Providence Confirms AJE Appraisal Well Drilling Offshore Nigeria

Following a recent Providence AJE Operating Committee meeting, the drilling of a further well on the AJE Field, located in OML113, offshore Nigeria has now been confirmed.

The AJE partnership is composed of Yinka Folawiyo Petroleum Company Limited ('YFP'), the Operator, Chevron Nigeria Deepwater H Limited ('CNDL'), Vitol Exploration Nigeria Limited ('Vitol'), Energy Equity Resources Aje Limited ('EER') and P.R. Oil and Gas Nigeria Limited ('Providence'). Drilling operations will be supervised by Chevron in its capacity as Technical Advisor to the Operator.

The AJE 4 well has been designed to fully appraise the hydrocarbon-bearing potential of the AJE structure. It is planned that that drilling will take place mid Q1 of 2008. Further announcements in relation to this drilling programme are expected early in 2008.

"We are delighted to be able to confirm the drilling of the AJE-4 appraisal well," said CEO Tony O’Reilly. "This is an important well as it will allow us to further assess the ultimate reserve potential of the AJE Field."