Holding(s) in Company

Island Oil and Gas PLC
16 June 2005


                             Island Oil and Gas plc

                              Holdings in Company

Island Oil and Gas plc ('Island', the 'Company'), has today received
notification dated 13 June 2005 from Gartmore Investment Management plc of a
decrease in its holding in the Company. The notification states that, following
the sale of 722,567 ordinary shares in the Company at £0.555 on 7 June 2005,
Gartmore Investment Management plc now holds in aggregate 2,710,000 ordinary
shares of €0.01 each in the Company. This represents approximately 5.725% of 
the issued ordinary share capital, which was increased to 47,330,000 shares
following completion of the Lundin Transaction on 9 June 2005.

16 June 2005

Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]



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