Offshore staff

(Ireland) - Island Oil & Gas has secured a rig with Petrolia Drilling for three wells offshore Ireland. Two will be in the Celtic Sea off southern Ireland, the other being in the Donegal Basin to the northwest.

The Celtic Sea program should include a probe on the Old Head of Kinsale prospect in licensing option 03/4, which under Ireland's terms would then be converted to an exploration license. The other well in this area could either be an appraisal of the Seven Heads Petroleum lease, or a test of the Schull South prospect in licensing option 04/2.

In the Atlantic Margin (Donegal Basin), the third well will test the shallow water Inishbeg structure, where a commercial discovery could be tied in either to existing pipelines between Northern Ireland and the UK mainland, or to Northern Ireland itself. Next year, Island also aims to drill the much larger deepwater prospect Killala in the Rockall Basin.

1/28/2006