Island's First Celtic Sea Well Encounters Gas

Island Oil & Gas reports that the first well of its 2006 and 2007 drilling programs offshore Ireland, Well 48/23-3 at Seven Heads West in the Celtic Sea, has been drilled to target depth and has encountered gas shows. The Company and its Partners, Marathon Seven Heads Limited and Sunningdale Oils Ireland Limited, are now evaluating log information and formalizing the details of the planned testing program that will be submitted to the Petroleum Affairs Division of the Department of Communications, Marine and Natural Resources in accordance with the normal procedures for seeking the necessary approvals and consents to test the well.

Well 48/23-3, which was spudded on May 4, 2006 in a water depth of 341 feet was drilled to its planned total depth of 3,237 feet TVD ss. The well has encountered gas bearing sands, at the prognosed stratigraphic levels. The Company will be announcing further details at the conclusion of the planned testing program.

Well 48/23-3 is operated by Island and was drilled using the semisub, Petrolia.

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