Complex sentence: Papey is an island near the east coast of Iceland in the municipality Djúpavogshreppur and is about in extent, the highest point on the island being about 58 meters above sea level.
Split into simpler sentences: Papey is an island near the east coast of Iceland and is a part of the municipality Djúpavogshreppur. It is about in extent, the highest point being about 58 meters above sea level.