Holding(s) in Company

Island Oil and Gas PLC
15 February 2006






                             Island Oil and Gas plc

                               Holding in Company

Island Oil and Gas plc ('Island' or the 'Company') has today received
notification dated 24 January 2006 from Cantor Fitzgerald Europe of an increase
in its holding in the Company. The notification states that following the
purchase of 200,000 shares at a price of £0.75 on 23 January 2006, Cantor 
Fitzgerald is the registered holder of 3,072,572 ordinary shares of €0.01 each 
in Island. This holding represents approximately 5.19% of the 59,204,000 shares 
in issue. In addition, Cantor Fitzgerald holds 838,786 warrants to subscribe for 
further shares in the Company.

15 February 2006

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]






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