Island Begins Celtic Sea Drilling Program

Island Oil & Gas has spudded gas appraisal well 49/23-2 on Exploration License 4/05 (the Old Head of Kinsale) in the Celtic Sea, offshore Ireland. Well 49/23-2, which is the first of this year's drilling program, is being drilled using the Petrolia rig (the "Rig"). Island is operator with a 65% interest.

Well 49/23-2 was spudded on 16 May 2007 in a water depth of approximately 290 feet. This is the Company's second well at the Old Head of Kinsale and follows on from the gas discovery with its operated well 49/23-1 in 2006, representing the first new gas discovery in the Celtic Sea for 16 years. Subject to a successful result and commercial flow-test of Well 49/23-2, Island and its partners plan to complete and tie-back both wells to the Kinsale A platform next year with a view to producing first gas in the fourth quarter of 2008.

Following completion of drilling and testing, the Rig will move immediately to the nearby Exploration License 5/05 (the Schull gas field) where it will drill the Island-operated gas appraisal well 57/2-3, subject to approval of the Irish Minister for Communications, Marine and Natural Resources.

Under the terms of an agreement between Island and Providence Resources plc announced on September 25, 2006, Island has allocated one firm drilling slot to Providence in 2007. Providence will take possession of the Rig as soon as Island completes its two-well program and for the remainder of the contract, allowing Island to reduce its mobilization and demobilization costs.

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