YESTERDAY'S "UPS" IVE doing well today after news earlier
IVE 3.10 - 3.20p +0.50p
Irvine says review confirms 10.25 bcfe gas reserves at Niobrara
LONDON (Thomson Financial) - Irvine Energy Plc. said the first independent
reserve and resources audit has confirmed 10.25 billion cubic feet gas
equivalent (bcfe) reported in P1-P3 reserves categories in the areas currently
covered with 3D seismic and the Niobrara.
Irvine, which started production at the Niobrara oil and gas project in
Kansas, United States, on Monday, said its total P1, P2 and P3 reserve numbers
are in line with its internal estimates for the areas evaluated.
The AIM-listed oil and gas exploration company said ten wells are now
pumping with a total of 16 wells expected to be producing by early May. All
wells are producing at or above expected rates, the company said.
Irvine said development of a further 40 undrilled well locations at Niobrara
will start following the stabilisation of production from the initial 20 wells.
The company also said that the independent review has raised the contingent
resource at its Oklahoma project by 49 percent, to 238 billion cubic feet (bcf),
from Irvine's original 159 bcf estimate.
Irvine holds a 50 percent working interest in the Niobrara project