Holding(s) in Company

Island Oil and Gas PLC
06 April 2006






                              Island Oil & Gas plc

                               Holding in Company


Island Oil & Gas plc ('Island' or the 'Company') has received notification from
Carob Limited of a decrease in its holding in the Company. The notification
states that, following the sale of 720,000 shares in the Company, Carob Limited
is now the holder of 4,454,918 ordinary shares of €0.01 each in Island. This
holding represents approximately 7.34% of the 60,675,980 shares currently in
issue.


6 April 2006

Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting
Tel: [phone]

Ends.







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