IOG.L Regulatory News (IOG)

8 Aug 2006 12:49

Island Oil and Gas PLC08 August 2006 8 August 2006 ISLAND OIL & GAS PLC Holdings in Company Island Oil & Gas plc ("Island" or the "Company") is pleased to announce that theStg£5.5 million Convertible Loan Notes subscribed for by Platinum Petroleum Ltd("Platinum") have now been converted into 5.5 million Ordinary Shares of €0.01each in the Company ("Ordinary Shares") at a conversion price of Stg£1.00 perOrdinary Share. As a result of this conversion Platinum's shareholding in the Company isincreased to 25 million Ordinary Shares representing 33.27% of the 75,141,000Ordinary Shares now in issue. Island has applied for these 5.5 million new Ordinary Shares to be admitted tothe AIM market of the London Stock Exchange with effect from 14 August 2006. In addition, Platinum has been issued with 5.5 million warrants to subscribe forOrdinary Shares, each of which are capable of being exercised at a price ofStg£1.10 per Ordinary Share, at any time in the 12 month period ending 9 June2007. Enquiries: Lisa J Newman MCIPR MIRSNewman Consulting Tel: +44(0)1252 878682 For further information on the Company and access to previous announcements, please refer to the Company's website at http://www.islandoilandgas.com This information is provided by RNS The company news service from the London Stock Exchange