Island Hits Gas Pay Offshore Ireland

Island Oil & Gas plc on Thursday announced that, following the completion of wireline logging operations, Island-operated gas appraisal well 49/23-2 ("Well 49/23-2") on Exploration License 4/05 (the "Old Head of Kinsale") in the Celtic Sea, offshore Ireland, has successfully encountered gas-bearing reservoir sands. Preliminary interpretation of the well results indicate the following:

--Reservoir continuity with the gas sands encountered in Well 49/23-1, 3 kilometers to the NE;
--Reservoir permeability in line with Well 49/23-1;
--A gas-water contact within 5 feet of that extrapolated for Well 49/ 23-1, thereby validating the presence of a 100 foot gross gas column for the Old Head of Kinsale gas field.

Well 49/23-2, which was spudded on 16 May 2007, was drilled to its planned total depth in just 11 days, well ahead of schedule and under budget. Island will now drill a sidetrack hole (49/23-2z) from the existing well bore. The objective is to maximize potential gas deliverability to ensure that any future gas production from the field can be achieved at the highest possible rates. Testing operations are anticipated to commence on completion of the sidetrack well.

Island has a 65% interest in the Old Head of Kinsale, where it is partnered by Valhalla Oil and Gas Limited and EnCore Oil plc.

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