Island Oil & Gas Bids on Six Licenses Offshore Ireland

Island Oil & Gas has applied to the Petroleum Affairs Division of the Department of Communications, Marine and Natural Resources for six blocks in the recent Slyne-Erris-Donegal Bid Round which closed on the March 15, 2006.

The areas applied for are in the Southern Slyne Basin, where a large structural lead prospective for Triassic gas was identified, and in the Donegal Basin, where a series of potential Triassic structures were mapped on trend with the Inishbeg Prospect, which will be drilled by Island and its partners later this year. These structures are potentially prospective for both oil and gas.

It is intended that Island will operate any license awarded as a result of this application.

Commenting on the Application Paul Griffiths, Chief Executive of Island, stated:
"We are pleased to once again participate, as we did in the previous Porcupine and Northeast Rockall Licensing Rounds, in a new Irish Offshore Licensing Round. We seek to increase our acreage position on the prospective Atlantic Margin and to strengthen our growing portfolio of prospects in what is strategically a key area for the future discovery of the large quantities of indigenous gas necessary to reduce Ireland's long term dependence on gas imported from the United Kingdom. Island, through its planned 2006 multi-well drilling program, has demonstrated its commitment to deliver a fast-track approach to exploration drilling where this can be technically and commercially justified. We will continue to apply this same strategy to our portfolio of oil and gas prospects off the West Coast of Ireland in 2007 and beyond"

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