Exercise of Warrants

27 Mar 2006 16:08

Island Oil and Gas PLC27 March 2006 27 March 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 957,337 warrants issued in connection with theCompany's December 2005 placing, it has issued and allotted 957,337 new OrdinaryShares of €0.01 each in the capital of the Company at the subscription price of£0.70 per share, raising approximately £670,136. 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 31 March 2006. The new Ordinary Shares will rank paripassu with the existing Ordinary Shares of the Company. Enquiries: Lisa J Newman MCIPR MIRSNewman Consulting Tel: +44(0)1252 878682 Ends. This information is provided by RNS The company news service from the London Stock Exchange