Providence Resources

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Address
Airfield House
Airfield Park
Donnybrook.
Dublin 4
Ireland
Tel +353 1 2194074
Fax +353 1 2194006
Web http://www.providenceresources.com

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Capex

Future Plans

2008 Drilling

Providence is actively planning for further drilling in 2008. The biggest issue, as it is for all oil and gas E&P companies, is the securing of drilling vessels and this is no different for Providence. Obviously, the testing results from Hook Head will influence future drilling decisions in the Celtic Sea, but the Company is already examining opportunities to secure drilling vessels for a multi-well development drilling programme for 2008.

Off the west coast of Ireland, Providence is seeking to secure, from the market, a drilling vessel capable of appraisal drilling at Spanish Point. Drilling decisions regarding Dunquin and/or the Goban Spur Basin drilling will be taken by ExxonMobil, Sosina and the Providence.

Overseas, the partners in the East Irish Sea have agreed, subject to rig, to drill Crosby in 2008. In West Africa, Providence continues to discuss how best to advance drilling opportunities there and will report back when decisions have been made. Finally, in pursuit of incremental production from existing producing fields, Providence is currently looking at drilling additional wells at Singleton and in the Gulf of Mexico, as well as looking at possible new opportunities in the region.

Production

The Company’s current strategy to increase production to an initial target of 2,000 barrels of oil equivalent per day (BOEPD) took a big step forward in the first half of 2007. In April, Providence announced that it had reached agreement to acquire the majority stake (79.125%) of the Singleton field, where the Company has previously held a 20% stake for the past 17 years. This acquisition is a key stepping stone for the Company to achieve its production objectives and should initially contribute to Providence, on a projected annualised basis, over 600 BOEPD*. Further optimisation opportunities, including monetising some of the associated gas production that is currently being flared, will also yield opportunities for increased production volumes, as will the deployment of enhanced oil recovery techniques.
(*including associated gas production)

Reserves

Who's Who

Dr. Brian Hillery, B. Comm, MBA, PhD
Chairman
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Tony O'Reilly Jnr., BA
Chief Executive
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John O'Sullivan, B.Sc., M.Sc.,
Exploration Manager
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Lex Gamble
Non Executive Director
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Peter Kidney
Non Executive Director
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James S.D. McCarthy
Non Executive Director
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Dr Philip Nolan
Non Executive Director
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Michael Graham
Secretary
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Barry Ridley
Commercial Manager
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Andrew Rawlinson
Operations Geologist
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Fergus Roe
Operations Co-ordinator
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Philip
Finance Director
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Offices

Ireland
Head Office
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