Island Completes Acquisition of Stake in Schull Field

Island Oil & Gas has completed its previously announced acquisition of an additional 20% stake in the Schull gas field located in the Celtic Sea. Island now has a shareholding of 62.5% in Schull, prior to any decision by EnCore Oil to exercise its option to acquire a further 7.5%, under farmout and option agreements concluded between Island and EnCore in April 2007.

Under the terms of the agreement, Island will acquire a 20% interest (6.667% from Bexley Investments Limited, 6.667% from Carob Limited and 6.666% from Celtex Exploration Services Limited).

Separately, Valhalla Oil and Gas Limited will acquire a 25% interest in the Schull gas field from minority partners (8.33% from Bexley Investments Limited, 8.33% from Carob Limited and 8.34% from Celtex Exploration Services Limited). Valhalla will immediately participate pro-rata in the Island-operated appraisal well, 57/2-3, on the Schull gas field this summer.

The agreements are subject to approval from the Irish Minister for Communications, Marine and Natural Resources.

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