Island Oil Spuds Schull Gas Appraisal Well

Island Oil & Gas has spudded gas appraisal well 57/2-3 ("Well 57/2-3") on Exploration License 5/05 (the Schull Field) in the Celtic Sea, offshore Ireland. Well 57/2-3 follows on from Islands successful gas appraisal well at the nearby Old Head of Kinsale. Island is operator with a 62.5% interest.

Well 57/2-3 was spudded on July 14, 2007 in a water depth of approximately 360 feet. The Schull Field was first discovered by the Total operated well 57/7-2, which discovered a 60 foot gas column, in 1987 at a time of lower gas prices and no available access to gas infrastructure. The area contains two more potential gas structures, the Schull Central and the Schull North prospects. Well 57/2-3 is designed to demonstrate the gas potential in the greater Schull area.

The Schull Field is located immediately to the southwest of the Seven Heads gas field and the associated infrastructure linking Seven Heads to the Kinsale Alpha platform.

Following completion of drilling and testing, Providence Resources will take possession of the Petrolia Rig, allowing Island to reduce its mobilization and demobilization costs.

Island's partners in the Schull Field are Valhalla Oil and Gas Limited with a 25% interest and EnCore Oil plc with a 12.5% interest.

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