Holding(s) in Company

Island Oil and Gas PLC
07 June 2007



                              Island Oil & Gas plc

                               Holding in Company

Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 7 June 2007 from Davy of a decrease in its notifiable interest in its
holding in the Company. The notification states that as at 7 June 2007, Davy,
through Davycrest Nominees Limited and Davy Nominees Limited, is the beneficial
holder of 7,604,031 ordinary shares of €0.01 each in Island. This holding
represents 6.89% of the 110,394,365 shares in issue.


7 June 2007

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]



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