Holding(s) in Company

Island Oil and Gas PLC
10 July 2007


                              Island Oil & Gas plc

                              Holdings in Company


Island Oil & Gas plc ('Island' or the 'Company') has received notification dated
9 July 2007 from Bexley Investments Ltd of an increase in its notifiable
interest in its holding in the Company. The notification states that as at 6
July 2007, Bexley Investments Ltd is the holder of 3,360,436 ordinary shares of
€0.01 each in Island. This holding represents 3.04% of the 110,394,365 shares
currently in issue.


10 July 2007

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]


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