Share Options

Island Oil and Gas PLC
30 August 2007



30 August 2007


                              Island Oil & Gas plc

                             Grant of Share options


Island Oil & Gas plc ('Island' or the 'Company') (LSE:IOG) announces that
1,150,000 Share Options (the 'Options') have been granted by the Company at an
exercise price of £0.415 pence per share. The Options may be exercised in whole
or in part at any time up to 18 May 2014


The number of Options granted are as follows:


Paul Griffiths - Executive                250,000


*Philip Beck - Executive                  100,000


Bryan Benitz - Non-Executive              300,000


Carl Kindinger - Non-Executive            250,000


Karl Prenderville - Executive             250,000


As a result of the Options granted, the total number of Options over ordinary
shares held by Directors is 2,050,000 and divided between Directors as follows:


Paul Griffiths - Executive              1,000,000


Bryan Benitz - Non-Executive              550,000


Carl Kindinger - Non-Executive            250,000


Karl Prenderville - Executive Director    250,000


* Philip Beck's Options were granted while he was still a Director of the
Company. Philip left Island with effect from 23 August 2007. His Options will
expire on 24 August 2008.


Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]






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