Holding(s) in Company

Island Oil and Gas PLC
04 June 2007


                              Island Oil & Gas plc


                               Holding in Company


Island Oil & Gas plc has received a notification from Gartmore Investment
Limited ('Gartmore') dated 29 May 2007. The notification states that, as at 29
May 2007, Gartmore holds, in aggregate, 13,189,567 ordinary shares of €0.01 each
in the Company, representing approximately 11.948% of the 110,394,365 shares in
issue.



4 June 2007

Enquiries:

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




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