Holding(s) in Company

Island Oil and Gas PLC
09 May 2006






                              Island Oil & Gas plc

                               Holding in Company

Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 9 May 2006 from Cantor Fitzgerald Europe of an increase in its holding in
the Company. The notification states that Cantor Fitgerald Europe is now the
registered holder of 3,893,786 ordinary shares of €0.01 each in Island. This
holding represents approximately 5.99% of the 64,962,429 shares in issue

9 May 2006

Enquiries:

Lisa J Newman
Newman Consulting

Tel: [phone]






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