EGM Statement

Island Oil and Gas PLC
09 June 2006


9 June 2006

                              ISLAND OIL & GAS PLC
                         EXTRAORDINARY GENERAL MEETING


Further to the announcement by Island Oil & Gas plc ('Island' or the 'Company')
on 16 May regarding a strategic investment in Island by Platinum Petroleum Ltd
('Platinum') of up to Stg£21 million, Island has today held an Extraordinary
General Meeting ('EGM') at the Conrad Hotel Earlsfort Terrace, Dublin at
11.30am.

The EGM was held to gain the approval of independent shareholders of the grant
of a waiver under Rule 9 of the Irish Takeover Rules ('the Waiver').  The Irish
Takeover Panel had granted the Waiver, subject to the approval of independent
shareholders, removing any obligation from Platinum to make a general offer to
all shareholders that otherwise might arise as a result of Platinum's proposed
investment in Island.  The resolution was unanimously passed.


Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]



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