Holding(s) in Company

Island Oil and Gas PLC
25 May 2007



                              Island Oil & Gas plc

                               Holding in Company



Island Oil & Gas plc ('Island' or the 'Company') has today received notification
dated 25 May 2007 from Davy of an increase in its notifiable interest in its
holding in the Company. The notification states that as at 25 May 2007, Davy,
through Davycrest Nominees Limited and Davy Nominees Limited, is the beneficial
holder of 9,304,136 ordinary shares of €0.01 each in Island. This holding
represents 8.43% of the 110,394,365 shares in issue.


25 May 2007

Enquiries:

Lisa J Newman
Newman Consulting
Tel: [phone]






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