Island Oil & Gas Continuing Testing Ops at Seven Heads West

Island Oil & Gas reports that the testing of Well 48/23-3 at Seven Heads West in the Celtic Sea is continuing. As part of the testing program, gas is currently being flared. Subject to operational and weather conditions, Island will announce further details at the conclusion of the testing program in approximately one week.

The Well, 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 is operated by Island, on behalf of the Company and its partners, Marathon Seven Heads Limited and Sunningdale Oils Ireland Limited, and was drilled using the semisubmersible, Petrolia, owned and operated by Petrolia Drilling Limited under contract to Island.

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