Holding(s) in Company

Island Oil and Gas PLC
24 October 2005


                             Island Oil and Gas plc

                               Holding in Company


Island Oil and Gas plc ('Island' or the 'Company') has today received
notification dated 24 October 2005 from Gartmore Investment Management plc of a
further increase in its holding in the Company.  The notification states that
following a purchase of 123,310 ordinary shares in the Company at a price of
£0.6355p on 20 October 2005, Gartmore Investment Management plc now holds, in
aggregate, 3,805,697 ordinary shares of €0.01 each in the Company, representing
approximately 8.041 per cent. of the issued ordinary share capital.


24 October 2005


Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]


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