Holding(s) in Company

Island Oil and Gas PLC
15 February 2006



                             Island Oil and Gas plc

                               Holding in Company


Island Oil and Gas plc ('Island' or the 'Company') has today received
notification dated 3 February 2006 from Gartmore Investment Management plc of a
decrease in its holding in the Company. The notification states that following
the sale of 370,700 ordinary shares in the Company at a price of £0.75 on 1
February 2006, Gartmore Investment Management plc now holds, in aggregate,
5,201,867 ordinary shares of €0.01 each in the Company, representing
approximately 8.786% of the 59,204,000 shares in issue.


15 February 2006


Enquiries:


Lisa J Newman
Newman Consulting
Tel: [phone]





                      This information is provided by RNS
            The company news service from the London Stock Exchange