DUNQUIN FARM-OUT TO EXXONMOBIL

Providence, the AIM listed  and Dublin listed  oil & gas  exploration
and production company, announced today that it has signed a farm-out
agreement with ExxonMobil, the world's  largest oil and gas  company,
on its Dunquin Prospect, in the  Porcupine Basin, off the west  coast
of Ireland.
Providence was  granted  an  80% interest  of  the  Dunquin  Prospect
licence in November  2004 with  its 20%  partner, Sosina  Exploration
Limited. Covering an area of some 700 km2, the large Dunquin Prospect
extends over 5 blocks (blocks 44/18, 44/23, 44/24, 44/29 and  44/30).
The licence for  these blocks  was granted to  Providence and  Sosina
under the Irish Government's Frontier Exploration Initiative.
The terms of the farm-out agreement provide for ExxonMobil to conduct
a significant exploration work programme  on the Dunquin Prospect  in
return for 80% of the Dunquin Prospect. Providence will retain a  16%
interest, and Sosina, a 4%  interest. The assignment of the  interest
to ExxonMobil is subject to Irish Government approval.

  * The agreement is subject to certain milestones being achieved
    with an initial commitment by ExxonMobil to fully fund a
    significant 2D survey programme as well as other associated
    technical work.

  * ExxonMobil may then finance the drilling of up to two exploratory
    wells on the Dunquin Prospect, without further partner dilution.

  * ExxonMobil, Providence and Sosina have also agreed to extend
    exploratory efforts into various other areas within the southern
    Porcupine Basin.

  * Providence has been appointed Operator of the initial 2D seismic
    programme, which is scheduled to commence within the next few
    months. ExxonMobil will be the Operator for any drilling
    activities.

Tony O'Reilly Junior, Chief Executive of Providence, said:
"Partnering with ExxonMobil to open up a potential new hydrocarbon
province is enormously exciting and heralds a new era for offshore
Ireland.
We applied for the Dunquin licence in the belief that the geology
indicated a very serious prospect."
"Dunquin is a welcome addition to ExxonMobil's large and growing
portfolio of deepwater offshore acreage," said Tim Cejka, President
of ExxonMobil Exploration Company. "This prospect covers a large and
unexplored area that will take several years to fully evaluate. We
look forward to working with our co-venture partners to apply the
latest evaluation technology to determine its ultimate resource
potential."

Ends. Monday, 13th February 2006

Contacts:

Providence
Tony O'Reilly Jnr. , Chief Executive Tel: [phone]

Powerscourt                          Tel: [phone]
Rory Godson                          Mob: [phone]
Victoria Brough                      Mob: [phone]

Murray Consultants
Pauline McAlester                    Tel: [phone]




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