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)

cheers driver / mp - & yes expect a rise this week

RNS Number : 2803V
Irvine Energy PLC
27 May 2008



Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production




27th May 2008




Irvine Energy plc ('Irvine' or 'the Company')

Secures US$50 million development loan facility




Irvine Energy plc, the AIM listed oil and gas company, has signed a US$50.12 million advancing term credit agreement with GasRock Capital LLC ('GasRock') to assist in funding the development of the Company's oil and gas exploration and production assets in Kansas and Oklahoma in the USA.




Irvine Managing Director Aaron Close said 'This is a key achievement for the Company as we can now rapidly accelerate our entire portfolio of projects. Signing GasRock as a strategic capital partner allows Irvine to access significant drilling capital while minimising dilution to current shareholders.'




The credit agreement, which was signed by Irvine's wholly owned subsidiaries, Wattle Energy Corporation and Pinon Energy LLC (together the 'Borrowers'), comprises initial and discretionary loans. Subject to the satisfaction of certain conditions, an initial draw down of approximately US$6.12 million is being made to fund the pay back of the loan notes issued to Metro Energy in January 2008, various field operations, closing costs, facility fees and administration fees. The balance of the facility may be applied against field operations and other items approved by GasRock.




GasRock will make advances available to the Borrowers from the closing of the facility agreement to 23 October 2010. The Company expects closing and initial funding to occur on 28 May 2008. The interest rate is the greater of (i) 12% and (ii) one-month LIBOR plus 6.5%. Interest is payable monthly in arrears beginning on 30 June 2008.




The facility is secured against the assets of the Group. There are no warrants or rights to shares attached to this credit agreement and facility.




The Group will grant GasRock overriding royalty interests equal to:




2% net to the Company's working interest in leases on and around wells and leases covered by seismic; and

an additional 3% net to the Company's working interest in leases on wells.




The credit agreement provides that financial penalties will apply to the Borrowers after the term of the facility if they do not drawdown at least US$20 million during the term of the facility.




* * ENDS * *

Cool ! game on ! onwards and upwards !

Roll on the next RNS !

Driver,i got in @3.85,with SER money,hope this is another hawk as i missed out on that one.

Cape
Well done but you should have both.

Limited funds fella,
I think and hope there will be more growth shorterm with ive,still watching SER.

whooooosh! funding secured and no dilution of shares-excellent start to the week. I think this could well be another Hawk which I sold far too early---not this one. again thanks Driver!

BREAKOUT

good advice

Anyone having problems with this site?, I haven't been able to access trades for about two weeks now, like wading through treakle to get from one page to the next !

I got in st 3.4 bought second lot at4.2 and willing to sit on it for 12 months I have good feeling about I've. Also hold ser at 5.5

canada1
Try on the bug thread.

http://www.moneyam.com/InvestorsRoom/posts.php?page=366&tid=1

Cheers driver, I'll try it.

That's the old one driver, can't find a link to the new one.

canada1
Use it to ask for the link.

OK , I'll try again, thanks

Surprised that there's been so many sells today considering the best is yet to come?

skyhigh
A lot of the sells today were buys I doubled up my holding and it showed as a sell.

Think I will be adding again now that finance has been secured and drilling will progress rapidly

:)