Island Oil & Gas Appoints New Chief Financial Officer

Island Oil & Gas PLC has announced the appointment of Martin Carl Wilhelm Kindinger as Chief Finance Officer and Executive Director, responsible for overseeing the Company's future financial strategy, in the areas of project and bank finance, tax planning, economic modelling, investor relations, and statutory reporting.

Carl (age 57) has served as a non-executive director on the Board of Island since October 11, 2006. Carl was born in South Africa and is a UK qualified accountant (ACMA) as well as holding a Bachelor's degree in Economics and a Masters in Business Administration. He has held both financial and general managerial posts of increasing seniority in medium-sized multinational companies covering a variety of industries including mining, ethanol production and fuel distribution in Africa and the Middle East for the past two decades. He has considerable experience in financial planning, project cost control, feasibility studies, cross border mergers and acquisitions and international tax planning. Carl has successfully raised finance for both project and working capital from international banks, and has initiated a number of IPO's.

Carl will be replaced by Adrian Doull on the audit, remuneration, nominating and corporate governance committees.

Carl currently holds 14,440 shares in Island as well as 475,000 Island share options.

Carl currently holds directorships with Midad Investments Limited and Kindinger International Investments (Pty) Limited. He was previously a director of Dal Group Co Limited and Linmat Limited.

Paul Griffiths, Chief Executive of Island, commented, "I am delighted that Carl has agreed to become an Executive Director responsible for developing the Company's financial strategy at a time when Island is seeking to monetise its extensive portfolio of assets that have been acquired and matured over the past four years. We are also looking to Carl to strengthen our relationships in the international capital markets.

"Having spent the last two years as a Non-executive Director of Island, Carl is well-placed to critically assess and develop Island's core projects. Island appreciates the continuing support for and confidence in the Island business model, demonstrated by Carl joining the executive management team."