Bought into IVE this morning, purely on speculation only... small time though. Don't know much about them though ! in for a penny in for a pound and all that.
Got out of TPG (dead loss and falling away fast)

so why have you been posting on this board since 2007. me thinks you are a chancer or ramper

chancer!...on the other hand, I always thought this would come good and still do?
is that a ramp?

in at 3.4p was a close thing between this or adding to my SER[small profit atm] .

hope I judged it right as the 'offer' SP kept on tumbling towards the end of the day and don't know if bottom has been reached. it should all turn out good in the long term

Alex

robert
Welcome aboard I'm in both always best to hedge your bets.

A good read



Irvine Energy Brings Its Second Project Onstream In The US As Key Financing Negotiations Continue
Investors in Irvine Energy got some welcome news last week when the AIM firms Niobrara oil and gas project in Kansas came onstream. Ten wells are now online and producing at or above expected rates and will be joined by another six by the end of this month.

There is more to come here: a further four wells are awaiting perforation and stimulation and once all these 20 wells are online and producing well, the company plans to sink a further 40 wells. These wells are very shallow (around 1,500 feet) and can be drilled in less than a week. The initial 20 wells are expected to produce some 500,000 cubic feet per day net to Irvine.

Irvine acquired a 50 per cent interest in the 4,490 acre project in northwest Kansas in September 2007. The following months saw a burst of intensive work to bring the Niabrara wells onstream. This included installing pumping units, gas gathering lines, a gas compressor and preparing a water disposal well.

The company now has two of its three projects producing and generating cashflow. The other producer is the Oklahoma Project, where Irvine has a 50 per cent working interest in 50,000 acres where production has been running at around 600,000 cf/d (300,000 cf/d net to Irvine) plus a dribble of oil production.

The growing production profile will be a relief for investors, who are no doubt aware that the company has, for some months now, been in negotiations for a mezzanine debt financing. Speaking at oilbarrel.coms February conference, MD Aaron Close said the financing, once complete, would give enough head room to see us through to three years, by which time we should be almost cash flow positive.

The additional production on the books and the recent independent reserves report, which showed 3P reserves of 10.25 billion cubic feet of gas equivalent and a contingent resource of 238 bcf, should help de-risk the company in the eyes of financiers. And, as Close pointed out last month, the reserves evaluation, undertaken by international petroleum consultants Netherland, Sewell & Associates, related only to a small portion of the companys total oil and gas acreage. In Kansas the audit only represents about 1.8 per cent of the total acreage, said Close. In Oklahoma the reserve estimates represent circa 25 per cent of our licences while the Niobrara property is fully valued.

Progress is being made on the financing front. Last month the company signed a letter of intent for a US$50 million mezzanine finance facility, which it hopes to have completed by June 2008. Because this financing has taken longer than expected to finalise, the company has had to extend the repayment date on US$4 million of loan notes issue to its US partner Metro Energy. The company has also raised 4 million through a placing of 203.2 million new shares priced at 2 pence per share (the shares were trading at 3.775 pence last week), representing 30.2 per cent of the companys enlarged issue share capital.

In the meantime, the company is making progress with its third project, the 112,000 acre Kansas Project. This is oil prone, which adds some nice diversity to the portfolio and provides exposure to booming oil prices. The company plans to drill a minimum of 12 wells over the next 18 months on lands it has covered with 3D seismic: an 8 square mile section in the Rock area and a 12 square mile section in the Ayres area.

The first well, Rock 1-5, spudded at the end of April. The well is targeting the Arbuckle formation at a depth of 3,500 feet and should take 10-14 days to complete. The company has bought an adjacent lease to the Rock 1-5 well, which is home to a salt water disposal well that will be used to re-inject produced formation water and enable maximum oil production from the well.

Rock 1-5 will be quickly followed by three more wells, all targeting the Arbuckle and Mississippian formations at a depth of 3,000-3,500 feet. This will be followed by drilling in the Ayres area, which will get underway following interpretation of a recent 3D seismic shoot.

In addition to this shallow, low risk drilling, Irvine also holds a number of big ticket exploration items in the shape of shale gas and CBM plays. The prolific Barnett shale gas play in Texas now produces some 1.5 billion cubic feet per day from 6,000 wells while an extension of it in Arkansas, where it is known as the Fayetteville, has gone from producing nothing in 2004 to 400 million cf/d today. It is thought this shale gas play extends into Oklahoma, where it is known as the Caney/Woodford gas shales. It is thought the gross gas-in-place number on the companys acreage is 11.2 tcf with a net recoverable resource of 159 bcf. There is also CBM potential in the Hartshorne coals, which have produced a quarter of a tcf of gas since 2000. For now, however, investors will be content seeing the three main projects develop and stabilize to put the company on a more sustainable financial footing going forward.

Driver,

Is the 203.2 mil new shares @2p already reflected in the SP or will it come into play in the near future. ie a small drop in the SP to reflect the dilution?
Alex

Already in me thinks.

Application will be made to the London Stock Exchange for the new
ordinary shares to be admitted to trading on AIM and it is expected that
admission will become effective and that trading in the new ordinary shares will
commence on 2 January 2008.

The total number of ordinary shares in issue following the placing will be
704,674,826.

On the bounce today.

nice volume for past few days. is itn ready to fly???

near anough ! just a week or two to go!

?

this share will peak & trough its way to around 7/8 p near future then upward to 15p ish to eventual 40p ish - i will hang in and add at correct prices - good luck all

The updated Projects page makes for a good read:

http://www.irvineenergy.com/projects/index.htm

1st horizontal well in Oklahoma due to be spudded this month.

anyone got L2 on this? are the 3.67p trades buys or sells ? and if they are sells why hasn't the SP gone down?
Alex

robertalexander
Just done a dummy 3.65 to sell and 3.67 to buy. So I would suggest that all the .67s are buys and some of the .65s could be

thanks Driver

my brokers are MMs so unable to do a dummy trade and their bid/offer showed as 3.65/3.70.

Alex

NEWS out bought more its flying!!

Looking Good.

Irvine Energy Operations Update in Kansas

http://moneyam.uk-wire.com/cgi-bin/articles/200805130804122812U.html

Yep, looking good...nearly bought some more b4 the RNS... wish I had...
I bought some more EDD so should still see some profits!