IOG.L Regulatory News (IOG)

23 Mar 2006 10:39

Island Oil and Gas PLC23 March 2006 23 March, 2006 ISLAND OIL & GAS PLC APPLIES FOR NEW LICENCES OFF THE WEST COAST OF IRELAND INTHE SLYNE-ERRIS-DONEGAL BID ROUND Island Oil & Gas PLC ("Island" or the "Company") announces that an applicationwas made to the Petroleum Affairs Division of the Department ofCommunications,Marine and Natural Resources for six blocks in the recentSlyne-Erris-Donegal Bid Round which closed on the 15 March 2006. The areas applied for are in the Southern Slyne Basin, where a large structurallead prospective for Triassic gas was identified, and in the Donegal Basin,where a series of potential Triassic structures were mapped on trend with theInishbeg Prospect, which will be drilled by Island and its partners later thisyear. These structures are potentially prospective for both oil and gas. It is intended that Island will operate any licence awarded as a result of thisapplication. Commenting on the Application Paul Griffiths, Chief Executive of Island, stated: "We are pleased to once again participate, as we did in the previous Porcupineand Northeast Rockall Licensing Rounds,in a new Irish Offshore Licensing Round.We seek to increase our acreage position on the prospective Atlantic Margin andto strengthen our growing portfolio of prospects in what is strategically a keyarea for the future discovery of the large quantities of indigenous gasnecessary to reduce Ireland's long term dependence on gas imported from theUnited Kingdom. Island, through its planned 2006 multi-well drilling programme,has demonstrated its commitment to deliver a fast-track approach to explorationdrilling where this can be technically and commercially justified. We willcontinue to apply this same strategy to our portfolio of oil and gas prospectsoff the West Coast of Ireland in 2007 and beyond" Enquiries:Victoria BairdIsland Oil & Gas PLCTel: + 353 1 6313755 This information is provided by RNS The company news service from the London Stock Exchange