Is it Malta? 196 - 148 = 48 island countries including Australia. 14 = Oceania, 11 = Asia, 6 = Africa, 13 = North America, no island countries in South America, which leaves us 4 island countries in Europe. Take away 3 countries in the Atlantic, keep 1 in the Mediterranean Sea. Malta.
Yes PotatoBoy.......... brilliant and so quick: You explained the solution beautifully. An Honorary Gold Medal is on it's way :o). .... very fast solve, congratulations: