Exercise of Warrants

17 Jul 2007 14:06

Island Oil and Gas PLC17 July 2007 17 July 2007 Island Oil & Gas plc EXERCISE OF WARRANTS Island Oil & Gas plc ("Island" or the "Company") is pleased to announce that,following the exercise of 1,302,397 warrants issued in connection with theCompany's May 2007 placing, it has issued and allotted 1,302,397 new OrdinaryShares of €0.01 each in the capital of the Company at the subscription price ofStg£0.45 per share, raising approximately £586,079. 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 23 July 2007. 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