IOG.L Regulatory News (IOG)

Name of person dealing (Note 1)

J&E Davy

Company dealt in

Island Oil & Gas

Ordinary Shares

02nd February 2010

Long

Short

Number (%)

Number (%)

(1) Relevant securities

4,899,228 3.60%

(2) Derivatives (other than options)

N/A

(3) Options and agreements to purchase/sell

N/A

Total

4,899,228 3.60%

Class of relevant security:

Long

Short

Number (%)

Number (%)

(1) Relevant securities

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

Details

Purchase/sale

Number of securities

Price per unit (Note 5)

Sld

8,705

€0.07

Product name,

e.g. CFD

Long/short (Note 6)

Number of securities (Note 7)

Price per unit (Note 5)

N/A

Product name,

e.g. call option

Writing, selling, purchasing, varying etc.

Number of securities to which the option relates (Note 7)

Exercise

price

Type, e.g. American, European etc.

Expiry

date

Option money

paid/received per unit (Note 5)

N/A

Product name, e.g. call option

Number of securities

Exercise price per unit (Note 5)

N/A

Nature of transaction (Note 8)

Details

Price per unit (if applicable) (Note 5)

N/A

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

03rd February 2010

Mark Smyth

0035316149063

Name of offeree/offeror with which associated

N/A

N/A