Holding(s) in Company

Island Oil and Gas PLC
03 August 2006


                              Island Oil & Gas plc

                               Holding in Company


Island Oil & Gas plc ('Island' or the 'Company') has today received a
notification dated 31 July 2006 from Gartmore Investment Management plc
('Gartmore') of an increase in its holding in the Company. The notification
states that as at 28 July 2006, Gartmore holds, in aggregate, 9,544,054 ordinary
shares of €0.01 each in the Company, representing approximately 13.705% of the
69,641,000 shares in issue.


3 August 2006

Enquiries:

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




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