Providence Secures Rig Slot for Irish Drilling Program

Providence Resources has reached agreement with Island Oil & Gas for the provision of the semisubmersible Petrolia in 2007. In April 2006, Island announced that it had contracted a 150 day drilling program. Under the terms of an agreement reached between Island and Providence, Island will assign 1 firm drilling slot to Providence in 2007. This will allow Providence to progress its drilling plans offshore Ireland for 2007, further details of which will be announced in the coming months. A further slot may become available in 2007 depending on the duration of the respective drilling programs being carried out by the two companies.

Separately, Providence and Island have agreed that they will work together to develop a common strategy report for the joint development of the companies' Celtic Sea oil assets based on a shared floating production facility. This report will be undertaken at Providence's cost and will be based on the extensive work Providence has conducted on floating facilities in the Celtic Sea, suitably modified to take into account the differing reservoirs for joint development purposes and economic savings. The assets to be included in this study incorporate each company's Celtic Sea oil assets.

Commenting on today's announcements, Tony O'Reilly jnr, Chief Executive of Providence, said:
'We are delighted to have reached agreement with Island to secure a rig slot in 2007, utilizing the Petrolia. This now allows Providence to progress its drilling plans offshore Ireland for 2007, further details of which will be announced in the coming months.

Paul Griffiths, Chief Executive of Island said:
'The assignment of one rig slot allows Island to share the high costs of mobilization / de-mobilization. We are also delighted to have reached agreement with Providence on a joint development study for the oil assets in the Celtic Sea. The combination of our respective experience and technical know how should allow us to further progress the portfolio of oil assets in the Celtic Sea'.

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