Holding in Company

Island Oil and Gas PLC
14 February 2005



                             Island Oil and Gas plc

                               Holding in Company

Island Oil and Gas plc ('Island' or the 'Company') has today received
notification dated 10 February 2005 from Gartmore Investment Management plc 
of a further increase in its holding in the Company. The notification states 
that, following a purchase of 430,000 ordinary shares in the Company at a 
price of £0.5423p on 8 February 2005, Gartmore Investment Management plc 
now holds, in aggregate, 2,652,567 ordinary shares of €0.01 each in the 
Company, representing approximately 6.12 per cent of the issued ordinary 
share capital.

14 February, 2005

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]


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