Disclosure Form SAR 6

APPENDIX

DISCLOSURE FORM

FORM SAR 6

IRISH TAKEOVER PANEL

Lodge with the Stock Exchange (which may publicise) and with the Panel. A copy must also be sent to the company the voting securities of which (or the rights over the voting securities of which) are acquired.

Date of disclosure 15 OCTOBER 2009

DISCLOSURE UNDER RULE 6 OF THE IRISH TAKEOVER PANEL

ACT, 1997, SUBSTANTIAL ACQUISITION RULES, 2007 ("SARs")

Date of Acquisition: 14 OCTOBER 2009

Acquisition in ISLAND OIL & GAS PLC (name of company)

(1) Class of voting securities (e.g. ordinary shares)

Number of voting securities/rights over voting securities acquired

If rights over voting securities acquired, as opposed to the securities themselves specify nature of rights

ORDINARY SHARES OF €0.01 EACH

NIL securities

25,000,000    rights

IRREVOCABLE COMMITMENTS

(2) Resultant total holding of voting securities (and % of total voting securities in issue)

Resultant total holding of rights over voting securities (and % of total voting securities in issue)

Total percentage

21,000  (0.02%)

25,000,000 (18.39%)

25,021,000 (18.41%)

(3) Party making disclosure SAN LEON ENERGY PLC

(4)(a) Name of person acquiring securities or rights over securities

SAN LEON ENERGY PLC

and, if different, beneficial owner  ................................................................................................

(b) Names of any other persons acting in concert (see SAR 3)  PURSUANT TO RULE 3.3(b)(ii)(1) OF PART A OF THE TAKEOVER RULES THERE IS A PRESUMPTION THAT EACH DIRECTOR OF SAN LEON ENERGY PLC IS ACTING IN CONCERT WITH SAN LEON ENERGY PLC. PHILIP THOMPSON, A DIRECTOR OF SAN LEON ENERGY PLC, HOLDS 21,000 ORDINARY SHARES IN ISLAND OIL & GAS PLC

Signed, for and on behalf of the party named in (3) above Oisin Fanning

(Also print name of signatory)     OISIN FANNING

Telephone and extension number + 353 (0) 1291 6292

Note 1. Under SAR 3, the holdings of and acquisitions by persons acting in concert must be aggregated and treated as a holding of or acquisition by one person. SAR 8(b) requires persons who must aggregate holdings to disclose certain disposals.

Note 2. "Stock Exchange": see definition in Rule 2.1(a) of Part A of the Takeover Rules.

For details of the SARs disclosure requirements, see Rules 4, 6 and 8(b) of the SARs. If in doubt, consult the Panel.