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)

lets hope so,if usa gives local drillers tax break, may be even more pulse???
i think suspension is good. let directors deal with the matter behind curtins.last we heard was a positive news. if ive can get oil back from metro that would be pulsing market. now im guessing why its taking so long

what do we make out of the latest RNS is it finished???

The COMPANY'S ASSETS

GasRock has not reached a conclusion as to the course of action it wants to take in relation to enforcing its security. However, it is of the view that the current market for the sale of the assets is poor. GasRock and the Company have been considering various proposals under Chapter 7 and Chapter 11 of United States Bankruptcy Code. Under these proposals, there is a real risk that the Company will not retain an interest in any of its assets. In these circumstances, the Company may be treated as an investment company under the Rule 15 of the AIM Rules.

The Company and GasRock are also in discussions with third parties regarding the acquisition of additional assets, the extension of the Credit Agreement and the raising of further equity. However, the directors express no opinion on the likelihood of a successful outcome to these discussions and caution Shareholders against drawing any premature inferences.

The Company has made various efforts to raise funds by selling non-core and core assets. However, the current environment for the sale of such assets is poor and, at this stage, the Company has been unable to conclude a transaction. Neither the directors nor GasRock expect the environment to materially change in the short term.

Metro, the operator of the Company's assets, has claimed approximately US$3.8 million from the Borrowers in respect of seismic acquisition, joint interest billings and management fees. The Borrowers have asked Metro to substantiate its claim and this process is ongoing. Metro continues to withhold revenues payable to the Company pending the resolution of this dispute

yes reading the above

From advfn

XenaWarriorPrincess - 30 Apr'09 - 18:21 - 17582 of 17594


News at last!

This RNS is designed to scare the s**t out of everyone and encourage them to vote "yes".

Irvine need the vote to be passed 75%/25% rather than the usual 50/50 as it requires a Special Resolution, so the pressure is on.

However, there is no full explanation in the RNS as to why GasRock released its guarantee to Irvine on 19th March - what was the purpose of that? What did it achieve? We are told the company remained solvent - but to what end? I can guess that it facilitated negotiations with a third party, but we are not told.

And the penalty if the resolutions aren't passed - well GasRock gets a cool 1M damages and we can't pay - so it is a case of telling the shareholders to pass the resolution or else!

Also "GasRock and the Company have been considering various proposals under Chapter 7 and Chapter 11 of United States Bankruptcy Code." - note the use of past tense.

And "The Company and GasRock are also in discussions with third parties regarding the acquisition of additional assets, the extension of the Credit Agreement and the raising of further equity." - present tense.

I suspect that the bankruptcy option is a last resort, as GasRock would get the assets, but it probably wouldn't pay off all Irvine's liabilities - and GasRock probably don't want to take them anyway.

But to me it doesn't quite make sense - we are basically broke, but considering acquiring additional assets and further loans and equity!!!! And GasRock, it appears still wishes to put in 100K for the shares.

So, there is more going on than we are told.

I suspect it is a stage by stage process, so far it is get the guarantee lifted, facilitate 3rd party negotiations, then get the resolutions passed (if necessary by telling shareholders that the alternative is the end), issue the options and then shares to GasRock, collect the 100K, and then......

Well who knows - we are not there yet.

And another interesting point - Gasrock is to pay 100K for the 100M shares - fine - but the loss of that option is a penalty payment of 1M. So the loss of that option is worth 1M - which values the option lost on each share at 1p! (Aside from the fact that Irvine can't in any event pay the penalty.)

I suspect that if negotiations are successful there will be another EGM towards the end of July, and then we will come back, but IMHO it will not be as Irvine but as a new, merged entity.

If it all goes according to plan.

IMHO, DYOR etc.,

Xena

Very strange.

And "The Company and GasRock are also in discussions with third parties regarding the acquisition of additional assets, the extension of the Credit Agreement and the raising of further equity." - present tense.

Hello john, nice to see you are still plugging away here even though others think it's not worth bothering to post.

Glad I sold, some while back of course.

Good luck to you and all shareholders, I am sure you will get something back eventually.

Kind regards

poo bear

so still in business or not???

This from another board poster...

"Anyhow resolutions been passed and thats the result we all wanted yesterday. No good reflecting on could have been and should have known and fighting among each other aint going to help.

I am bored of IVE, frustrated and at one point was seriously gutted I had my money tied up in this shower of shlt. However, employed, healthy, sun is shining and we all will survive if this does not come good so why worry.

My opinion is the following. I think the egm also gave them permission to issue another 200,000,000 shares? I think Gasrock will take up the 100,000,000 shares. lets face it we gave them 370k so 100k is not even out of their own pocket. We will relist with a statement we are in talks with a third party. Then we will get more dilution. They will say the diltuion is needed for survival while deal is taking place. This will just buy them time to either close the deal or markets to pick up and find something else or a bit of time until final curtain call. SP will be 0.001. We will have the choice to either bail due to no deal and get pittance or to stick it out with possibly topping up. Either way its not ideal but thats what I see short term.

Anyhow wrong or right I am not the person to say a told you so. Just my opinion so everyone chill out and enjoy if unfolding."

Myself?
I was guilty of getting into IVE in the early stages @ 4.5p ish so obviously miffed with the way it's turned but I never invest any money I can't afford to loose (wasn't much with this one anyway)

I might buy some more when they come back as a pure spec. punt. We'll see...

You win some and you loose some, that's the way it goes.. Some others are doing well for me at the moment, ie, Rift, PCI, LGO & TAN so it's not all bad...

PCI looks very promising (imho, dyor)

Yes, it's looks like we'll still be business but at very very low levlel !

From advfn

uncle john - 15 May'09 - 12:39 - 17718 of 17784


Hi All,
Am just back from meeting. Resolutions were passed. Therefore GasRock has options which will dilute by 10%
Company was hoping to have made an anouncement about the next steps that they would take. However negotiations still on going. Should announce soon.
There is general optimism for the future, or why would Gasrock have taken the decisions it did.

It seems that all our problems are due to low gas prices in the USA. According to Ross Warner "Licences are being relinquished as worthless in some areas near to IVE". Our acreage assets are not increasing in value!

I did point out that Nighthawk is rather successful in the same area, which may not have pleased them.

It seems we have to wait for a statement from Gas Rock as to when they take up options. Then a statement from IVE about what happens next.But above all we wait patiently for an increase in gas prices. Whilst hoping that we can have more development of oil production rather than gas.
It is not all over, even though the 3 directors present all have Accountancy or Law degrees.

From a poster on LSE

"The (public ) terms of GasRocks option are detailed in the circular which accompanied the RNS rather than the RNS itself, and available on Irvines website.

The "two months" bit comes from the time by which Irvine has to grant the option for the shares to GasRock - ie two months from when the deal was signed - so Irvine had until 18th May to actually grant the option to GasRock. They said they would do this immediately after the EGM resolution was passed, so I guess it was done on 15th May.

BUT GasRock have up to five years to subscribe for the shares ie to actually purchase the shares for 100,000. They may have done it already - but being canny businessmen I would not expect them to until Irvines future was secured.

However this does not mean doom and gloom - it is simply the way in which this part of the deal has been worked out.

More pressing is Irvines cash position - they had 110,000 left on 19th March. They said this was enough to keep going to negotiate out of the situation so news can't be far away as their cash burn last year was about 75K+ per month. Even with major economies they must be pretty brassic by now.

But it is interesting to note that the K2 share price increased by 42% yesterday. Over the last 6 weeks it is up by 300% - albeit from a very low level. It may mean nothing - on the other hand it may indicate that some deal is closer than it was between the K2/Metro/Irvine interest and a possible 3rd party."

any one with any idea whats ive is up to????

nope!...

Is this "parrot" dead?

http://www.bloomberg.com/apps/news?pid=20602099&sid=aclbMkyelEoo

http://www.upstreamonline.com/live/article180821.ece

well ive is taking its time with the return to market. in last statement they did mention 3rd party discussions. who knows???

Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production
18 June 2009
Irvine Energy plc ('Irvine' or 'the Company')
Issue of Option to GasRock Capital

Irvine Energy plc, the AIM listed oil and gas exploration and production company, has granted GasRock Capital LLC ('GasRock') an option to subscribe for 100 million ordinary shares in the Company for 0.1 pence per share. The Company has granted the option in satisfaction of its obligations under the release of guarantee referred to in its announcement of 24 March 2009 and as approved at the general meeting of the Company on 15 May 2009.

The Company's shares will remain suspended until further notice.

Financials




The loss of the Group after taxation amounted to 2.574 million (2007: 0.850 million). The loss for the Company after taxation amounted to 16.037 million (2007: 0.594 million). The Group's cash position at 31 December 2008 was 0.488 million (2007: 1.204 million).




Outlook




In the short term, the principal objectives of the directors are to conclude additional financed acquisitions and to reach a commercial arrangement with Metro and GasRock. At this stage, it is difficult to forecast whether the Company will realise these objectives and I reiterate that the directors express no opinion on the likelihood of a successful outcome and caution shareholders against drawing any premature inferences. If the Company is able to achieve either of these objectives then it will resume operations.



On 30 January 2009, the Company requested a suspension of trading of its shares on AIM, pending clarification of the Company's financial position and discussions with GasRock. There remains a significant degree of uncertainty over the financial position of the Company and as such, the shares shall remain suspended until further notice. Shareholders should be aware that, pursuant to AIM Rule 41, the London Stock Exchange will cancel the admission of the Company's shares from the AIM Market once they have been suspended from trading for six months