James Shea & Nora Nugent baptised 4 children in the RC parish of Emly. (Just a decade earlier, a Denis Shea & Honora Nugent were baptising children here).
Among the godparents James & Nora invited were:
Patrick's siblings – Patrick Shea, Johanna Shea* (m. John Casey), Sarah Shea.
Nora's brothers – John Nugent and Patrick Nugent (m. Eleanor Lynch).
*Between 1818 and 1833 Johanna Shea & John Casey invited Phillip Murnane, Johanna Casey, Luke Walsh (m. Margaret O'Shea), Mary Walsh, and Thomas Quane to godparent. The Casey's and Walshes were in Ballycahill in the 1830s. A lot of Shea girls married Walsh and Casey.
The Shea family (and their Whelan and Sullivan neighbours) do not appear on Tithe records in the parish of Hospital at this time. However a John Nugent does appear on record at Ballycahill and another 3 Nugents also appear nearby (northern Hospital) in "Oldtown Cediville" (then in Barrysfarm after the Famine). The McCarthy's were also centred around Oldtown.
I'd say it is highly likely your ancestors came from in or around Ballycahill.
Hope this helps!