Providence Resources Plc says that Mr. Stephen Carroll is stepping down from the Board as Finance Director for health reasons. He will continue to be available to the Company to ensure an orderly transition within the finance team.

Mr. Philip O'Quigley has been appointed as Chief Financial Officer with immediate effect. Philip is a Fellow of the Institute of Chartered Accountants in Ireland. Having trained with Ernst & Young, Dublin, he moved into finance positions within the oil and gas industry in the early 1990's. He joined Glencar Mining plc, the IEX and AIM quoted gold mining company in 1997 as Finance Director. In 2002 he left Glencar Mining plc as an Executive Director and since that time has been involved in a number of private and public companies in the oil and gas industry, including Petroceltic International plc where he was Finance Director. He continues to serve as a non-executive director on the board of Glencar Mining plc.

Mr Tony O'Reilly, Chief Executive, said: "We are very sad that Stephen is stepping down and we wish him every success. Stephen has been an integral part of the Providence team since 1999, and during this time the Company has grown very significantly from a market capitalisation of some €10 million to c. €250 million today. On behalf of the all the members of the board, the staff and indeed the shareholders, I want to thank Stephen for all that he has done for Providence."

Commenting on Philip's appointment, he continued: "We welcome Philip to head up the finance side of Providence. His skills and experience within our industry will be of immense value as Providence moves to the next stage of its corporate development."

Tags: Providence Resources Plc