       -       -         -        -   1,301        -       -        -         -    1,301
Share options
exercised in
year                14       -     252         -        -   (238)        -       -        -       238      266
Share options
forfeited in
year                 -       -       -         -        -   (489)        -       -        -       489        -
Transfer from
Singleton
revaluation
reserve              -       -       -     (179)        -       -        -       -        -       179        -
Warrants
redemption         140       -   6,760         -        -       -  (5,641)       -        -     5,641    6,900
Bond
redemption           -       -       -         -        -       -        - (2,333)        -     2,333        -
At 31 December
2012            18,136     623 209,975     2,471  (3,752)   4,942        -       -        - (164,297)   68,098

PROVIDENCE RESOURCES P.l.c.
Consolidated statement of cash flows 
For the 6 months ended 30 June 2013

                                   6 months ended 6 months ended Year ended 31
                                    30 June 2013   30 June 2012  December 2012
                                     Unaudited      Unaudited       Audited
                                       €'000          €'000          €'000
Cash flows from operating
activities
Loss before income tax for the            (3,534)        (7,642)       (8,233)
year - continuing operations
Profit/(loss) before income tax             4,971       (22,088)      (36,524)
for the year - discontinuing
operations
Profit/ (loss) before income tax            1,437       (29,730)      (44,757)
for the period
Adjustments for:
Depletion and depreciation                    309          1,794         2,755
Gain on sale of discontinued              (6,095)              -             -
operation
Abandonment provision                           -            365            34
Impairment of exploration and                   8              -         1,495
evaluation assets
Impairment of production and                    -         28,298        32,357
development assets
Finance income                               (61)          (178)         (494)
Finance expense                               260          2,044        16,369
Equity settled share based                  1,141            144         1,247
payment charge
Foreign exchange                            2,795        (3,425)         (507)
Change in trade and other                   (875)       (15,641)       (3,782)
receivables
Change in restricted cash                       -         14,018        16,581
Change in trade and other payables          1,610         11,959       (2,696)
Interest paid                               (363)        (4,537)       (6,712)
Hedge repayments                             (37)          (581)         (297)
Net cash inflows from operating               129          4,530        11,593
activities
Cash flows from investing
activities
Interest received                              61            178           494
Acquisition of exploration and            (7,176)       (17,407)      (31,755)
evaluation assets
Acquisition of development and                  -       (22,177)      (27,202)
production assets
Acquisition of property, plant and              -              -          (38)
equipment
Disposal of development and                     -          4,610         4,610
production assets - AJE
Disposal of discontinued operation         15,894              -             -
Net cash from investing activities          8,779       (34,796)      (53,891)
Cash flows from financing
activities
Proceeds from issue of share                   76         84,407        84,797
capital
Share capital issue costs                       -        (3,911)       (3,902)
Repayment of loans and borrowings         (1,564)       (28,027)      (44,273)
Proceeds from drawdown of loans                 -              -         4,077
and borrowings
Net cash from financing activities        (1,488)         52,469        40,699
Net increase/(decrease) in cash             7,420         22,203       (1,599)
and cash equivalents
Cash and cash equivalents at 1             16,831         18,563        18,563
January
Effect of exchange rate                     (434)            379         (133)
fluctuations on cash and cash
equivalents
Cash and cash equivalents at 30            23,817         41,145        16,831
June

PROVIDENCE RESOURCES P.l.c.
Note 1
Segment Reporting

                                6 months ended 30 6 months ended Year ended 31
                                    June 2013      30 June 2012  December 2012
                                    Unaudited       Unaudited       Audited
                                      €'000           €'000          €'000
Segment net (loss) for the
period
UK - exploration assets                       782              -             -
Republic of Ireland -                       (268)          (275)       (1,495)
exploration assets
US - assets                                    29          (862)             -
Corporate expenses                        (3,878)        (2,356)       (3,937)
Operating loss for the period             (3,335)        (3,493)       (5,432)
Segment assets
UK - producing assets -                         -         46,098        43,852
classified as held for sale
UK - exploration assets                     1,160              -           933
Republic of Ireland -                      77,770         70,067        69,129
exploration assets
US                                            138            260           155
Group assets                               23,916         55,700        17,737
Total assets                              102,984        172,125       131,806
Segment Liabilities
UK - producing - classified as                  -       (31,280)      (35,525)
held for sale
UK - exploration                            (382)              -             -
Republic of Ireland -                    (28,220)       (27,288)      (27,183)
exploration
US                                          (116)          (772)         (252)
Group liabilities                         (1,312)       (58,152)         (748)
Total Liabilities                        (30,030)      (117,492)      (63,708)
Capital Expenditure
UK - producing assets -                         -         22,177        27,202
classified as held for sale
UK - exploration assets                       293              -           774
Republic of Ireland -                       6,883         17,407        30,981
exploration assets
Republic of Ireland - property,                 -              -            38
plant and equipment
Total Capital Expenditure                   7,176         39,584        58,995
Depletion and decommissioning
charge
UK - producing assets                           -          1,633         2,727
(discontinued operations)
Republic of Ireland -                           -              -            34
exploration assets
                                                -          1,633         2,761
Impairment charge
Republic of Ireland -                           8              -         1,495
exploration assets
UK - development and production                 -         28,298        32,357
assets
                                                8         28,298        33,852

PROVIDENCE RESOURCES P.l.c.
Note 2
Discontinued Operations

                                   6 months ended 6 months ended Year ended 31
                                    30 June 2013   30 June 2012  December 2012
                                     Unaudited      Unaudited       Audited
                                       €'000          €'000          €'000
Results of discontinued operations
Revenue                                     2,411          7,746        15,642
Cost of sales                               (615)        (3,316)       (5,454)
Gross profit                                1,796          4,430        10,188
Administration expenses                     (179)          (503)       (1,281)
Impairment of assets                            -       (28,298)      (32,357)
Results from operating activities           1,617       (24,371)      (23,450)
Finance expense                           (2,741)            955      (13,074)
Results from operating activities         (1,124)       (23,416)      (36,524)
before tax
Income tax (charge)/credit                      -        (3,565)        20,574
Results from operating activities         (1,124)       (26,981)      (15,950)
after tax
Profit on sale of discontinued              6,095              -             -
operations
Profit / (loss) for the period              4,971       (26,981)      (15,950)
Basic profit/(loss) per share                7.71        (48.95)       (26.17)
Diluted profit / (loss) per share            7.71        (48.95)       (26.17)
Cashflow from discontinued
operations
Net cash from operating activities          1,496          7,268         9,726
Net cash from investing activities         51,420       (22,177)      (27,202)
Net cash from financing activities       (37,090)        (4,918)       (5,931)
Net cash flows for the period              15,826       (19,827)      (23,407)

Held for sale assets and liabilities

Assets
Development and production assets - - 38,986
Derivative instruments            - -  2,163
Trade and other receivables       - -  1,793
Cash and cash equivalents         - -    910
                                  - - 43,852
Liabilities
Loans and borrowings              - - 31,725
Decommissioning provision         - -    869
Deferred tax                      - -  1,421
Trade and other payables          - -  1,510
                                  - - 35,525

PROVIDENCE RESOURCES P.l.c.
Note 3
Finance Expense

                                   6 months ended 6 months ended Year ended 31
                                    30 June 2013   30 June 2012  December 2012
                                     Unaudited      Unaudited       Audited
                                       €'000          €'000          €'000
Interest expense                                -          2,724         3,021
Unwinding of discount on                      260            275           274
decommissioning provision
Total finance expense                         260          2,999         3,295
Recognised directly in equity
Foreign currency differences on             4,783        (1,770)          (97)
foreign operations
Net change in fair value of                     -              -         2,305
cashflow hedge transferred to
income statement
Finance income / (expense)                  4,783        (1,770)         2,208
recognised directly in equity

PROVIDENCE RESOURCES P.l.c.
Note 4
Exploration and evaluation assets

                                    Republic of Ireland  UK    Total
                                           €'000        €'000  €'000
Cost and book value
At 1 January 2012                                36,214     -  36,214
Additions                                        18,847     -  18,847
Cash calls received in period                   (2,054)     - (2,054)
Administration expenses capitalised                 614     -     614
At 30 June 2012                                  53,621     -  53,621
At 1 January 2012                                36,214     -  36,214
Additions                                        35,344   551  35,895
Administration expenses capitalised               1,144   223   1,367
Cash call received in year                      (5,507)     - (5,507)
Impairment charge                               (1,495)     - (1,495)
Increase in abandonment provision                   602     -     602
At 31 December 2012                              66,302   774  67,076
At 31 December 2012                              66,302   774  67,076
Additions                                         6,188   175   6,363
Administration expenses capitalised                 695   118     813
Impairment charge                                   (8)     -     (8)
At 30 June 2013                                  73,177 1,067  74,244

PROVIDENCE RESOURCES P.l.c.
Note 5
Development and production assets

                                    UK
                                  €'000
Cost
At 1 January 2012                  61,833
Additions                          21,972
Administration expenses               205
Exchange rate adjustment            1,764
At 30 June 2012                    85,774
At 1 January 2012                  61,833
Additions                          27,144
Transfer to held for sale        (90,282)
Administration expenses                58
Exchange rate adjustment            1,247
At 31 December 2012                     -
At 1 January 2013                       -
Additions                               -
Administration expenses                 -
Exchange rate adjustment                -
At 30 June 2013                         -
Depletion
At 1 January 2012                  15,674
Charge for the year                 1,633
Impairment of assets               28,298
Exchange rate adjustment              554
At 30 June 2012                    46,159
At 1 January 2012                  15,674
Charge for the year                 2,727
Impairment of assets               32,357
Transfer to held for sale assets (51,296)
Exchange rate adjustment              538
At 31 December 2012                     -
At 1 January 2013                       -
Charge for the period                   -
Impairment of assets                    -
Exchange rate adjustment                -
At 30 June 2013                         -
Net book value
At 30 June 2013                         -
At 31 December 2012                     -
At 30 June 2012                    39,615

PROVIDENCE RESOURCES P.l.c.
Note 6
Share Capital and Share Premium

                                            Number
Authorised:                                  '000          €'000
At 1 January and 30 June 2011
Deferred shares of €0.011 each               1,062,442        11,687
Ordinary shares of €0.10 each                  123,131        12,313
                                  Number Share Capital Share Premium
Issued:                            '000      €'000         €'000
Deferred shares of €0.011 each    10,624        12,750         5,691
Ordinary share of €0.10 each      49,809         4,981       124,857
At 1 January 2012                 49,809        16,668       130,548
Shares issued                     13,149         1,315        76,183
Share issue costs                      -             -       (3,902)
Warrants exercised in period       1,400           140         6,760
At 30 June 2012                   64,358        18,123       209,589
Share options exercised in period    140            14           386
At 31 December 2012               64,498        18,136       209,975
Share options exercised in period     15             1            74
At 30 June 2013                   64,513        18,137       210,049

PROVIDENCE RESOURCES P.l.c.
Note 7
Loans and Borrowings

                          Deutsche    Deutsche     Convertible       Total
                          bank loan  bank loan         Bond
                          facility      fees
                            €'000      €'000          €'000          €'000
At 1 January 2012            39,151        (786)           33,447       71,812
Written off to income       (1,393)           68              679        (646)
statement
Repaid during year          (4,918)            -         (23,109)     (28,027)
Foreign exchange                921         (22)                -          899
At 30 June 2012              33,761        (740)           11,017       44,038
At 1 January 2012            39,151        (786)           33,447       71,812
Drawn down in year            4,077            -                -        4,077
Repaid during year         (10,008)            -         (34,265)     (44,273)
Written off to income             -          135              818          953
statement
Foreign exchange              (825)         (19)                -        (844)
Transfer to held for sale  (32,395)          670                -     (31,725)
liabilities
At 31 December 2012               -            -                -            -
Repaid during period              -            -                -            -
Foreign exchange                  -            -                -            -
At 30 June 2013                   -            -                -            -
Analysed as follows:                30 June 2013 31 December 2012 30 June 2012
Non-Current                            €'000          €'000          €'000
Credit facility (prepaid                       -                -       24,520
swap)
Revolving credit facility                      -                -            -
Convertible bond                               -                -            -
Total                                          -                -       24,520
Current
Credit facility (prepaid                       -                -        8,501
swap)
Convertible bond                               -                -       11,017
Total                                          -                -       19,518
At end of period                               -                -       44,038

PROVIDENCE RESOURCES P.l.c.
Note 8
Earnings per share

                                    30 June 2013 30 June 2012 31 December 2012
                                     Unaudited    Unaudited       Audited
                                       €'000        €'000          €'000
Loss attributable to equity holders      (3,643)      (6,314)          (8,233)
of the company from continuing
operations
The basic weighted average number
of Ordinary share in issue
In issue at beginning of year             64,498       49,809           49,809
Adjustment for shares issued in                -        5,310           11,144
period
Weighted average number of ordinary       64,498       55,119           60,953
shares
Basic loss per share (cent)               (5.65)      (11.45)          (13.51)
The weighted average number of
ordinary shares for diluted
earnings per share calculated as
follows:
Weighted average number of ordinary       64,498       55,119           60,953
shares
Diluted loss per share (cent)             (5.65)      (11.45)          (13.51)

There is no difference between the loss per ordinary share and the diluted
loss per share for the current period as all potentially dilutive ordinary
shares outstanding are anti-dilutive.

PROVIDENCE RESOURCES P.l.c.
Note 9
Related party transactions

(a) Mr. Tony O'Reilly Jnr, has through Kildare Consulting Limited, a company
    beneficially owned by him, renewed a contract for the provision of service
    to the company outside the Republic of Ireland effective 1 September 2013.
    The amount paid under the contract from 1 January to 30 June 2013 is
    €222,525.
(b) The contract referred to in Note 9 (a) above is of two years duration and
    is subject to one year's notice period.

PROVIDENCE RESOURCES P.l.c.
Note 10
Commitments

The Group has capital commitments of approximately €9.3m to contribute to its
share of costs of exploration, evaluation and production activities for the
next 6 months.

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