Holding(s) in Company

Island Oil and Gas PLC
19 December 2005




                             Island Oil and Gas plc

                               Holding in Company

Island Oil and Gas plc ('Island' or the 'Company') has today received
notification dated 9 December 2005 from Gartmore Investment Management plc of 
a further increase in its holding in the Company. The notification states that
following a purchase of 1,650,000 ordinary shares in the Company at a price of
£0.70 on 8 December 2005, Gartmore Investment Management plc now holds, in
aggregate, 5,822,567 ordinary shares of €0.01 each in the Company, representing
approximately 9.497 per cent of the 59,204,000 shares in issue.



19 December 2005

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]




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