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Island Oil and Gas PLC
11 April 2008



ISLAND OIL & GAS PLC


CONFIRMATION OF CONFIRMS MINISTRY APPROVAL OF EXPLORATION PERMITS IN MOROCCO

Island Oil & Gas plc, (LSE:IOG) ('Island' or the 'Company'), today announces
that the Ministre de l'Energie, des Mines, de l'Eau et de l'Environment of
Morocco has formally approved the 'Tarfaya Onshore' Petroleum Agreement (the 
'Permit') awarded to Island's wholly owned subsidiary Island International
Exploration Morocco ('IIEM') by the Office National des Hydrocarbures et des
Mines ('ONHYM') in November 2007.

The Permit is effective from 14 January 2008 and is valid for up to eight years.
The work programme that has been committed to during the initial two years and
six months phase of the Permit comprises seismic reprocessing and acquisition
and geochemical modeling. A drill or drop decision will be made at the end of
the initial phase of the Permit. It is currently anticipated that seismic will
be acquired in 2009.

The joint venture partners in the Tarfaya Permit are IIEM (40%), the designated
operator, Longreach Oil and Gas Ventures Limited (30%) and San Leon (Morocco)
Limited (30%).

Morocco has an attractive fiscal regime relative to other North African oil and
gas producing countries - State Participation upon production of up to 25%; a
10% royalty on oil production (the first 300,000 tons of production are exempt)
and a 5% royalty on gas production (the first 300 million cubic meters are
exempt); and 35% corporation tax which is only payable after a 10 year holiday
on production.
                                                                   11 April 2008


Further information:

Davy (NOMAD and broker)
Anthony Farrell                                         Tel: [phone]

Landsbanki (UK broker)
Simon Robinson                                          Tel: [phone]

College Hill (Financial PR)
Paddy Blewer                                            Tel: [phone]
Nick Elwes






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