NEW FARM-OUT DEAL AGREED IN CELTIC SEA

23 February 2007

                     Providence Resources P.l.c.
               NEW FARM-OUT DEAL AGREED IN CELTIC SEA

Providence, the  AIM  (London) and  IEX  (Dublin) listed  oil  &  gas
exploration and  production  company,  today announced  that  it  has
agreed a further farm-out agreement on its Celtic Sea area interests,
held under Standard Exploration Licence 2/07, off the south coast  of
Ireland. This farm-out is subject to approval from the Irish Minister
for Communications, Marine and Natural Resources.

Providence has  agreed  to  farm-out  a further  15%  of  Celtic  Sea
Standard Exploration Licence  2/07 to  Forest Gate  Resources Inc,  a
Canadian Exploration company listed on  the Toronto Stock Exchange  .
This is the first time that Forest Gate Resources Inc has invested in
offshore Ireland.

Subject to Irish  Government approval  of this  farm-out, the  equity
stake of  Providence will  reduce to  40% in  Licence 2/07  with  the
remaining equity percentages being 15% for Forest Gate Resources Inc,
15% for Challenger  Minerals (Celtic Sea)  Limited, (a subsidiary  of
GlobalSantaFe  Corporation),  15%  for  Dyas  BV,  10%  for  Atlantic
Petroleum (Ireland) Limited, and 5% for Midmar Energy Limited.

The Celtic Sea Licence 2/07 contains the following:

     * "Ardmore" gas discovery
     * "Helvick" oil field
     * "Hook Head" oil & gas discovery
     * "Dunmore" oil discovery

Commenting on  the farm-out  agreements,  Tony O'Reilly  Jnr.,  Chief
Executive of Providence Resources P.l.c., said:

"We are delighted Forest Gate Resources  has joined us in our  Celtic
Sea programme. Having now fully assembled our licence partnership, we
can now focus on finalising our  plans for 2007. We anticipate  being
in a position  to announce  additional details on  the 2007  drilling
programme within the next few months".

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 DYAS and Atlantic Petroleum (announced
       Feb 7th, 2007)
     * Grant of Standard Exploration Licence 1/07 and 2/07 offshore
       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

Celtic Sea Licence No 2/07

Licence No 2/07 refers to the following block numbers: Part blocks
49/8, 49/9, 49/13, 49/14 ('Helvick field and Helvick area'); Part
blocks 49/13, 49/14, 49/18, 49/19 ('Ardmore'); Part block 50/11,12
('Hook Head'); Part blocks 50/6, 50/7 ('Dunmore');

About Forest Gate Resources Inc
Forest Gate is  a publicly  traded mineral  exploration company  with
diamond properties in  Canada. The company's  shares trade under  the
symbol FGT on the TSX Venture Exchange. Forest Gate continues to  own
diamond properties in Saskatchewan  and Quebec. However, the  company
plans to focus on  oil and gas  exploration both internationally  and
domestically.

---END OF MESSAGE---