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)

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!

Added again first thing Monday and throughout the week, setting buys for any drops in sp. There is so much potential for Irvine Energy the current share price significantly under-values the company.

"Oklahomas diversity of highly propesctive opportunities provides Irvines greatest potential. In September expect updates from a horizontal shale well and later in 2008 from drilling of the coal-bed methane potential.

Current sp only values Irvine at current known existing reserves.

Success in ANY of the conventional, shale gas OR coal-bed methane developments is likely to boost the companys valuation materially"

IVE is a strong buy at 2.3p

every now and again I am seeing posts/rumours on other boards that some exciting news that we don't know about is about to be released with the interims, is there any proof in the pudding?

I know shale news is BIG for IVE but what else could it really be?

Nice post hlyeo98, must be a better buy now.

even stronger buy now, why pay 2.3?
on a more serious note who has a comment about the results today?

topped up at ~2p[broker said 1.9 but showing on am as 2.0p]
bit miffed my order failed this morning at 1.8[only cos I could have got more shares for my money]


Woodie,
this bit convinced me to top up:
We are operating in a relatively low risk environment and have put together a land position and project portfolio that we believe has the potential to yield substantial value going forward. With the results of the above programmes, we expect production rates and the resulting cashflows to increase significantly over the coming months and further updates will be made in due course before the year end.

there are no guarantees but the promise looks good,DYOR etc
Alex

Agreed Robert, keep setting those buy orders for dips below 2p as IVE is so under-valued and now has an experienced management team to make the right decisions and take this company to the next level

broker note confirms in @1.9p :)

Hardman Report out ...

http://www.capmarkets.com/ViewFile.asp?ID1=105301&ID2=262920213&ssid=1&directory=12925&bm=0&filename=Irvine_10_Oct2008.pdf