Holding(s) in Company

Island Oil and Gas PLC
27 September 2005





                             Island Oil and Gas plc


                               Holding in Company



Island Oil and Gas plc ('Island' or the 'Company') has received notification
dated 26 September 2005 from Gartmore Investment Management plc providing an
update of its holding in the Company.  The notification states Gartmore
Investment Management plc now holds, in aggregate, 3,682,567 ordinary shares of
€0.01 each in the Company, representing approximately 7.781 per cent. of the
issued ordinary share capital.





27 September, 2005


Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]




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