Holding(s) in Company

Island Oil and Gas PLC
03 July 2006




                              Island Oil & Gas plc

                               Holding in Company

Island Oil & Gas plc ('Island' or the 'Company') has today received a
notification dated 28 June 2006 from Gartmore Investment Management plc
('Gartmore'). The notification states that as at 27 June 2006, Gartmore holds,
in aggregate, 8,792,723 ordinary shares of €0.01 each in the Company,
representing approximately 12.626% of the 69,641,000 shares in issue.

3 July 2006

Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting
Tel: [phone]




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