Petrolia Semisub on Its Way to Seven Heads Prospect

Seven Heads, Offshore Ireland
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Island Oil & Gas says the Petrolia is under tow from the Cromarty Firth in the north of Scotland en-route to the Sub-Area of the Seven Heads Petroleum Lease in the Celtic Sea. Thereafter, the rig will move to the Old Head of Kinsale in the Celtic Sea and then the Inishbeg prospect in the Donegal Basin Frontier Exploration License. The commencement of drilling on all three prospects is subject to the usual regulatory consents and approvals.

Island has a 12.5% participating interest in the producing Seven Heads Petroleum Lease. Following the conclusion in February 2006 of a Sub-Area Equity Interest Assignment Agreement for the Seven Heads Petroleum Lease with Marathon International Petroleum Hibernia Limited, through its wholly-owned subsidiary Marathon Seven Heads Limited (formerly Ramco Celtic Sea Ltd), the first well of the 2006 drilling program will be drilled to test a possible extension of the Seven Heads gas field, in the Sub-Area. The well will be located in an area immediately to the west of the 48/24-6 production well, which has to date encountered some of the best producing sands in the Seven Heads gas field. Island will fund 100% of the cost of the well, including testing, in return for increasing its equity interest in all of the un-appraised parts of the Sub-Area. As a result of drilling this well, Island's equity interest in the Sub-Area will increase from 12.5% to 55.75%. Island will operate the well during the drilling period but operatorship will revert back to Marathon once the drilling program has been completed.

It is intended that the second and third wells will target the Old Head of Kinsale Prospect in the Celtic Sea, where Island will be operator, and the Inishbeg Prospect in the Donegal Basin with Lundin as operator.

Paul Griffiths, Chief Executive of Island, commented:

"This represents a major step forward towards the assessment and development of a significant part of the Company's project portfolio. We would expect, subject to weather and other factors, the Petrolia to arrive on location in approximately 15 days time."

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