Holding(s) in Company

Island Oil and Gas PLC
18 January 2008



Island Oil & Gas plc



Holdings in Company






Island Oil & Gas plc ('Island' or the 'Company') (LSE:IOG) has received a
notification from Gartmore Investment Limited ('Gartmore') dated 7 January 2008
of a decrease in its notifiable interest in the Company.



The notification states that this reduction was due to the issue of new shares
on 3 January 2008.



As at 8 January 2008, Gartmore holds, in aggregate, 16,119,567 ordinary shares
of €0.01 each in the Company, representing approximately 13.83% of the shares in
issue.



Further information:

Island Oil & Gas plc

Cliona Deegan                                            Tel: [phone]

www.islandoilandgas.com






                      This information is provided by RNS
            The company news service from the London Stock Exchange