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)

can see this at 2.20-2.30 before a bounce.

Woodie, I picked some up early afternoon at 2.318p. Is that close enough to count as a bouncing point?

my own view it will go between 2.20-2.30 if iam right buying at 2.318 will only see around a 5% drop from your buying price..

bought over a million of these on Friday, can see this bouncing sooner rather than later.

Should have news on production rates soon..... would be good to see what they are.... (see below for a reminder)

Irvine Energy plc, the AIM listed oil and gas exploration and production
company, commenced production at the Niobrara oil and gas project in Kansas, USA
on April 28th. Ten wells are now pumping with a total of 16 wells expected to
be producing by early May. Gas sales contracts are in place and sales began at
11:00 am Mountain Time on April 28th. The Company is pleased to announce all
wells are producing at or ABOVE expected rates.

from todays independent
Irvine Energy

Kansas' record in oil and gas production is celebrated in the Kansas Oil Museum in the city of El Dorado, which lies on the Walnut River in Butler county.

If that sounds a bit quaint, it is probably because oil has been pumped out of the ground in the state for very nearly a century and has proved to be a profitable location for many companies.

One of the latest such groups is the AIM-listed Irvine Energy, which was first floated in December 2005. While the group is in the advantageous position of being in production on its sites in Kansas and Oklahoma, its shares have nonetheless performed abysmally, closing at just over 2p on Friday, and trading at a year high of just 4.35p.

Aaron Close, the group's managing director, says that debt financing is better than equity for an oil group already in production, both to avoid diluting the stock for existing shareholders, and to leverage the group up and run it more efficiently. While no doubt true, with the stock trading at such a low level, the shares would have to have been diluted pretty severely to match the $50m revolving mezzanine debt facility signed with specialist exploration financiers Gas Rock.

However, such financing will be used for some exciting projects for Irvine Energy. In Oklahoma, the group is expecting to be in production of coal-bed methane by the end of the year and is already undertaking a shale gas drilling programme.

Some of the acreage held by Irvine has been drilled on and off for about 90 years, and has about six years of production left in it, not that Mr Close or his team expects to be there when they run dry. The management of the group believes that before too long, they will be offered a deal from one of the oil market big beasts. Given that Irvine is already in production, and that it does have some very good sites, if the stock stays as low as it is, they will probably be right

I am holding 500,000 this all sounds great!Happy days.

Independent

Small Talk: Modern Water (aims to clean up by osmosis), Irvine Energy (management of the group believes that before too long, it will be offered a deal from one of the oil market big beasts), The Family Office Fund (expected to announce its AIM listing on Friday).

http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/21/afx5233516.html

A good time to add IMO

more positive vibes coming from the camp......

From iii Jackiemk

From the latest 'tipster' who I wont mention, as it is subscription only -

"Some of you may be aware that BP has agreed to acquire all of Chesapeake Energy's interests in around 90,000 net acres of leasehold and producing natural gas properties in the Arkoma Basin Woodford Shale play for $1.75 billion in cash. This is a deal which highlights the growing importance of the US shale gas industry which has come into its own through the use of more sophisticated extraction techniques, and has become increasingly attractive given the long term outlook for energy prices.

How do Irvine's assets compare? Well, the Chesapeake shale assets have potential resources of 2 trillion cubic feet compared with Irvine's 238 billion. However, while Chesapeake's assets are located in the more conventional and well-mapped Woodford basin, totalling 90,000 acres, Irvine has 112,000 acres of highly prospective territory that has minimal 3D coverage. Successful development of the Caney and Woodford shale could be huge, with as many as 400 - 800 locations possible. The potential here, unrisked and moved into reserves could be worth around 60p per share.

We are due the first set of results from the Jones 1-5H horizontal Woodford Shale well in August. Buy."

Enough said..................

i will be surprised if the 1.20-1.30.area is not reached a few big sells went through today which in the short term does look good for the s/price.

just to remind us why we are here I have posted a few other articles on IVE....

09.07.2008
Having achieved Production On Three Of Its US Onshore Assets Irving Energy Makes a Start In Chasing Down Unconventional Gas Shale Potential
AIM quoted Irving Energy has reported an encouraging operations update. The company specialises in low cost/low risk production from conventional oil and gas plays onshore the US, though also some rather unconventional prospects to boot. The latest revelations from the company has seen it confirm production from 40 wells in Kansas and Oklahoma (including 18 wells at Niobrara). Irving also has indicated that progress has been made in unlocking the unconventional resources, with news that at Farrow 1-24, it has lock. This was fracture stimulated in May and first production started in late June it is currently producing back frac water and gas. The well will continue to clean up for a couple of months until full production is reached.

Meanwhile, the company has also completed drilling its first horizontal Woodford shale well, Jones 1-5H. Drilling went well and the well reached target depth on June 29 after which production casing was set. The multistage fracture stimulation will take several weeks and initial test rates should be available during the later part of Q3 2008.

Irving thus now has all three of its projects in Kansas and Oklahoma off and running. First into production was the Niobrara project in North Kansas Niobrara, in which Irving has a 50 per cent working interest in the 4,490 acre project, with its partner Metro holding the other 50 per cent. There were technical problems which affected output for a bit but these are being overcome and Niobarara is soon expected to be producing around 500,000 cubic feet of gas a day.

The second producer is the Oklahoma project where Irving has a 50 per cent working interest in 50,000 acres where production has been running around 600,000 cf/d ( 300,000 cf/d net to Irving.

The third project started to come good in June. This is its main Kansas acreage covering hundreds of thousand of acres. In June the company announced that it had successfully drilled the Rock 1-5 well. The well which is an extension of a mature oilfield tested oil in the Arbuckle formation and surface facilities are now being built to bring the barrels quickly onstream to capitalise on record oil prices. An electric submersible pump will be used to enhance production which is expected to run at between 35 and 100 barrels a day. We now learn from the update that a second well Rock 1-32 has been drilled and the two wells are due to produce first oil sales in August two further wells are planned in the near term. Irving has a 75 per cent working interest in these wells.

All of these wells do not represent large volumes in themselves, but they are shallow (often as shallow as 1,500 feet), and cheap to drill and pay back quickly. The mounting cash flow has been important at a time Irving has been locked in protracted discussions to raise capital. The company finally raised a vital mezzanine loan facility ( a US$ 50 million credit agreement with GasRock capital was finally closed in May). According to Aaron Close, CEO of Irving, this, together with cash flow should be enough to cover all the companys drilling needs for the next three years. The key point here is that this low risk production is a 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 producing from these fractured rocks. The prolific Barnett shale gas play in Texas now produces some 1.5 billion cubic feet per day from 6000 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 gross gas in place 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 tcf since 2000.

But the gas shale is only put in as contingent resources. Aaron Close has said that an evaluation by Netherland, Sewell & Associates related to only a small percentage of Irvings assets.

Broker Evolution Securities puts it another way. It has estimated that the current 2P and 3P reserves in Kansas and Oklahoma projects are valued at almost the current share price ( around 3.7p) based on long term assumptions of US$100 a barrel for oil and US$10 a thousand cubic feet for gas.

The Broker continues: Vertical and horizontal wells are currently being evaluated in the Woodford Shale. Success here would start a movement from the substantial contingent resource base to reserves. We estimate that even risked at 1 in 5, the current shale gas resource could be worth 12P/share if moved to reserves. In addition we do not ascribe value to the CBM prospects in Oklahoma, but this could change in 2H08 when drilling starts.

and from uk analysist...

"US-focussed oil and gas exploration company Irvine Energy (IVE) reported that good progress is being made across its three project area in Oklahoma, Kansas and Niobara. In Oklahoma the company has completed its first vertical Woodford shale well, Farrow 1-24, as well as its first horizontal Woodford shale well, Jones 1-5H. Irvine commented that initial drilling went well and assuming further success full scale production and gas sales are expected to commence in the latter part of the third quarter of this year. In Kansas, the company expects wells Rock 1-5 and Rock 1-32 to be in production and selling oil in August - possibly earlier in the case of Rock 1-5. Further wells are being planned for the second half of this year. Finally, production at Niobara was interrupted in May and June due to technical issues with a gas compressor. Production has been intermittent since a new compressor was installed but is expected to stabilise and increase by the end of August. The company added that daily production is set to increase significantly in the second half of the year as the number of producing wells increases across all of its project areas. Irvine's Managing Director, Aaron Close, commented, "We are very excited about our progress on Jones 1-5H and Farrow 1-24. These wells are part of our strategy to develop the shale gas and quickly grow the Company's reserves". Evolution Securities increased its price target for the company to 11p on the back of the news. However, the shares slipped 0.08p to 3.18p.

and from The Times.


Tiddler to watch

Irvine Energy, which is exploring for oil and gas in Kansas and Oklahoma, was off 0.075p at 3.175p after a drilling update. Production at one site was interrupted by technical problems, but two other wells in Kansas are due to begin selling oil in August, the first oil reserves in the state. Housebroker Evolution has an 11p target.

fat greek most of that is all old news "". Evolution Securities increased its price target for the company to 11p on the back of the news. However, the shares slipped 0.08p to 3.18p".
s/price now?

Been loading up here today. Betting this is the bottom.

bottom of my target hit at 11.30 today 2.20 i think there will be another test at this level.

More buys than sells today, trades at 2.25 reported as sells are buys, I know.
A 500,000 and 375,000 showing as sells actually buys reported late.
Great time to add on this stock.

Andy, yep... absolutely agree 'add on to this stock'. You would not have so many people both here and elsewhere knocking this share if they weren't afraid that it was going to rise. They need to close their short CFD's and all this negative ambient babble is for that reason. Scare the shareholders. Same as usual.

now we know the reason for the s/price weakness shareholders suffer with massive dilution,did not even get the chance to take part in the placing.
RNS Number : 7563Z
Irvine Energy PLC
24 July 2008



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




24 July 2008




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

Equity Placing




Irvine Energy plc, the AIM listed oil and gas exploration and production company, has received share placing commitments to raise 1,100,000 (before expenses) ('the Placing') through the issue of 55,000,000 new ordinary shares at 2.0p per share ('Placing Shares'). The funds raised from the Placing will principally be applied to 3D seismic, which is not funded under the GasRock debt facility.




The Placing Shares will represent 6.9 per cent of the Company's enlarged issued share capital following the Placing, and will, when issued, rank pari passu in all respects with the existing issued ordinary shares. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is expected that admission will become effective and that trading in the Placing Shares will commence on 30 July 2008.




The total number of ordinary shares in issue following the placing will be 793,674,826.




* * ENDS * *

when should we expect news on Ayres?

"We look forward to reporting on the highly prospective Ayres project with its multiple stacked pays potential."

One of the 'multiple stacks' must have oil, if all 'stacks' have oil happy days.