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)

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

That's it then...AIM delisting due within the month. It'll be put out of it's misery! and us as well !

Never has a board cocked something so promising up in such an effective way!

Another E&P statistic.

There will be more yet.

interesting development!!! may be there is some life left in IVE!!! I wonder what is the AGM mainly about???

this is a great news!!!!????????

who knows?

why appoint a chairman if things are not happening behind the scenes. I'm daring to be hopeful!! Takeover is suspected on the other side--just hope we are not shafted. lol!

http://www.proactiveinvestors.co.uk/companies/news/6692/irvine-energy-names-robert-bensh-new-chairman-manner-to-resume-non-exec-position-6692.html

From advfn



XenaWarriorPrincess - 17 Jul'09 - 18:46 - 18142 of 18149


I think we all need to see what the next move will be before jumping to conclusions.

Taurex has around 50/60% of 60,000 acres in Okfuskee and Lincoln Counties in Oklahoma. Irvine has about 50% of 54,000 acres in Okfuskee. Many of the Taurex leases seem to be within the Irvine/Metro AMI - as shown on Irvine's website.

Indeed Tulsa World has reported that Taurex has spudded 6 wells so far this year in townships 10N-9E and 11N-9E, all within 3 miles west or north west of Irvine's own leases. Another is about to spud, with maybe another 3 more before the beginning of October.

Also another company Culbreath brought in their well Meanders 1-3 earlier this month in township 11N-10E. This well is producing 65boepd and is located less than two miles from the northern part of Irvine's leases, and just five miles east of where Taurex has been drilling.

Why the Metro drilled wells Patriot and Priegel - located about 10-15 miles east of the Taurex/Culbreath drilling - were so poor I'm not sure, but the Culbreath well has proved that there are good drilling opportunities within spitting distance of the Irvine/Taurex acreage - and there is no reason to suppose that the Taurex/Irvine acreage is not just as good.

This is a step by step process, but it seems that we are close to finding out what deal has been negotiated - I suspect that Rob Bensh will have some good news for shareholders either at or before the AGM.

In my post 18063 of 6th July 2009 I said -

"But I agree, that they are probably busy, and the Doug Manner/Sean Austin combination is interesting, and their business links going back many years may provide the clues to what is really going on and could provide some solution to Irvine's current problems......"

Well Rob Bensh and Doug Manner were both on the Board of Bellwether Exploration in 2000/1 - Doug Manner was CEO and Rob Bensh CFO. The Taurex board also has links to investment fund managers in New York and elsewhere.

I think all we can be sure about is that things look like taking a major step forward in the near future.

All IMHO, DYOR etc.

Xena

http://www.cardinal-uk.com/taurex_operations_overview.html

suggest you take a look @ nostra teraa oil and gas/NTOG .featured in rigzone a company making 3 kansas acquisitions historical 5000 barrels a day proven reserves.

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NTOG Snaps Up 3 Oil and Gas Properties in Kansas
Nostra Terra Oil and Gas Co. PLC
|
Wednesday, July 15, 2009
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NTOG announced that on July 13 it entered into definitive agreements with Hewitt Petroleum, Inc. ('HPI') for the purchase and exploration
of three properties in Kansas, USA for an initial consideration of US $235,000 which has been paid in cash with US $25,000 of the balance due within 60 days of execution of definitive agreements ('Execution'), US $275,000 within 90 days of Execution and US $100,000 to be satisfied by the assignment by Mr. Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner.

The acquisitions and development plans fit within NTOG's new strategy announced on June 30, 2009 in which it looks to acquire assets in the USA to diversify from Ukraine into areas of low political risk, while acquiring properties of low geological risk with significant undeveloped reserves, with an objective of developing a stable, and steady cash flow.

NTOG's newly appointed CEO Matt Lofgran commented, "This is a critical turning point for NTOG and its shareholders. The properties we have acquired and are seeking to acquire have existing production, but more importantly proven reserves, which provide the opportunity for significant upside. In addition we have partnered with Hewitt Petroleum Inc, a proven operator and expert in these given fields. We are very excited about the quality of properties and relationships we are bringing to NTOG."

The properties acquired are as set out below:
Koelsch Field

A 50 percent working interest in two production wells and one salt water disposal well in the Koelsch Field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. HPI has undertaken to deliver a recordable assignment of the assigned working interest within 90 days of Execution failing which a US $60,000 advance shall be repaid to NTOG. In the event the leases and wellbore are acquired the estimated costs for the deepening and reworking of the two production wells and the development cost for the reworking of the Salt Water Disposal Well are US $231,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid and thereafter 50%;
Hoffman Field

A 25 percent working interest in five production wells (of which two are plugged) and one salt water disposal well in the Hoffman Field, located in Barton and Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $125,000 cash has been paid for the assignment of the working interest, with the balance of US $275,000 due within 90 days of Execution. The estimated costs for the deepening and reworking of the five production wells and the development cost for the reworking of the Salt Water Disposal Well are US $1,350,000 of which 25 percent is to be met by NTOG.

If revenue is generated from production on the project prior to NTOG completely paying for their interest then the revenue shall be adjusted on a prorate basis for the amount that NTOG has actually paid; and
Bloom Field

A 50 percent working interest in nine production wells and two salt water disposal wells in the Bloom field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $50,000 cash has been paid for the assignment of the working interest, with US $25,000 of the balance due within 60 days of Execution and a further US $150,000 within 90 days. The remaining US $100,000 is being satisfied by the assignment by Mr Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner. NTOG shall have no obligations owed to Mr. Lofgran in compensation of the transfer of his asset to HPI. The estimated costs for the deepening and reworking of the nine production wells and the development cost for the reworking of the two Salt Water Disposal Wells are between US $1,820,000 and US $2,550,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid, thereafter 50%.

Under the agreements between NTOG and HPI, in the event that either party elects not to participate in the drilling, deepening, reworking or completion attempt on an additional well, such party will be deemed to have released and relinquished to the other participating party or parties all its right, title and interest in and to that well and the participating party shall own the relinquished interest free and clear of all obligations to the non-participating party.

APPL 82 revised joint operating agreements have been executed in respect of all three leases between NTOG and HPI (as non-operators) and Hewitt Energy Group, Inc (as Operator).



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