Holding(s) in Company

Island Oil and Gas PLC 18 May 2006 ISLAND OIL & GAS PLC Holding in Company Island Oil & Gas plc ('Island' or the 'Company') has received notification from Carob Limited of a decrease in its holding in the Company. The notification states that, following the sale of 900,000 shares in the Company; Carob Limited is now the holder of 3,044,918 ordinary shares of €0.01 each in Island. This holding represents approximately 4.67% of the 65,141,000 shares currently in issue. Enquiries: Lisa J Newman MCIPR MIRS Newman Consulting Tel: + 44 (0) 1252 878682 18 May 2006 Ends. This information is provided by RNS The company news service from the London Stock Exchange

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