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)

:)

few sellers today

13.06.2008
With Oil And Gas Production On The Books, Irvine Energy Targets Shale Gas Potential In Oklahoma
AIM-quoted Irvine Energy looks set to bring its third project online next month, with first oil sales from the Rock 1-5 well in Kansas expected in July. The well, which is an extension of a mature oilfield, tested oil in the Arbuckle formation in May and surface facilities are now being built to bring the barrels quickly onstream to capitalize on record oil prices.

An electric submersible pump will be used to enhance production, which is expected to run at between 35 and 100 barrels per day depending on the oil cut. Initial swab tests point to a 10 per cent oil cut, which would suggest production will be at the higher end of that range, but more will be known next month when the well starts pumping. Irvine has a 75 per cent interest in the well, which is expected to payback the investment within six months.

Rock 1-5 is the first of four wells in what the company calls the Rock 3D area: the second was a dry hole and the third is now drilling ahead. This will be followed by a fourth well, after which the rig will move to the Ayres 3D area, where a 3D shoot is close to completion. This new seismic will be used to add to the companys drilling inventory in Kansas.

The Kansas Project will complement the AIM companys existing production from the Niobrara Project, also in Kansas, and the Oklahoma Project. Niobrara came onstream last month and now has 18 producing wells, with a further four expected online this summer, producing around 500,000 cubic feet per day net to Irvine. There is more to come here, with the third quarter set to see the start of a minimum 20-well drilling programme. These wells are very shallow (around 1,500 feet) and can be drilled in less than a week. The start-up of Niobrara added to the production stream from the Oklahoma Project, where Irvine has a 50 per cent working interest in 50,000 acres. Here production has been running at around 600,000 cf/d (300,000 cf/d net to Irvine) plus a dribble of oil production.

These are not large volumes but they do bring some early cash flows onto the books and put the company, which has been involved in protracted negotiations to raise a vital mezzanine loan facility (a US$50 million credit agreement with GasRock Capital was finally closed at the end of May), on a more sustainable financial footing. This low cost, shallow drilling also provides a sensible counterbalance to the companys other activity, namely chasing down the unconventional gas shale and coal bed methane potential of its Kansas and Oklahoma leases.

Gas shale and CBM are hot ticket items in the US, with production quickly growing as operators get to grips with the technical challenges of producing from these fractured rocks. 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. Irvine reckons the gross gas-in-place number on its 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.

This potential will be tested in the coming months. Irvine has drilled its first vertical well into the Woodford shale, Farrow 1-24, which was fracture stimulated in May. Results will be known in the coming months. The company is currently drilling its first horizontal well into the Woodford shale, Jones 1-5H: production rates should be known by the end of August. And first drilling of the Hartshorne coals, to test the CBM potential, is expected to get underway later this year. Investors will watch with interest.

:)

have you ever got anything to say kuzemko?

up today 0.175p 16 june

andysmith,
the reason for smily face is.lot of times at first atampt i do not get all comments.only once i post one it'll update.
as for ive
i bought in at 3.5p and cant wait for the sales figuers to be announce

again it looks like some sells are buys

back at 3.5p then

I have shares in AERO INVENTORY code AI.any views on possible BID PRICE

Kansas operations update looking very good !!

More news, further drilling success.
cyril

Kansas update ,very good news !!

Yep..it looks good !

:)

Selling at 3.55p buying at 3.56p now 3.57p

might buy if it hits 2.5p again

The way this is going that won't be that far into the future ! might top myself as well, sorry, I'll read that again ! .....I might top up myself as well!

What a b?@!ard week it's been...portfolio is down this week by over 10% !

its going to get worse before it gets better. i think july is going to be a total stinker! but we are linked to usa so will be dragged down but only half as much

The sp recovering. I think IVE looks cheap at 3.25p as it has good record of success and more wells coming up soon