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)

Is IVE a bargain now at 1.45p?

no

we need news/update on flows and progress,
soon!!!

WOODIE

No no no, Yes.

nice rise now driver, i hope for all holders this starts to move towards 2p.

Time to buy into IVE now. It IS a BARGAIN.

Been away for a week and got stopped out early on Monday, just looking through the week and was possible to buy back in at 1.5 at one point, wish I'd be in a position to see that but still had time to get back in and maybe top-up Monday I hope.

Production update ,positive news,should help SP recover,
Interims next week.

yep, looks good !
be interesting to see how the market in general behaves today and also the IVE sp reation..let's hope it's all pos+

RNS Number : 9282D
Irvine Energy PLC
22 September 2008



Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production




22 September 2008




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

Operations Update




Overview:




Substantial progress being made across all project areas in the US

One million gross barrels of highly economic recoverable reserves are estimated from development of Booch Sandstone in Oklahoma

Successful fracture stimulation of first horizontal Woodford shale gas well with sales to commence shortly

First Kansas oil production commenced and expected to increase as second well brought online and well production optimised

Niobrara operations continue to improve following workover programmes

Initial Hartshorne Coal, Oklahoma, Coal Bed Methane ('CBM') wells locations identified

Further operational update planned in the coming weeks

Interim results for the six months ended 30 June 2008 are expected to be announced on 29 September 2008




Irvine Energy plc, the AIM listed oil and gas exploration and production company is pleased to provide an update showing good progress is being made across its project areas in Oklahoma and Kansas, with 40 wells now producing across all its licence areas. A further update will follow in the coming weeks.




In Oklahoma, the Priegel 3-10 has begun producing oil at 12 barrels of oil per day ('BOPD'), now that water disposal facilities are in place. This is highly encouraging since this well is in the structurally lowest position of the Booch sandstone channel, indicating that the entire channel is charged with oil from the base. The Company plans to drill additional wells and prove up the entire channel, which has circa 18 million barrels of oil in place. Conservative estimates project there are one million gross barrels of recoverable reserves, extractable under primary production. These rates are highly economic since the formation is at a depth of only 2,000 feet and can be drilled and completed for approximately $300,000 per well. As many as 33 additional oil development locations exist to drill out the Booch sandstone channel. It is estimated after forced pooling that Irvine would have a 25% working interest in this development.




The Company has also completed the multistage fracture stimulation of its first horizontal Woodford shale well, Jones 1-5H, in Oklahoma. Two of the four frac treatments achieved excellent penetration in to the Woodford shale formation and the well started flowing gas with 400 p.s.i. flowing casing pressure, prior to the bridge plugs being set. The flow back of frac fluids has commenced with an average unassisted fluid flow back rate of five barrels an hour. The full well head stream is presently piped to temporary frac tanks, where gas has been observed but not measured. Over 15,000 barrels of slick water frac fluid were used in the frac process and the operator advises that 30-40% of this fluid will need to be flowed back (recovered from the well) before gas flow can be expected to be established. This process may take several weeks at the current flow back rate. The installation of the water separator facility and the gas sales line is complete, allowing immediate gas sales to commence upon recovery of necessary frac fluids.




In Kansas, the Rock 1-5 is currently producing oil at moderate rates of 6 BOPD. Adjustments to the submersible pump are currently in progress and are expected to improve rates. The Ayers 1-20 has discovered oil in the Bartlesville formation at economic rates. The well is being fracture stimulated next week to increase production further. Results will be reported in the next operational update.




The Company has isolated and repaired a pipeline leak at its Niobrara project and the management continues to make good progress in dealing with the pressure stabilisation and system balancing issues, reported in a previous operations update. The Company currently has 18 wells producing at Niobrara and expects to have production increasing in the near term.




With other development, the Company and its partners have identified the initial four CBM locations for the Hartshorne Coal in Hughes County Oklahoma. Contract drilling personnel have been identified and the process for approval to drill is underway.




The information contained in this announcement has been reviewed and approved by Chuck Bingle, Irvine's Technical Manager (member of the SPE) and competent person under the guidelines of the AIM rules.




* * ENDS * *

Woodie, I thought u said it wasn't a bargain at 1.45p.

It WAS a good a good time to buy!

great news. this is what we been waiting for!!!
oil price bouncing back,all the buyers are coming back. lond term this could be very rewarding

that's why I originally bought in a couple of yrs ago... been v. grim recently but hopefully the sp will now start to show the potential here

Try looking at GIPPSLAND.. these could be a winner med/long term as well (imho)

Flying again!! bought more first thing at the off.

well done all those that brought near the lows last week.

24.09.2008
Irvine Energy Has 40 Shallow Oil Wells In Production But The Real Prize Is Now Being Tested With Shale Gas Drilling In Oklahoma
Next week will see AIM-quoted Irvine Energy post its interim results for the first six months of the year - and what a six months it has been. The company has moved quickly to capitalize on its asset base, working hard to get production onto the books from its properties in Kansas and Oklahoma with some 40 wells now online. These wells are not prolific producers but drill enough of them and keep the costs down and you find yourself sitting on a tidy little business, particularly when oil prices are hovering around the US$100 a barrel marker.

In Oklahoma, for example, the company has recently brought the Priegel 3-10 well onstream at a rate of 12 barrels per day. This dribble is considered highly encouraging by Irvine management as the well lies in the structurally lowest position of the Booch sandstone channel, indicating that the entire channel is charged with oil from the base.

Additional wells are now planned to prove up the entire channel, which is reckoned to hold some 18 million barrels of oil in place of which around 1 million barrels are reckoned to be recoverable under primary production: that is less of a dribble and more of a sizeable oil pool given the economics of these shallow onshore projects. The target sands are just 2,000 feet down and the wells can be drilled and completed for around US$300,000 per well. As many as 33 additional development wells could be drilled here, at which point this adds up to a fairly healthy revenue stream for the AIM firm.

The company also has shallow oil production in Kansas, where the Rock 1-5 well in the Rock 3D area (an area where Irvine has acquired 3D data) came onstream over the summer. The well, which is an extension of a mature oilfield, tested oil in the Arbuckle formation in May and is now producing around 6 bpd. The company expects to improve this rate by making adjustments to the submersible pump: previous guidance indicated the pump could lift production to between 35 and 100 bpd. Irvine has a 75 per cent interest in the well, which is expected to payback the investment within six months. In the Ayers 3D area (the 3D data was completed this summer), the Ayers 1-20 well has discovered oil in the Bartlesville formation at economic rates and is now being fracture stimulated to increase production.

This low cost, shallow drilling 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 is now being put to the test: the company has completed the multistage fracture stimulation of its first horizontal Woodford shale well, Jones 1-5H, in Oklahoma. The company reports that two of the four frac treatments achieved excellent penetration in to the Woodford shale formation. The company is now recovering the frac fluids from the well in order to establish gas production, which, if successful, should lead to immediate gas sales from the well. Investors will watch this well with interest because success here could unlock a material resource for the company.

Whats more the company has now identified the initial four CBM locations for the Hartshorne Coal in Oklahoma. It is applying for permits to begin drilling work, which should provide further newflow in the months to come.

http://www.capmarkets.com/ViewFile.asp?ID1=104464&ID2=258810289&ssid=1&directory=12925&bm=0&filename=Irvine_24Sept2008.pdf

Good start today!