Exercise of Warrants

Island Oil and Gas PLC
24 July 2007





24 July 2007


                              Island Oil & Gas plc

                              EXERCISE OF WARRANTS

Island Oil & Gas plc ('Island' or the 'Company') announces that following the 
exercise of a further 10,228 warrants issued in connection with the Company's 
May 2007 placing, it has issued and allotted 10,228 new Ordinary Shares of 
€0.01 each in the capital of the Company at the subscription price of 
Stg£0.45 per share. Application has been made for the 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 30 July 2007.  The new Ordinary 
Shares rank pari passu with the existing Ordinary Shares of the Company.


The final number of warrants exercised in connection with the Company's May 2007
placing was 1,312,625 warrants. The new total issued share capital in the
Company is 111,706,990 Ordinary Shares.


Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]


Ends.








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