Providence Secures Capital for Drilling Programme (Ireland)

At the Extraordinary General Meeting of Providence Resources P.l.c., held on Friday, 27th April 2012 to approve the Placing of 13,148,930 new Ordinary Shares (as originally announced on 2nd April 2012), the special resolution considered and voted upon by the shareholders was approved.

Commenting after the Extraordinary General Meeting, Mr. Tony O’Reilly, CEO, stated:

“I am delighted with the passing of today’s resolution as it provides capital to allow the Company to redeem the convertible bond as well as providing additional capital to finance the ongoing multi-basin drilling programme of oil and gas prospects, offshore Ireland and onshore UK. I would like to express our thanks to shareholders for their support of this drilling programme, which has already far exceeded expectations with the very positive results from the recent Barryroe well, the first well of the six well programme”.

Providence Resources Plc is an Irish based oil and gas exploration company whose shares are traded on the London AIM market and on Dublin’s ESM market. Providence’s portfolio of production, appraisal and exploration assets includes licence interests in Ireland (offshore) and the United Kingdom (onshore & offshore). In 2011, Providence, along with its partners, commenced a circa $500 million multi-year drilling programme on a number of exploration and development wells in 6 different basins offshore Ireland. This programme represents the largest drilling campaign ever carried out offshore Ireland.

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Source: Providence Resources, April 27, 2012