Inishbeg Well Comes up Dry

Island Oil & Gas reports that well 13/12-1 on the Inishbeg Prospect in Frontier Exploration License 1/05 ("FEL 1/05"), operated by Lundin Petroleum, has been plugged and abandoned.

FEL 1/05 is in the Donegal Basin on the Atlantic Margin offshore Ireland. The well, which was spudded on August 22, 2006 in a water depth of 319 feet, was drilled using the Petrolia rig. It was the third well of Island's 2006 drilling program, under which the Company has produced two successful gas discoveries with its two operated Celtic Sea wells at Seven Heads West and the Old Head of Kinsale.

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