DUBLIN-based exploration company, Island Oil & Gas has assumed total control — via its Island International Exploration BV subsidiary — of the Durresi Block prospect located off the coast of Albania.

Island Oil & Gas has announced that its wholly owned subsidiary Island International Exploration BV (IIEBV) has acquired the remaining 50% equity interest in the Durresi Block off the coast of Albania.

Island Oil & Gas plc has today announced that the company's asset swap agreement with OMV has received the relevant governmental and partner approvals.