Holding(s) in Company

Island Oil and Gas PLC
01 October 2007


                             Island Oil & Gas plc


                               Holdings in Company



Island Oil & Gas plc ('Island' or the 'Company') (LSE:IOG) has today received
notification dated 1 October 2007 from Davy of an increase in its notifiable
interest in its holding in the Company. The notification states that, as at 1
October 2007, Davycrest Nominees Limited and Davy Nominees Limited are the
beneficial holders of 5,674,127 ordinary shares of €0.01 each in Island. This
holding represents 5.08% of the 111,706,990 shares in issue.


1 October 2007


Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]







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