Holding(s) in Company

Island Oil and Gas PLC
26 June 2006






                              Island Oil & Gas plc

                               Holding in Company

Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 23 June 2006 from Cantor Fitzgerald Europe of a decrease in its holding in
the Company. The notification states that Cantor Fitgerald Europe is now the
registered holder of 3,354,295 ordinary shares of €0.01 each in Island. This
holding represents approximately 4.82% of the 69,641,000 shares in issue

26 June 2006


Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting
Tel: [phone]






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