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)

i bought 2 lots today both showed as sell!!!

now, is 40p target???

Its the potential long-term kuzemko, long-way to go but good investment.
I like the risk/reward ratio on this and will be adding again.

nice rise this morning. This helps to brighten a dull wet day!

EVO update

FUNDING FINALISED

Drilling programme can now accelerate

EVO TAKE - Irvine's long awaited mezzanine financing is now in place and removes an overhanging funding uncertainty. The Mezz financing offers a good deal for shareholders - offering a competitive interest rate with no warrants or other rights to shares. The overriding royalty (ORR) should not detract from the profitability of Irvine's project inventory and the finance will allow the company to progress and accelerate its drilling campaign in both Kansas and Oklahoma.

DETAILS - Irvine has signed a $50m mezzanine facility with GasRock Capital through to Oct 2010. Terms are 12% interest rate, with no warrants or rights to shares. GasRock's kicker is an ORR of 2% on existing leases and up to 5% on wells. This seems to be a fair deal offering competitive terms, with minimal dilution for shareholders. The ORR is a common feature of US funding, and given the attractive fiscal regime in the US should not detract from the returns - especially at prices >$100/bbl oil and $10/mcf gas. Financial penalties only apply if Irvine does not draw down at least $20m during the term. Funds will be used to pay back the existing loan notes to partner Metro Energy and other back costs ($6.12m), and the balance to be applied to field operations and other items approved by GasRock

VALUATION AND RECOMMENDATION - Valuation, assuming full drawdown of debt, gives 8p/share based on our current very conservative assumptions of a $60/bbl oil price and $8/mcf for gas

FYI...

RNS Number : 4883V
Irvine Energy PLC
29 May 2008

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

Completion of US$50 million loan facility

Irvine Energy plc, the AIM listed oil and gas company, is pleased to confirm that the Company's US$50.12 million advancing term credit agreement with GasRock Capital LLC has become unconditional and the Company's wholly owned subsidiaries, Wattle Energy Corporation and Pinon Energy LLC, have now made the initial draw down of US$6.12 million.
* * ENDS * *


Finance well and truely in place and being put to good use...

Next RNSs will be the most important ones ! ..

onwards and upwards!

Added to my holding this afternoon, should be a very rewarding investment over the next year

andy
Just how we like it IVE is going up nice and steady.

4.35p trades are buys

:)

Hardman June 08

IRVINE ENERGY
Irvine has announced three major pieces of news this month with results, confirmation of completion on a credit agreement with GasRock Capital LLC and listing of 34m new shares completing the deferred subscription announced back in December 2007.
The results covered the development phase of the business. They showed a pretax loss of 850,000 for the year to end-December 2007, recording administrative expenses of
919,000 in line with expectations. The key news is completion on the credit agreement which should enable the company to develop sufficient productive capacity to become a fully fledged independent oil and gas producer without additional recourse to the market [bar for acquisition opportunities]. GasRock Capital LLC (GasRock) has agreed to advance, subject to various conditions, up to $50.12
million to Wattle Energy Corporation and Pinon Energy LLC, wholly owned
subsidiaries of Irvine Energy. An initial draw down against the facility will be taken of $6.12 million to fund the payback of the loan notes issued to Metro Energy in January 2008, operations expenses, closing costs and facility and administration fees.
The first Kansas well found oil and with completion work under way on first
Woodford well in Oklahoma we sense positive indications of more results to follow. This goes a long way towards de-risking Irvines portfolio. Investors should now look forward to the 2008 drilling program now full funding is secured.

:-))

Trades today at 3.98/3.99 are buys. Good price.

little top up today.I think its sorting out all orders buyers/sellers and. Mid next week start long trend up

In for long-term on this one, expect to triple my money minimum

are we expecting any updates any time soon???

yes...from next week onwards i reckon. might even see something this week. (imho)

kuzemko

You will get news at any time through out this year they have a large drilling programme so news could come at any time.


LONDON (Thomson Financial) - Irvine Energy Plc. said it is making rapid progress across its portfolio, both in raising production levels and in confirmation of the oil and gas resources which it aims to convert into the reserve categories in the near future.

The AIM-listed company said the first Kansas well has encountered oil, and the second well commenced.

The company said a further eight wells are online to start production at the Niobrara project, and added five additional wells will be brought on line in early summer, bringing the total number of producing wells to 23.

It said current planning is in place for a further 40 new wells to be drilled in the near future at Niobrara.

Evolution new price target for IVE.... 11p

Irvine Energy IVE 09-Jun Evolution Securities Buy 4.05p - 11.00p

http://investing.thisismoney.co.uk/cgi-bin/digitalcorporate/thisismoney/broker_rec.cgi

COOL! Bring it on! :-)