Exercise of Warrants

3 Apr 2006 16:13

Island Oil and Gas PLC03 April 2006 Island Oil & Gas plc EXERCISE OF WARRANTS Island Oil & Gas plc ("Island" or the "Company") is pleased to announce that,following the exercise of 514,643 warrants issued in connection with theCompany's December 2005 placing, it has issued and allotted a further 514,643new Ordinary Shares of €0.01 each in the capital of the Company at thesubscription price of £0.70 per share, raising approximately £360,250. Island has applied for these new Ordinary Shares to be admitted to trading onthe AIM market of the London Stock Exchange and trading in these shares isexpected to commence on 7 April 2006. The new Ordinary Shares will rank paripassu with the existing Ordinary Shares of the Company and will increase thenumber of shares in issue to 60,675,980. Enquiries: Lisa J Newman MCIPR MIRS Newman Consulting Tel: +44(0)1252 878682 3 April 2006 This information is provided by RNS The company news service from the London Stock Exchange