Island's Schull Well Encounters Gas

Island Oil & Gas reports that, following the completion of wireline logging operations, Island-operated gas appraisal well 57/2-3 on Exploration License 5/05 (the Schull Field) in the Celtic Sea, offshore Ireland, has successfully encountered gas-bearing reservoir sands. The reservoir horizons in the Upper Wealden were encountered at a measured depth of 2,332 feet MD below the rotary table ("BRT"). Preliminary interpretation of the well results indicates the following:

--A gross gas bearing reservoir interval of approx 294 feet

--A net gas bearing interval of approximately 73 feet

Well 57/2-3, which was spudded on July 14, 2007, was drilled to its planned total depth of 2989 feet TVD BRT in just 10 days, ahead of schedule and under budget. Preparations to conduct testing operations are now underway and a further announcement will be made in due course.

Island has a 62.5% interest in the Schull Field, where it is partnered by Valhalla Oil and Gas Limited with a 25% interest and EnCore Oil plc with a 12.5% interest.

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 testing, Providence Resources plc will take possession of the Petrolia semisub.

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