Island Wins Licenses in Slyne Trough, Donegal Basin

Island Oil & Gas plc said Monday that, following an application to the Petroleum Affairs Division of the Department of Communications, Marine and Natural Resources in the recent Slyne-Erris-Donegal Bid Round which closed on the 15 March 2006, the Company has been granted two new licenses. The Frontier Exploration Licenses (FEL) granted are:

--An FEL covering blocks 27/18 & 27/23 and part-blocks 27/17(E) & 27/ 22(E) in the Southern Slyne Trough approximately 110 km. south of the Corrib gas field. Island, the designated operator, and Lundin Petroleum AB will each hold a 50% interest in the newly named Inishmore License. A 3D seismic survey will be acquired during the initial three year phase of the License.
--An FEL covering part-blocks 13/4(S), 13/5(S), 13/9(E), 13/13(N), 13/ 14(N) & 14/1(N) in the Donegal Basin approximately 60 km. east of the Dooish hydrocarbon discovery in the Rockall Basin. Island, the designated operator, and Lundin Petroleum AB will each hold a 40% interest and Endeavour Energy UK Limited a 20% interest in the newly named Inishowen License. A new 2D seismic survey will be acquired during the initial three year phase of the License.

Commenting on the Awards Paul Griffiths, Chief Executive of Island, stated:

"The award of these new licenses significantly expands our portfolio of exploration and near-development assets along the Atlantic Margin where we now operate four licenses covering an area of approximately 3,000 sq. km. This is strategically a key area for the future discovery of the large quantities of indigenous gas necessary to reduce Irelandís long term dependence on gas imported from the United Kingdom. Island has demonstrated through the successful execution of its 2006 drilling program, which has already delivered two gas wells, its ability to potentially play a lead role in the exploration for gas along the Atlantic Margin where we are in the process of developing a number of Triassic gas prospects."

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