Rig Mobilization

Island Oil and Gas PLC
19 April 2006


19 April 2006


                              ISLAND OIL & GAS PLC

                RIG MOBILIZED FOR THREE-WELL DRILLING PROGRAMME


Island Oil & Gas plc ('Island' or the 'Company'), the technology-led exploration
and production company, is pleased to announce the mobilization of the
semi-submersible drilling unit, Petrolia, owned and operated by Petrolia
Drilling (UK) Limited under contract to Island.  The rig is under tow from the
Cromarty Firth in the north of Scotland en-route to the Sub-Area of the Seven
Heads Petroleum Lease in the Celtic Sea.  Thereafter, the rig will move to the
Old Head of Kinsale in the Celtic Sea and then the Inishbeg prospect in the
Donegal Basin Frontier Exploration Licence. The commencement of drilling on all
three prospects is subject to the usual regulatory consents and approvals

Island has a 12.5% participating interest in the producing Seven Heads Petroleum
Lease.  Following the conclusion in February 2006 of a Sub-Area Equity Interest
Assignment Agreement for the Seven Heads Petroleum Lease with Marathon
International Petroleum Hibernia Limited, through its wholly-owned subsidiary
Marathon Seven Heads Limited (formerly Ramco Celtic Sea Ltd), the first well of
the 2006 drilling programme will be drilled to test a possible extension of the
Seven Heads gas field, in the Sub-Area.  The well will be located in an area
immediately to the west of the 48/24-6 production well, which has to date
encountered some of the best producing sands in the Seven Heads gas field.
Island will fund 100% of the cost of the well, including testing, in return for
increasing its equity interest in all of the un-appraised parts of the
Sub-Area.  As a result of drilling this well, Island's equity interest in the
Sub-Area will increase from 12.5% to 55.75%.  Island will operate the well
during the drilling period but operatorship will revert back to Marathon once
the drilling programme has been completed.

It is intended that the second and third wells will target the Old Head of
Kinsale Prospect in the Celtic Sea, where Island will be operator, and the
Inishbeg Prospect in the Donegal Basin with Lundin as operator.

Paul Griffiths, Chief Executive of Island, commented:

'This represents a major step forward towards the assessment and development of
a significant part of the Company's project portfolio. We would expect, subject
to weather and other factors, the Petrolia to arrive on location in
approximately 15 days time.'

Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]


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