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.




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