Providence Resources' License Term Extended for Apollo Prospect

Providence Resources and IEX (Dublin) has been granted an extension to the term of its Licensing Option 05/3 in the St George's Channel, offshore Ireland by the Minister of the Minister of Communications, Energy and Natural Resources.

Licensing Option 05/3, where Providence currently holds a 100% working interest, contains the large Apollo oil exploration prospect. The Apollo prospect is a large Jurassic tilted fault-block located in the southwest part of the St. George's Channel Basin and is c. 60 km from the recent Hook Head appraisal well, which is currently the subject of an ongoing testing program. The Licensing Option extension goes to March 31st, 2008.

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