Released on: March 3, 2008, 7:55 am

Press Release Author: Mark Dunphy/Dunphy Public Relations

Industry: Energy

Press Release Summary: 3rd March, 2008 - Minister of State at the Department of
Communications, Energy and Natural Resources, Tony Killeen TD today awarded four oil
and gas exploration licenses to groups wishing to carry out work off the West Coast
of Ireland.

Press Release Body: The granting of the Frontier Exploration Licences follows a
detailed evaluation of applications received under the Porcupine Licensing Round.

Licences over areas totalling 4,963 square kilometres are being offered to Island
Oil and Gas and Supernova Ireland Resources BV; Providence Resources, Sosina
Exploration and Challenger Minerals; and ExxonMobil, Providence Resources and Sosina
Exploration (2 licences).

Minister Killeen said that he was encouraged by the keen level of interest shown in
participating in the exploration of Ireland's offshore and the experience of the
companies involved, all of which are currently engaged in existing exploration
licences.

"I hope that the licences awarded will lead to the discovery and development of new
hydrocarbon resources, which will help reduce Ireland's long term dependence on
energy imports", he explained.

Minister Killeen continued, "These licences represent a strong indicator of the
increase in the level of exploration investment offshore Ireland, which has occurred
in recent years. This upswing is evidenced by the growth in the number of
exploration authorisations and a corresponding increase in the level of drilling
activity."

Minister Killeen confirmed that the licences were subject to the revised licensing
terms introduced by Minister Ryan announced in 2007. The terms provide for a tax
take of up to 40% in the case of more profitable discoveries.

-ENDS-

Notes to Editor:
- Tony Killeen T.D., Minister of State at the Department of Environment Heritage and
Local Government and Communication Energy and Natural Resources with special
responsibility for Environment and Energy, is available for interview and further
comment on 0035387-2525304. Alternatively please contact Mark Dunphy of Dunphy
Public Relations on 00353868534900 or media@dunphypr.com
- High-resolution images of Minister Killeen are available on request

Web Site: http://www.dunphypr.com

Contact Details: Mark Dunphy
Dunphy Public Relations
Connolly
Ennis
Clare
IRELAND
media@dunphypr.com
www.dunphypr.com
00353-868534900 (mobile)