FIRST FARM OUT DEAL AGREED ON SPANISH POINT

15th March 2007

                     Providence Resources P.l.c.

             FIRST FARM OUT DEAL AGREED ON SPANISH POINT

Providence, the  AIM (London)  and IEX  (Dublin) listed  oil and  gas
exploration and  production  company,  today announced  that  it  has
agreed its first farm out deal with Challenger Minerals (Celtic  Sea)
Limited ("CMCSL") a subsidiary of GlobalSantaFe Corporation (GSF)  on
its Spanish Point Project in the Porcupine Basin, off the west  coast
of Ireland.  This farm  out is  subject to  approval from  the  Irish
Minister for Communications, Marine and Natural Resources.

Under the terms of the  deal, CMCSL will take  a 10% interest in  the
Spanish Point Project, leaving Providence and its partner Sosina with
72% and  18%  stakes,  respectively.  Further  farm  out  discussions
continue with other third parties.

Commenting on this important farm out agreement, Tony O'Reilly  Jnr.,
Chief Executive of Providence Resources P.l.c., said:
"This is a  very important  step forward in  progressing the  Spanish
Point field and we  are absolutely delighted to  be working with  our
very experienced partners  at CMCSL/ GlobalSantaFe.  In a very  tight
rig market, it is extremely important to secure partners that can add
value to a Project  and GlobalSantaFe, being  the second largest  rig
owner in the world, will be able to do exactly that.

"Having  secured  this  initial   farm  out  agreement  with   CMCSL,
Providence looks forward  to progressing its  discussions with  other
third parties with a view to assembling a drilling syndicate to drill
the Spanish Point Project as early as possible".

Contacts:

Providence Resources P.l.c.
Tony O'Reilly Jnr., Chief Executive Tel: + 353 (1) 219 4074

Powerscourt Media
Victoria Brough Tel: + 44 (0) 207 236 5622

Murray Consultants
Pauline McAlester Tel: + 353 (1) 498 0300


Notes to Editors

About Providence

Providence Resources P.l.c. is an independent oil and gas exploration
company listed on AIM (London) and IEX (Dublin) markets. The  Company
was founded  in 1997,  but with  roots  going back  to 1981  when  it
predecessor company, Atlantic Resources Plc was formed by a group  of
investors led by Sir Anthony O'Reilly.

Providence's active  oil  and  gas portfolio  includes  interests  in
Ireland (offshore), the UK (onshore and offshore), the Gulf of Mexico
(USA) and West Africa  (offshore Nigeria). Providence's portfolio  is
balanced between  production, appraisal  and exploration  assets,  as
well as being diversified geographically.

Recent key corporate announcements include:

     * Celtic Sea Farm-out to Forest Gate Resources Inc. (announced
       Feb 23rd, 2007)
     * Celtic Sea Farm-out to DYAS and Atlantic Petroleum (announced
       Feb 7th, 2007)
     * Grant of Standard Exploration Licence 1/07 and 2/07 Ireland
       (announced Feb 6th, 2007)
     * Award of Licence in UK 24th Seaward Round (announced Feb 2nd,
       2007)
     * Providence makes oil and gas discovery in Gulf of Mexico
       (announced Jan 25th, 2007)
     * Award of Goban Spur Licencing Option with ExxonMobil & Sosina
       (announced Nov 1st 2006)
     * Secures Rig Slot for 2007 (announced Sept. 25th, 2006);
     * 20% Farm-out Deal agreed with CMI on Celtic Sea Licences
       (announced Sept 5th, 2006);
     * Completion of Dunquin Seismic (announced Aug. 8th, 2006);
     * Increased production at its Singleton oilfield (announced
       March 7th, 2006);
     * Dunquin Farm-out to ExxonMobil (announced on Feb 13th, 2006);
       and
     * ¤50 million Revolving Credit Finance Facility with Macquarie
       (announced on Feb 2nd, 2006);

Comprehensive  information  on  Providence   and  its  oil  and   gas
portfolio, including  its 2005  AIM Admission  document, 2005  Annual
Report, Interim  Report  2005  and  recent  press  releases  are  all
available from Providence's website at www.providenceresources.com

About Spanish Point

Providence holds an 80% interest and  is operator of FEL 2/04,  which
covers blocks 35/8 & 9 located  in the Porcupine Basin, off the  west
cost of Ireland. The blocks are  situated in 300-400 metres of  water
and are located approximately 200km of the coast.

The Spanish Point field was discovered in 1981 by Phillips  Petroleum
and a consortium which included Atlantic Resources Plc,  Providence's
predecessor company. The discovery  well (35/8-2) flowed circa  1,000
BOPD and 5  MMSCFGPD from  a hydrocarbon column  (total thickness  of
1,400 ft) over sandstones  of Upper Jurassic Age.  However, due to  a
combination of  low commodity  prices and  production tests  at  that
time, the  Project was  not  declared economic  and the  licence  was
subsequently relinquished.  Chevron  subsequently  held  the  licence
until 2001.

Providence Resources  Plc  applied for  and  became operator  of  the
Spanish Point licence in November 2004, and now holds the licence for
a 15 year-term. Providence's geological team carried out a geological
and geophysical  analysis  which  supported  and  improved  the  1981
post-drill  analysis  of   volumetrics  of   hydrocarbon  in   place.
Providence also reviewed the work carried out by Chevron Corporation.
The combination  of  this  new analysis,  coupled  with  advances  in
technology and an improved oil/gas price, now suggest that commercial
development of Spanish Point is now possible.

Accordingly, the Board of  Providence commissioned extensive  studies
to confirm  reservoir profiles,  development options  and  economics.
These studies, comprising the work  of in-house engineers as well  as
third party consulting engineers,  demonstrate a feasible and  robust
economic development plan with substantive potential economic value.

---END OF MESSAGE---