Exercise of Warrants

6 Apr 2006 16:25

Island Oil and Gas PLC06 April 2006 6 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 882,250 warrants issued in connection with theCompany's December 2005 placing, it has issued and allotted a further 882,250new Ordinary Shares of €0.01 each in the capital of the Company at thesubscription price of £0.70 per share, raising approximately £617,575. 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 12 April 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 61,558,230. 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