IOG.L Regulatory News (IOG)

26 Feb 2008 07:00

Island Oil and Gas PLC26 February 2008 ISLAND OIL & GAS PLC Re: Marathon Speculation Island Oil & Gas plc (LSE:IOG) ("Island" or the "Company"), today announces thatfollowing the media reporting of Marathon's decision to undertake a strategicreview of its Irish gas business, which could ultimately lead to a sale if anacceptable offer is received, Island can confirm that it is reviewing thepotential of participating in an acquisition of all or part of Marathon's assetsoffshore Ireland. The acquisition of the assets could add considerable value through cost savingsand synergies to Island's portfolio; given the proximity to Island's Celtic Seaassets. Paul Griffiths, CEO of Island Oil & Gas commented, "We see this as a potential opportunity to add serious value to our portfolio ofowned and operated assets. We already have a strong regional position and canuse our experience to take on and develop the assets to the advantage of bothour shareholders, and the wider Irish economy. A successful acquisition of these assets involving Island Oil and Gas would seethe first Irish involvement in the Corrib gas field development and thepotential for the Strategic National Gas Reserve to be provided by an Irishcompany." 26 February 2008 Further information: Island Oil & Gas plcPaul GriffithsKarl Prenderville Tel: +353 1 6313755www.islandoilandgas.com Davy (NOMAD and broker)Anthony Farrell Tel: +353 1 679 6363 Landsbanki (UK broker)Simon Robinson Tel: +44 207 426 9000 College Hill (Financial PR)Paddy Blewer Tel: +44 (0) 20 7457 2020Nick Elwes Notes to Editors: Island was founded in 2003 and listed on AIM in December 2004 (LSE:IOG). TheCompany has interests in eleven Irish offshore licences in both the Celtic Seaand Atlantic Margin. In addition, it is developing a wider portfolio, withpotentially valuable licences in the Netherlands, Albania and Morocco. Island isinvolved in an exploration and appraisal programme which in 2006 and 2007 sawsuccessful Celtic Sea gas wells at the Old Head of Kinsale, Schull and SevenHeads Sub-Area. This information is provided by RNS The company news service from the London Stock Exchange