2010-04-09-2010-02-25

To acquire company with assets in Europe and North Africa.

San Leon Energy Plc, Dublin, (London AIM: SLE) plans to acquire Island Oil & Gas Plc, Dublin, (London AIM: IOG) in a stock deal valued at approximately US$21 million.

The acquisition price of approximately US$0.15 per share represents a premium of approximately 65% to Island's closing price the last business day before the deal was announced.

Island, whose board has unanimously recommended the acquisition, has assets in Ireland, Albania, the Netherlands, Moldova and Morocco.

Davy Corporate Finance is adviser to Island.