Holding(s) in Company

Island Oil and Gas PLC
21 February 2005




                             Island Oil and Gas plc

                               Holding in Company

Island Oil and Gas plc ('Island' or the 'Company') has today received
notification dated 17 February 2005 from Gartmore Investment Management plc 
of a further increase in its holding in the Company. The notification states 
that following a purchase of 700,000 ordinary shares in the Company at a price 
of £0.6643 on 11 February 2005, Gartmore Investment Management plc now holds, 
in aggregate, 3,432,567 ordinary shares of €0.01 each in the Company, 
representing approximately 7.922 per cent of the issued ordinary share capital.

21 February, 2005

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]




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