Holding(s) in Company

Island Oil and Gas PLC
28 April 2006






                              Island Oil & Gas plc

                               Holding in Company


Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 24 April 2006 from Gartmore Investment Management plc of an increase in
its holding in the Company. The notification states that following the
conversion of 2,025,000 warrants at Stg£0.70 per share to ordinary shares on 24
April, it now holds, in aggregate, 8,926,867 ordinary shares of €0.01 each in
the Company, representing approximately 13.96% of the 63,945,071 shares in
issue.


28 April 2006

Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]




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