Exercise of Warrants

Island Oil and Gas PLC 17 July 2007 17 July 2007 Island Oil & Gas plc EXERCISE OF WARRANTS Island Oil & Gas plc ('Island' or the 'Company') is pleased to announce that, following the exercise of 1,302,397 warrants issued in connection with the Company's May 2007 placing, it has issued and allotted 1,302,397 new Ordinary Shares of €0.01 each in the capital of the Company at the subscription price of Stg£0.45 per share, raising approximately £586,079. Island has applied for these new Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange and trading in these shares is expected to commence on 23 July 2007. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company. Enquiries: Lisa J Newman MCIPR MIRS Newman Consulting Tel: +44(0)1252 878682 Ends. This information is provided by RNS The company news service from the London Stock Exchange

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