SLE.L Regulatory News (SLE)

Island Oil & Gas plc ('Island' or the 'Company')

Scheme Effective

The Board of Island confirms that the Registrar of Companies in Ireland has today issued a certificate of registration of the Court Order sanctioning the Scheme and confirming the related reduction of capital. The Scheme under which, inter alia, San Leon Energy plc acquired Island, has therefore become effective today.

The New San Leon Shares issued as consideration to Island shareholders will be admitted to trading on AIM on 14 May 2010.

Terms defined in the Scheme Document sent to Island Shareholders on 23 March 2010 have the same meaning as in this announcement.

For further information contact:

Island Oil & Gas plc + 353 1631 3755

Carl Kindinger

Davy Corporate Finance (Financial adviser to Island) + 353 1679 6363

Anthony Farrell

The Island Directors accept responsibility for the information contained in this announcement, except for the information for which responsibility is taken by the San Leon Directors. To the best of the knowledge and belief of the Island Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information.

The distribution of this announcement in jurisdictions in or into certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this announcement and all other documents relating to the Acquisition and/or the Scheme are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of any such jurisdiction.

Davy Corporate Finance, which is authorised and regulated in Ireland by the Financial Regulator, is acting for Island and no one else in relation to the Acquisition and the Scheme and will not be responsible to anyone other than Island for providing the protections afforded to clients of Davy Corporate Finance nor for providing advice in relation to the Acquisition and the Scheme or any other matter referred to herein.