Exercise of Warrants

28 Apr 2006 13:58

Island Oil and Gas PLC28 April 2006 28 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 1,291,943 warrants issued in connection with theCompany's December 2005 placing, it has issued and allotted a further 1,291,943new Ordinary Shares of €0.01 each in the capital of the Company at thesubscription price of Stg£0.70 per share, raising Stg£904,360.10. To date,approximately 79.86% of warrants have been exercised at this stage in theprocess. 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 5 May 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 63,945,071. 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