Providence Commences Spanish Point 3D Seismic Offshore Ireland

Providence Resources plc

Providence Resources has commenced vessel mobilization operations for the Spanish Point 3D seismic survey in the Porcupine Basin, offshore Ireland. This 3D seismic survey program will cover a c.300 km2 area primarily over the Jurassic Spanish Point gas condensate discovery and is expected to take up to 60 days.

The survey acquisition contract was awarded to Bergen Oilfield Services AS and the survey will be acquired using the recently refitted BOS Angler 3D seismic survey vessel. Providence (56%) operates the Spanish Point license (FEL 2/04) on behalf of its partners Chrysaor E&P Ireland (30%) and Sosina Exploration (14%). The budgeted costs of this survey will be borne by Chrysaor, as part of the farm-out agreement announced on August 12, 2008.

The original 35/8-2 Spanish Point discovery well flowed c.1,000 BOPD and c. 5 MMSCFGPD from one of four logged hydrocarbon bearing intervals. Third party modeling of these well data has suggested that an optimally placed and stimulated development well could flow at significantly higher rates from all hydrocarbon bearing intervals.

The partners consider that the acquisition of a 3D seismic survey over Spanish Point is vital in order to further enhance the detailed
understanding of the reservoir, as well as to optimize potential future well placement. The survey has also been designed to accommodate future time lapse 3D seismic surveying, which has been demonstrated to be particularly effective in monitoring fluid
movement during field production.