60 Merrion Road, Ballsbridge, Dublin 4

Telephone: +(353) 1 6675740 (8 lines) ; Fax: +(353) 1 6675743

PROVIDENCE RESOURCES P.l.c. (“Providence”)

LICENSING OPTION EXTENSION GRANTED FOR ENLARGED BLACKROCK PROSPECT AREA

Providence Resources P.l.c. is pleased to announce that the Petroleum Affairs Division (“PAD”) of the Department of Communications, Marine and Natural Resources has granted Providence and Midmar Energy Limited a 12-month extension of the “Blackrock” Licensing Option 03/1 to end 2004, whilst also increasing its total areal extent from c.600 sq. kms. to c.1,000 sq. kms.

The Licensing Option, which is operated by Providence, lies in the North Celtic Sea Basin off the south coast of Ireland and is adjacent to the Kinsale Head (Marathon) and Seven Heads (Ramco) gas fields.

During the 2003 initial term of the Licensing Option, Providence and Midmar identified significant hydrocarbon potential in five separate reservoir zones within the Blackrock structure. Based on analysis of the Blackrock work programme results, management estimates that the Blackrock prospect could contain an unrisked potential recoverable volume of up to 613 million barrels of oil.

In addition a number of nearby prospects and leads were identified, which have now been encompassed within the enlarged area of the Licensing Option extension thereby enhancing the Blackrock core area. A supplemental work programme has been agreed involving reservoir geophysics, productivity and geochemistry primarily focussed on the newly identified prospects and leads.

Meanwhile the industry farmout process on Licensing Option 03/1 continues as planned.

ENDS

December 23^rd 2003

For reference:

Providence Resources P.l.c.

Stephen Carroll / Tony Odone Tel: 00-353-1-6675740

Murray Consultants Limited

Pauline McAlester Tel: 00-353-1- 498 0300 / 00-353-87-2558300

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