Island Oil & Gas upbeat as its fields near production

ISLAND Oil & Gas currently assessing gas finds off Kinsale and Schull made an operating profit of Stg£904.000 (€1.12m) against a loss last time of £5.39m (€6.7m) for the six months to 31 January, 2008.

The better figures essentially reflect the sale of a 10% interest in the Amstel field in the Netherlands.

Sales from its Seven Heads field fell to £920,000 from £1.18m due to lower production volumes and lower gas prices.