Directorate Change

Island Oil and Gas PLC
16 August 2006


16 August 2006


                              ISLAND OIL & GAS PLC
                             ANNOUNCES BOARD CHANGE


Island Oil & Gas plc ('Island' or the 'Company') today announces that, following
the successful completion of the Celtic Sea drilling programme, Jack McKinney
has now taken the decision to step down as Acting Finance Director, a role that
he undertook on a temporary basis to ensure the prudent financial management and
execution of the current drilling programme.

Jack guided Island through its listing on AIM in December 2004, was instrumental
in establishing a sound financial management team, and completed the
arrangements required to facilitate Platinum Petroleum Ltd ('Platinum') becoming
a significant shareholder in Island. The Company is now well positioned to move
forward to its next stage of development.

He has left the Company's Board with effect from 15 August 2006, and plans to
pursue other interests.

Island will now undertake the expansion and restructuring of its Board to
reflect the emergence of Platinum as a major shareholder, with 33.27 % of the
current issued share capital of the Company. This position arose following the
recent conversion of two Convertible Loan Notes totalling £10 million sterling
which resulted in the issue of 10 million new Ordinary Shares to Platinum.

Platinum holds a further 10 million Warrants, each of which are exercisable at
£1.10 sterling before 9 June 2007. Should Platinum decide to exercise these
Warrants, and assuming no further issue of new shares, the Platinum holding in
the Company would increase to 41.11 % as approved by the Irish Takeover Panel,
and subsequently endorsed by Island shareholders at the EGM held on 9 June 2006.

The Company intends to make a further Announcement in due course giving full
details of the new Board structure.

Commenting on Jack's departure, Bryan Benitz, Chairman of Island, stated:

'The Company recognises and thanks Jack for his immense contribution to the
Company's successful progress since its flotation in December 2004, that
culminated in the execution of the two successful Celtic Sea wells this year.
The Company's strong financial management team remains in place to carry the
business forward.  We sincerely thank him for all his valuable counsel and
support, and wish him well for the future.'


Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]

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



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