Old Head of Kinsale

Island Oil and Gas PLC
22 June 2007



22 June 2007


                              Island Oil & Gas plc

                                Drilling Update



Island Oil & Gas plc ('Island' or the 'Company') today reports that the 49/23-2z
sidetrack well (the 'sidetrack') on Exploration Licence 4/05 (the 'Old Head of
Kinsale') in the Celtic Sea, offshore Ireland has reached target depth at 5,140
feet measured depth (drillers total depth 4,386 feet as true vertical depth
brt). Island has completed logging operations, and, based on the results, is now
preparing to test the well. A further announcement will be issued upon
completion of testing operations.



Enquiries:

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

Paul Griffiths
Chief Executive
Island Oil & Gas plc
Tel: [phone]


Notes to Editors:


This drilling update has been reviewed and approved by Paul Griffiths, Chief
Executive of Island. Paul Griffiths is a geology graduate of the Royal School
of Mines, Imperial College London, and is a member of the Petroleum Exploration
Society of Great Britain. He has 30 years experience in the oil and gas
exploration sector and is a qualified person as defined in the guidance note for
Mining Oil & Gas Companies, March 2006 of the London Stock Exchange.


Further information on Island can be found on the Company's website at 
http://www.islandoilandgas.com.




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