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)

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

makes me wander why we are only 3.28p, I can see us being double this SP shorty. its amazing we are still here, our loan facility is bigger than our market cap, this will correct itself soon. My short term target is 6.5p. (imo of course, dyor etc)

It is an opportunity to top up.

Toped up yesterday at 3.3 happy days.

well chosen driver--this is the only blue one on my list today! I will have to look down the back of the sofa. lol.

mp
Could be worse you could be in TAN.

thought i had missed my chance to top up. with todays gains diminishing looks like i may get my chance.
Alex

http://www.capmarkets.com/ViewFile.asp?ID1=98797&ID2=238977273&ssid=1&directory=12925&bm=0&filename=Hardmanandco_Monthly_JULY_08.pdf

The most important news for investors is that Irvines first wells in Kansas have come in, in-line with the company's predictions. We would suggest this goes some way to de-risking the Kansas project for investors and as Irvine have taken such a conservative line we expect them to meet or beat all the way.

At the Rock block in Kansas the third well drilled, Rock 1-32, found hydrocarbons in the Arbuckle formation with live oil shows seen in the cuttings. Petrophysical analysis confirmed oil saturation and porosities of 10 to 15%. Production casing has been or is being run on the two successful wells where oil cuts are projected to be in the range of 5-10%, equating to projected production rates of between 35 to 100 barrels of oil per well per day ('BOPD').

The Arbuckle oil is high quality sweet crude which will be priced at NYMEX rates less around USD$4.00/BBL. Payout on the successful wells (in which the Company holds a 75% working interest) is expected to be in less than six months. With only the one dry hole (at a nominal cost of USD$150k) Irvine should be set to become an oil producer in Kansas very soon which with current oil prices will have an immediate effect on Irvines bottom line.

The current conventional drilling portfolio is set to be expanded following interpretation of the recent Ayres 3D seismic shoot and a fifth well, Ayers 1-20, will now be added to the current programme.

Oklahoma Project

Irvine's first Woodford shale well, Farrow 1-24, is being readied for gas production while the first horizontal Woodford shale well, Jones 1-5H, commenced drilling on 29 May 2008. Fracture stimulation and clean up of this well should take approximately 6-8 weeks and production rates should be known by the end of August 2008.

An 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.

Finally at Niobrara 18 wells are going to sales with four to be fracture stimulated and added to sales in early summer, bringing total number of producing wells to 22. Current plans are to drill a minimum of 20 new wells commencing in Q3 2008.

Irvines recent share price slide is unwarranted by any measure of company performance and is, if anything, an opportunity for stake building at lowly levels before what will undoubtedly be a news packed year.

Nice 6,500,000 buy gone through

Andy, don't think it's a buy more than likely to be a sell that's been worked over the last few days hence the drop in price lately.

on barclaysstockbrokers it shows as buy at 3.25worth211k

Operations update looks good!!

Yes, however, it's not been without it little problems and delays...
I don't think that we'll see a big leap in the sp until later in the yr..what'll be needed will be demonstrated output and production/revenue estimates! hope I'm wrong and we get sp increases soon but in this market nothing is certain!

Cant see any reason for the fall its now looking cheap a good buy opp IMO.

one reason for the fall could be the low production of 420Mcuft/day.

Oklahoma has 18 wells that did 317Mcuft/day average during 22 days in january, on their own...Workovers are happining on Oklahoma of which it would be nice to see an update. In the EVO note 25/3/08 page 7 it states that Oklahoma produces 0.6MMcuft/day (600mcuft/day) net to IVE so how they only get 420mcuft/day for ALL ASSETS gawd only knows.

If existing wells on all 3 gas projects go to plan we should see 1300mcuft/day in near future:

Niobrara (50% WI) = 18 wells x 50mcuft/day x 0.5 = 450cuft/day
Woodford (Farrow 1-24) (50% WI) = 480mcuft/day x 0.5 = 240mcuft/day
(Jones 1-5h) (20% WI) = 1250mcuft/day x 0.2 = 250mcuft/day
Oklahoma as it was 317mcuft/day net

Total = 1257mcuft/day

Thats without the 4 new wells on Oklahoma (3 with metro operating 1 with williams operating) plus workovers on 3 shut-in wells and workovers on existing Oklahoma producing wells (the 18). Thats also without oil from Rock 1-5 and Rock 1-32. A good flow rate for those would be 25-40bopd based on the oil cut obtained and the fact that reservoir pressure evens out after the initial gush.

Could easily triple production very shortly, on what they already have, then we have 4 new wells on Niobrara imminent, when existing 18 have settled down to steady production, also NSAI evaluating CBM prospect with 4 drilling prospects identified.

Answer to question in thread title : Yes, Definitely. The fun will really start in mid-late August i reckon. (edit) its a 12 month ride at least though for the best returns.

Cheers

Have these hit bottom??