Change of Corporate Broker

Island Oil and Gas PLC
03 September 2007

                              Island Oil & Gas plc

                           CHANGE OF CORPORATE BROKER


Following completion of the acquisition of Bridgewell Group Plc by Landsbanki
Islands hf, Island Oil & Gas plc is pleased to announce the appointment of
Landsbanki Securities (UK) Limited as Broker with immediate effect.


For further information please contact:


Island Oil & Gas plc

Paul Griffiths (CEO) [phone]


Landsbanki Securities (UK) Limited

Andrew P. Matharu [phone]



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