IOG.L Regulatory News (IOG)

29 Mar 2006 10:17

Island Oil and Gas PLC29 March 2006 29 March 2006 ISLAND OIL & GAS PLC ("Island" or the "Company") Rig Update Island announced in October 2005 that it had executed a drilling contract withPetrolia Drilling Limited. Island has now been informed by Petrolia Drilling ofthe successful completion of the upgrading programme of the semi-submersibledrilling unit, "Petrolia". Island has also been advised that the "Petrolia" righas achieved Class Renewal and Safety Class Renewal. This is a significant step in the progression of Island's 2006 three-welldrilling programme, offshore Ireland. The successful completion of the rig workshould allow the Company, subject to the normal Regulatory consents andapprovals, to spud its planned first well of this year's drilling programme on asub-area of the Seven Heads Petroleum Lease in the Celtic Sea during April ofthis year, as previously reported. Paul Griffiths, Chief Executive of Island, commented: "This completes a major step in the complex process of preparing the Petrolia rig for drilling in Irish Waters, subject to the normal Regulatory consents andapprovals. Island's drilling management team can now focus entirely on operational matters in preparation for the commencement of drilling operationsduring April" Enquiries: Lisa J Newman MCIPR MIRS Tel: +44 (0)1252 878682Newman Consulting Email: newmanconsulting@hotmail.com This information is provided by RNS The company news service from the London Stock Exchange