Providence Starts Up ULYSSES Project Offshore Ireland

Providence Resources plc has commenced the ULYSSES Project, a study to evaluate the carbon sequestration
and natural gas storage potential of the Kish Bank Basin, offshore Ireland. The study is being carried out on a 50/50 joint venture basis with Star Energy Group plc, which is a wholly-owned subsidiary of Petronas, the Malaysian National Oil Company. Star Energy is a leading UK gas storage company, with gas storage developments both onshore and offshore United Kingdom and Western Europe.

Providence and Star Energy were recently awarded a three year Licensing Option over eight blocks in the Kish Bank Basin by the Irish Government Department of Energy, Communications & Natural Resources. The agreed work program will focus on the oil and gas exploration potential of the basin while the ULYSSES Project will
specifically assess the potential for underground saline reservoirs in the Kish Bank Basin to be used as sites for CO2 sequestration as well as natural gas storage.

Tony O'Reilly, Chief Executive of Providence, said, "Providence has been evaluating various gas storage opportunities together with Star Energy since both companies entered into the Irish Gas Storage Memorandum of Understanding (MOU), as part of the Singleton transaction which was completed in 2007. The ULYSSES Project is the first of these opportunities that Providence and Star Energy have agreed to proceed with and is particularly exciting for Providence given its proximity to the city of Dublin, with its large carbon footprint.

"We look forward to working with the Star Energy, the leading UK gas storage player, in evaluating the potential of this project. If successful, we hope that the ULYSSES Project may contribute to reducing Ireland's carbon footprint as well as possibly increasing its natural gas storage capacity, both of which have been identified
by the Irish Government as strategic national energy objectives."

Roland Wessel, Chief Executive of Star Energy, said, "We are excited to be working with Providence on the ULYSSES Project which has the potential to be the first successful offshore carbon
sequestration project in both Ireland and the United Kingdom."


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