Commencement of Trading onAIM

24 Jun 2005 09:00

Providence Resources PLC24 June 2005 Providence Resources P.l.c. 24 June 2005 Providence Resources P.l.c. ("Providence" or "the Company") FIRST DAY OF DEALINGS ON LONDON STOCK EXCHANGE'S AIM The Board of Providence Resources P.l.c. is pleased to announce that shares inthe Company have today begun trading on Alternative Investment Market ('AIM') ofthe London Stock Exchange. Ordinary shares in Providence commenced trading today at Stg4p, equivalent tothe mid-market closing price on the Irish Stock Exchange on the 23 June 2005, of€0.056. Providence is an international oil and gas company, which has been listed on theIrish Stock Exchange since 1997. The Company was founded over 25 years ago andhas operations in Ireland, the UK and Nigeria, West Africa. Providence's keyprospects are in the Aje Field in Nigeria and the Celtic Sea in Ireland:drilling at both of these operations is expected to commence in the second halfof 2005. Providence currently generates revenue from its on shore operations atSingleton in the UK. The Board believes that admission of Providence to AIM will contribute toenhancing the profile of the Company in the UK, where it already has anestablished shareholder base. A higher profile will additionally raise awarenessof Providence and its activities amongst potential new investors and shouldimprove the terms on which the Company can raise capital. Commenting on the Admission to AIM, Dr. Brian Hillery, Chairman of ProvidenceResources P.l.c., said: "We are delighted to be coming to the London market, which is such an importantfinancial centre for our industry. Providence is in an exciting phase of itsdevelopment with geographically diversified assets and prospects. The enhancedvisibility, support, access to new investors and opportunities that AIM provideswill, we believe, help us build shareholder value as we drive the businessforward". Davy are acting as Nominated Advisor for the AIM listing and Irish Broker toProvidence and Cenkos are acting as UK Broker. Copies of the AIM AdmissionDocument and further information on the Company are available from the Company'swebsite at www.providenceresources.com . Contacts: Providence Tel: +353 1 6675740 Dr. Brian Hillery, ChairmanTony O'Reilly Jnr, Deputy ChairmanStephen CarrollFinance Director Powerscourt Tel: +44 (0) 207 236 5615 Rory Godson Mob: +44 (0) 7909 926 020Victoria Brough Mob: +44 (0) 7967 044 840 Murray Consultants Tel: +353 1 4980300 Pauline McAlester Davy Tel: + 353 679 6363 Eugenee Mulhern Cenkos Tel: +44 (0) 207 397 8919 Joe Nally Ends This information is provided by RNS The company news service from the London Stock Exchange