Holding(s) in Company

Island Oil and Gas PLC
14 September 2007


                              Island Oil & Gas plc

                               Holding in Company

Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 14 September 2007 from Davy of a decrease in its notifiable interest in
its holding in the Company. The notification states that as at 14 September
2007, Davycrest Nominees Limited and Davy Nominees Limited, is the
beneficial holder of 5,428,505 ordinary shares of €0.01 each in Island. This
holding represents 4.86% of the 111,706,990 shares in issue.


14 September 2007

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]








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