CELTIC SEA TRADING UPDATE - New Celtic Sea Lice...

28 March 2007
      Providence Resources Plc ("Providence" or the "Company")

                      CELTIC SEA TRADING UPDATE

         New Celtic Sea Licence, positive OBS survey results
                  and three new farm-out agreements

Providence, the  AIM  (London) and  IEX  (Dublin) listed  oil  &  gas
exploration and production company, today announces that:

     * Providence and its partners have been granted a new
       exploration licence, Standard Exploration Licence No. 3/07, in
       the Celtic Sea Basin over the Blackrock discovery;

     * Providence has successfully concluded its OBS Survey over the
       Blackrock oil discovery and the analysed data supports the
       2004 post-drill interpretation that additional hydrocarbons
       may exist between the 2 well control points; and

     * Providence has agreed three further farm-out agreements with
       Dyas BV, P/F Atlantic Petroleum and Forest Gate Resources Inc.
       over Celtic Sea Licence No 3/07.


Tony O'Reilly Jnr., Chief Executive of Providence Resources said:

"These are extremely exciting developments in our Celtic Sea
operations. We are delighted that Atlantic Petroleum, Forest Gate and
Dyas have joined us in this licence, in addition to their recent
farm-in to Licence 2/07. This licence contains the highly prospective
Blackrock oil discovery, where we have just completed a very
encouraging OBS survey, the results of which will now be factored
into our future drilling programmes.

All these developments go to the heart of Providence's strategy of
continuing to develop and progress its portfolio of exploration,
development and production assets. We are hugely encouraged by this
progress we have made in the Celtic Sea and very much look forward to
continuing to develop our operations there."

New Celtic Sea Exploration Licences

The Irish Minister for  Communications, Marine and Natural  Resources
today announced that he has approved the granting of a new  Petroleum
Exploration Licence to Providence and its existing partners.

Standard Exploration Licence 3/07 has  been granted over part  blocks
48/29, 48/30 & 49/26 in the North Celtic Sea Basin. Licence No.  3/07
is a successor licence to  Licencing Option 03/1, which contains  the
"Blackrock" oil discovery.

OBS Survey

The  OBS  (Ocean  Bottom  Seismic)  survey  over  the  Blackrock  oil
discovery was carried out on Providence's behalf in November 2006  by
the Ocean Bottom  Instrument Consortium (OBIC).  The data have  since
been processed  and  interpreted by  OBIC.  The results  support  the
post-drill interpretation of the 2004 Blackrock well and indicate the
potential presence of  additional hydrocarbons  between the  existing
well control  points.  In addition  to  the OBS  data,  multi-channel
reflection seismic data  were acquired along  two transects over  the
crest of  the  Blackrock structure.  These  lines indicate  that  the
crestal area  is larger  than  had been  previously mapped  and  also
indicates the possible presence of  a gas chimney. These  encouraging
data will  now be  factored into  the assessment  of future  drilling
plans and locations.

New Farm-Out Agreements

A further three farm-out agreements  on Providence's Celtic Sea  area
interest, held under this new Standard Exploration Licence (SEL) 3/07
are subject to approval from The Minister for Communications,  Marine
and Natural Resources.

SEL 3/07 which contains the Blackrock oil discovery has recently been
successfully surveyed using OBS (see above) technology.

The first agreement  covers a farm-out  of a 15%  equity interest  in
Licence 3/07 to Dyas BV,  a Dutch oil and gas  company. Dyas BV is  a
subsidiary  of  SHV  Holdings  NV,  a  large  privately-owned   Dutch
investment holding company.

The second agreement covers  a farm-out of a  10% equity interest  in
Licence 3/07 to Atlantic Petroleum (Ireland) Limited, a subsidiary of
P/F Atlantic  Petroleum. P/F  Atlantic Petroleum  is a  Faroe  Island
based oil and gas exploration company listed on both ICEX (Icelandic)
& OMX (Copenhagen) stock markets.

The third agreement  covers a farm-out  of a 15%  equity interest  in
Licence 3/07  to  Forest  Gate Resources  Inc,  a  Canadian  resource
company listed on the Toronto Stock Exchange.

These farm-outs follow  on from  the recent  announcements where  the
above companies  farmed into  Standard  Exploration Licence  2/07  on
similar equity positions.

Subject  to  Irish   governmental  approval   of  these   agreements,
Providence's equity stake will reduce to 40% in Licence 3/07,  whilst
its most  recent farm-in  partner, Challenger  Minerals (Celtic  Sea)
Limited, (a subsidiary  of GlobalSantaFe Corporation)  will retain  a
15% interest and Midmar Energy Limited, will retain a 5% stake.

Contacts:

Providence Resources Plc
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:

     * First Farm out Deal Agreed on Spanish Point (announced March
       15th, 2007)
     * Celtic Sea Farm-out to Forest Gate Resources Inc.(announced
       February 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 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

Celtic Sea Licence No 3/07

Licence No 3/07 refers to part blocks 48/29, 30 & 49/26 in the North
Celtic Sea Basin.

About Dyas BV

Dyas BV is an active investor in oil and gas exploration, development
and production joint ventures, always as a non-operator, with a focus
on onshore the Netherlands and the North Sea. The size of Dyas equity
in joint ventures ranges from 1 -  50%, and is normally between 10  -
20 %. Net 2006 developed oil and gas reserves are some 43 million bbl
oil equivalent,  split approximately  50/50 in  oil and  gas, with  a
daily production  level  of  17,500  bbl  oil  equivalent.  For  more
details, please see www.dyas.nl

The company is a 100 % subsidiary of the privately owned SHV Holdings
NV. In 1896 a group of leading Dutch coal importers founded the
Steenkolen Handels Vereeniging NV (Coal Trading Association), which
was a merger between a number of large coal trading companies, some
of which had been active since the 18th century. Today SHV's
activities involve trade and distribution in LPG (SHV Gas), trade in
food and non food consumer articles (Makro), provision of venture
capital (NPM Capital), trade in and production of raw materials
(Recycling) and exploration and production of oil and gas (Dyas). For
further details, please see www.SHV.nl.

About P/F Atlantic Petroleum

P/F Atlantic Petroleum was formed in 1998 by 18 private Faroese
investors to become the Faroes' first independent upstream oil and
gas company. Its corporate shareholders represent most of the major
Faroese business sectors. The Company is a public company listed on
the Iceland Stock Exchange and the OMX Copenhagen Exchange. Atlantic
Petroleum currently participates in exploration on the Faroese
Continental Shelf and exploration, appraisal and development in the
UK sector of the North Sea. Atlantic Petroleum currently participates
in three Faroese licences, and in seven licences in UK waters, four
exploration licences, and three oilfield assets which will be
developed in the near future. For more details, please see
www.petroleum.fo.

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---