Island Commences Drilling at Old Head

Island Oil & Gas plc reported that it has spudded well 49/23-1 on Exploration License 4/05 (the Old Head of Kinsale) in the Celtic Sea, offshore Ireland.

The well is being drilled using the Petrolia rig, owned and operated by Petrolia Drilling Limited under contract to Island. Island is operator with a 100% interest.

Well 49/23-1 was spudded on Wednesday evening in a water depth of 286 feet. The anticipated total drill depth is approximately 4,220 feet.

After the well is completed, the rig--subject to regulatory consents and approvals--will move to the Donegal Basin, where it will drill a well on the Inishbeg prospect in Frontier Exploration License 1/05 on the Atlantic margin.

Island was founded in 2003 and listed on AIM in December 2004. The company has interests in nine Irish offshore licenses (four as operator and two as technical manager), including one producing gas field.

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