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Sat 03 Mar 2007Island shows pretax loss of €7.8m despite big rise in turnoverDespite significant sales growth, exploration company Island Oil and Gas has reported a pretax loss of £5.39 million (€7.8 million) in the six months to the end of January, writes Caroline MaddenThis reflects a £5.5 million write-off resulting from the plugging and abandonment of an exploration well in Inishbeg last August, the company said.