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.

ISLAND OIL & GAS PLC, an Irish oil and natural gas producer, was awarded a five-year licence to explore off the Dutch North Sea coast.