(SLE.L) San Leon Energy PLC Buy/Sell

RNS Number : 5028B Island Oil and Gas PLC 28 October 2009

Island Oil & Gas plc ("Island")

CELTIC SEA ASSETS UPDATE

Following on from previous disclosures regarding monetization of the Celtic Sea assets the Board of Island has today suspended all discussions with interested parties pending the outcome of the approach in relation to a possible offer from San Leon Energy plc ("San Leon").

The Board has taken into consideration San Leon's expression of interest in combining greater financial, technical and operational resources to retain and develop the Celtic Sea assets and create potentially valuable opportunities for a future Celtic Sea gas storage business.

28 October 2009

Enquiries:

Davy Corporate Finance

Ivan Murphy / Anthony Farrell Phone: +353 1 679 6363

College Hill

Nick Elwes Phone + 44 (0)207 457 2020

Any person who is a holder of one per cent. or more of any class of shares in Island may be required to make disclosures pursuant to Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007 and 2008.

The directors of Island accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Company's Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Davy Corporate Finance, which is regulated in Ireland by the Financial Regulator, is acting for Island and no-one else in relation to the approach and will not be responsible to anyone other than Island for providing advice in relation to the approach.

This information is provided by RNS The company news service from the London Stock Exchange

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