IOG.L Regulatory News (IOG)

30 Aug 2006 15:30

Island Oil and Gas PLC30 August 2006 30 August 2006 ISLAND OIL & GAS PLC Drilling Update - Well 13/12-1 Island Oil & Gas plc ("Island" or the "Company") today announces that well 13/12-1 (the "well") on the Inishbeg Prospect in Frontier Exploration Licence 1/05("FEL 1/05"), operated by Lundin Petroleum AB ("Lundin"), has been plugged andabandoned. FEL 1/05 is in the Donegal Basin on the Atlantic Margin offshore Ireland. Thewell, which was spudded on 22 August 2006 in a water depth of 319 feet, wasdrilled using the Petrolia rig. It was the third well of Island's 2006 drillingprogramme, under which the Company has produced two successful gas discoverieswith its two operated Celtic Sea wells at Seven Heads West and the Old Head ofKinsale. Enquiries: Lisa J Newman MCIPR MIRSNewman Consulting Tel: +44 (0)1252 878682 Notes to editors: Island was founded in 2003 and listed on AIM in December 2004. The Company hasinterests in eleven Irish offshore licences, (six as operator). The Company hasoperated two Celtic Sea wells in 2006, both of which produced successful gasdiscoveries. The Company has also secured the Petrolia rig for its planned 2007drilling programme. The partners in FEL 1/05 are Island (31%); Lundin (operator. 30%); Lansdowne Oil& Gas (19.25%), Petroceltic International (16.25%) and Sunningdale Donegal BasinLtd (3.50%). This drilling update has been reviewed and approved by Paul Griffiths, ChiefExecutive of Island. Paul Griffiths is a geology graduate of the Royal Schoolof Mines, Imperial College London, and is a member of the Petroleum ExplorationSociety of Great Britain. He has 30 years experience in the oil and gasexploration sector and is a qualified person as defined in the guidance note forMining Oil & Gas Companies, March 2006 of the London Stock Exchange. Further information on Island can be found on the Company's website at http:// www.islandoilandgas.com This information is provided by RNS The company news service from the London Stock Exchange