Exercise of Warrants

24 Apr 2006 13:27

Island Oil and Gas PLC24 April 2006 24 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 1,094,898 warrants issued in connection with theCompany's December 2005 placing, it has issued and allotted a further 1,094,898new Ordinary Shares of €0.01 each in the capital of the Company at thesubscription price of Stg£0.70 per share, raising Stg £766,428.60. To date,approximately 58% of warrants have been exercised at this stage in the process. 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 the 28 April 2006. The new Ordinary Shares will rankpari passu with the existing Ordinary Shares of the Company and will increasethe number of shares in issue to 62,653,128. 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