Providence: More Appraisal Activity at Blackrock

Providence has engaged the services of Gardline Surveys to utilize Ocean Bottom Seismic (OBS) technology over the next potential well location on the Blackrock structure.

It is planned for the survey to be carried out during Q4 2006 over blocks 48/30 & 49/26 in the Celtic Sea, offshore southern Ireland. The survey will be performed by the University of Durham, which is part of the Ocean Bottom Instrumentation Consortium (OBIC), who specialize in the utilization of this innovative technology.

OBS technology, a highly advanced surveying technique, has been demonstrated to be effective in assessing hydrocarbon fluids within structures where there are existing well control points. This is the first time that the highly advanced OBS technology has been deployed as part of the search for oil in the Celtic Sea. The technique is based on placing the hydrophone sensors, which are normally towed near the sea surface, on the seabed, which greatly increases the amount of data acquired. In the case of Blackrock, Providence has two control points comprising of the two existing wells on either flank of the structure.

Commenting on today's announcement, Tony O'Reilly Jnr, Chief Executive of Providence Resources P.l.c. said:

"We expect that this groundbreaking technology will help to further assess the extent of the Blackrock discovery. The results should allow us to better define the magnitude of the structure and assist with identifying potential drilling and development locations.

"The successful use of this highly advanced technology will not only benefit Providence's Blackrock field, but it should also provide an economic means of evaluating other Celtic Sea assets"