19th May 2008 12:43
Island Oil & Gas PLC
("Island" or "the Company")
Roscarberry Licensing Option
In August 2007 the Company was awarded a 22% interest in Exploration Licence 5/07, which extends over parts of blocks 48/17, 48/18, 48/19, 48/22 and 48/24 and contains the Roscarberry prospect, as well as the Galley Head (48/18-1) and Carrigaline (48/24-4) gas discoveries.
Island has at this time elected not to participate in the award of the Exploration Licence which would involve additional exploration commitments for the Company. The reallocation of interests in the Licence is awaiting approval by the Department of Communications, Energy and Natural Resources (DCENR).
19 May 2008
Further information:
Island Oil & Gas plc
Paul Griffiths
Karl Prenderville Tel: +353 1 6313755
www.islandoilandgas.com
Davy (NOMAD and broker)
Anthony Farrell Tel: +353 1 679 6363
Landsbanki (UK broker)
Simon Robinson Tel: +44 (0)207 426 9000
College Hill (Financial PR)
Paddy Blewer Tel: +44 (0)20 7457 2020
Nick Elwes
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