Holding(s) in Company

Island Oil and Gas PLC
27 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 510,000 shares in the Company; Carob Limited
is now the holder of 3,944,918 ordinary shares of €0.01 each in Island.  This
holding represents approximately 6.3% of the 62,653,128 shares currently in
issue.





Enquiries:



Lisa J Newman MCIPR MIRS

Newman Consulting

Tel:  + 44 (0) 1252 878682





27 April, 2006


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