IOG.L Regulatory News (IOG)

19 Oct 2005 08:40

Island Oil and Gas PLC19 October 2005 PRESS RELEASE 19 October 2005 ISLAND OIL AND GAS EXECUTES DRILLING CONTRACT FOR DRILLING OFFSHORE IRELAND IN 2006 Island Oil and Gas plc, ("Island"), today announces that it has executed adrilling contract with Petrolia Drilling Limited for the provision of thesemi-submersible drilling unit "Petrolia". The contract is for a three well drilling programme, two of which will bedrilled in the Celtic Sea, offshore Ireland in 2006. It is anticipated thatIsland's first well will commence drilling, subject to the necessary regulatoryconsents being granted, on or about 1st April 2006. Further details in relation to the drilling programme will be announced in duecourse. Commenting on the execution of the drilling contract Paul Griffiths, ChiefExecutive of Island, stated: "The execution of the drilling contract with Petrolia Drilling Limited, lessthan ten months following Island's introduction to AIM, accelerates theCompany's progress towards evaluating the substantial portfolio of explorationinterests that the Company has established offshore Ireland over the past twoyears. The multi-well programme is consistent with Island's synergy-basedapproach to appraisal and exploration drilling which is designed to reduceproject costs and increase the potential to add real value to our portfoliothrough exploration success " Enquiries: Lisa J Newman MCIPR MIRS Tel: +44 (0)7747 462574Newman Consulting Email: newmanconsulting@hotmail.com This information is provided by RNS The company news service from the London Stock Exchange