Brochure of Particulars

Island Oil and Gas PLC
17 June 2005


                             BROCHURE OF PARTICULARS


                Island Oil & Gas plc ('Island' or 'the Company')

Further to the announcement made by the Company on 10 June 2005, application 
has been made to the London Stock Exchange for 4,000,000 Ordinary Shares of 
nominal value €0.01 each in the capital of the Company to be listed on the AIM 
Market of the London Stock Exchange with effect from Monday 20 June 2005.

These Ordinary Shares, representing approximately 8.45% of the enlarged share
capital of the Company, have been allotted pursuant to the completion of the
transaction with Lundin Petroleum AB which was announced on 10 June 2005. Under
the terms of the transaction, these shares may not be sold or transferred,
except to an affiliate, within 12 months from the completion of the transaction.
These shares rank pari passu in all other respects with the existing Ordinary
Shares of the Company.


For further details contact;

Lisa J Newman MCIPR MIRS          Tel: [phone]
Newman Consulting                 Email: [e-mail]

17 June 2005

Ends.





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