Holding(s) in Company

Island Oil and Gas PLC
01 August 2007






                              Island Oil & Gas plc


                               Holding in Company



Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 1 August 2007 from Davy of a decrease in its notifiable interest in its
holding in the Company. The notification states that as at 1 August 2007, Davy,
through Davycrest Nominees Limited and Davy Nominees Limited, is the beneficial
holder of 6,653,296 ordinary shares of €0.01 each in Island. This holding
represents 5.96% of the 111,696,762 shares in issue.


1 August 2007

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]







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