Island Logs Gas Pay with Second Celtic Sea Well

Island Oil & Gas reports that the second well of its 2006/07 drilling program offshore Ireland, Well 49/23-1 at Old Head of Kinsale in the Celtic Sea, has been drilled to target depth and has encountered gas shows over a gross interval of 150 feet. The Company is now preparing to log the well to further evaluate the gas shows. When evaluation of the logging information is complete, discussions will take place with the Petroleum Affairs Division of the Department of Communications, Marine and Natural Resources, in accordance with the normal procedures required, to reach a decision in relation to conducting any test program.

Well 49/23-1, which was spud on July 12, 2006 in a water depth of 296 feet, was drilled to its planned total depth of 4,133 feet TVD ss in just 16 days. The gas shows encountered will be the subject of further evaluation following completion of the logging program.

Well 49/23-1 is operated by Island (with 100% equity interest) and was drilled using the semisub, Petrolia, owned and operated by Petrolia Drilling Limited.

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