Holding(s) in Company

Island Oil and Gas PLC
03 March 2006






                              Island Oil & Gas plc

                               Holding in Company


Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 3 March 2006 from Gartmore Investment Management plc of an increase in its
holding in the Company. The notification states that following the purchase of
1,700,000 shares at a price of £0.85 on 1 March 2006, Gartmore Investment
Management plc is the holder of 6,901,867 ordinary shares of €0.01 each in
Island. This holding represents approximately 11.658% of the 59,204,000 shares
in issue


3 March 2006

Enquiries:

Lisa J Newman MCIPR MIRS
Newman Consulting

Tel: [phone]




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