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)

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! :-)

:-))) - waiting for that - cheers driver

:)

12th June 2008

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

Operations Update in Kansas, Oklahoma and Niobrara




Irvine Energy plc, the AIM listed oil and gas exploration and production company, provides an update of its continued progress and development at its Kansas, Oklahoma and Niobrara project areas.




Overview




Initial Kansas well Rock 1-5 tests oil - sales expected in July 2008

New oil prospects being identified in Kansas following Ayres 3D seismic interpretation - drilling inventory to expand accordingly in Q3 2008

Initial vertical Woodford shale well Farrow 1-24 fracture stimulated and gas line installed to sales

Initial horizontal Woodford shale well Jones 1-5H commenced drilling 29 May 2008, with test rates expected by August 2008

Initial four CBM locations identified - drilling to commence in Q3 2008

New compressor installed at Niobrara 23 May 2008 - additional development to commence in Q3 2008 with minimum 20 new drill wells




Irvine Managing Director Aaron Close said, 'Our development continues at pace as we increase both our oil and gas production across the portfolio. We are advancing both our conventional, shale and coal bed methane targets, which all continue to look highly promising, with the potential to significantly enhance the value of the Company. With our financing in place we can rapidly develop our extensive portfolio located in the low risk environment of proven producing areas in the US. Importantly, we are bringing on stream additional oil production to take advantage of the strong price of oil, which will immediately impact our revenues.'




Kansas Project




The Rock 1-5 tested free oil from the Arbuckle formation on 21 May 2008 and surface facilities are being built with first oil sales expected next month. The well is an extension of a mature oil field, which importantly has a strong water drive. Production will be enhanced using an electric submersible pump ('ESP') to allow for total fluid withdrawals of 750-1,000 barrels of fluid per day. Oil cuts are projected to be in the range of 5-10%, which would equate to production of between 35 to 100 barrels of oil per day ('BOPD'). Initial swab tests from 21 May 2008 indicated an oil cut of 10%. The oil is high quality sweet crude and will receive NYMEX pricing less approximately US$4.00. Payout on this well, in which the Company holds a 75% working interest, is expected to be less than six months.



Rock 1-30, the second well in the four well Rock drilling series, was drilled to a depth of 3,150 feet on 22 May 2008. This was a test of a higher risk virgin structure and did not find commercial hydrocarbons. After interpretation of the wireline logs run on 23 May 2008, it was decided not to set pipe. Total gross dry hole costs to explore this structure were less than US$150,000. This is consistent with the Company's corporate strategy of low cost exploration to maximise return on capital investments.




Rock 1-32, the third well in the four well Rock 3D drilling series, is currently drilling ahead at 1,900 feet. It is being drilled in a more established producing area than Rock 1-30 and the Directors believe it should encounter results at least similar to the Rock 1-5 well. Structural indications in relation to offset productive wells have been encouraging.




Interpretation of Phase I of the Ayres 3D shoot is close to completion and has already identified several promising opportunities. A prospect inventory is currently being built to add to the drilling inventory in Kansas. It is anticipated that following drilling of the third and fourth wells on the Rock 3D, the rig will then move to the Ayres 3D area to begin drilling those prospects.




Oklahoma Project




Irvine's first Woodford shale well, Farrow 1-24, was fracture stimulated on 20 May 2008 with 4,400 barrels of water and 68,000 pounds of sand. Currently the well is flowing back this load water and has recovered 1,440 barrels of the 4,400 barrels of fracture fluid. The gas gathering line has been laid and connected to the sales line. As the remaining fracture fluid is withdrawn, gas will then begin to produce and go to sales. Results will be reported in the next operational update.




The Company's first horizontal Woodford shale well, Jones 1-5H, commenced drilling on 29 May 2008. Irvine will have an approximate 20% working interest, with other working interest partners in addition to Metro Energy who are the operators, being Williams Company (WMB) and Mahalo Energy (CBM.TO). The vertical pilot hole is completed and open hole wireline logs have been acquired. After evaluation of logs, the well will then be drilled horizontally for a lateral distance of 2,100 feet through the Woodford shale. Fracture stimulation and clean up of the well should take approximately 6-8 weeks. Production rates should be known by the end of August 2008.




The initial four Hartshorne coal bed methane ('CBM') locations have been selected and will be drilled in H2 2008. Mapping of the coal is complete and the resource assessment is currently in progress by Netherland, Sewell & Associates, Inc..




Niobrara Project




The new compressor at the Niobrara Project was installed 23 May 2008. Currently 18 wells are going to sales with four additional to be fracture stimulated and added to sales in early summer, bringing total number of producing wells to 22 (previous announcement dated 13 May 2008 stated 23 wells). Current plans are to drill a minimum of 20 new wells commencing in Q3 2008.




* * ENDS * *


okay...one dry hole amongst all the other positives is insignificant..small beer! however, in this market it may just be the one thing that holds the sp back until we get intial sales figures in July..then it ought to go up proper!

Overall, it's very good news and all progressing nicely!

A great little company.
cyril

Yep, it's good, unfortunately no hard and fast production/revenue estimates yet so no big leaps in the sp yet, especially in this market backdrop..

Hopefully we'll get definite more info mid-end July...