Holding(s) in Company

Island Oil and Gas PLC
11 February 2005




                Island Oil & Gas plc ('Island' or the 'Company')

                               Holding in Company

Island Oil and Gas plc has today received notification dated 7 February 2005 
from Gartmore Investment Management plc of an increase in its
holding in the Company. The notification states that following a purchase of
100,000 ordinary shares in the Company at a price of £0.55 on 4 February 2005,
Gartmore Investment Limited now holds, in aggregate, 2,222,567 ordinary 
shares of €0.0125 each in the Company, representing approximately 
5.13 per cent of the issued ordinary share capital.

11 February, 2005

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]




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