RNS Number:3915T
Irvine Energy PLC
30 April 2008
Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production
30th April 2008
Irvine Energy plc ("Irvine" or "the Company")
Irvine Energy Commences Drilling First Oil Well in Kansas Rock 3D Area
Irvine Energy plc, the AIM listed oil and gas exploration and production company
has started drilling the Rock 1-5 well in Butler County, Kansas, USA. The well
is targeting high quality oil production from the Arbuckle formation at
approximately 3,500 feet. Drilling commenced on 29th April 2008 with drilling
time expected to take approximately 10-14 days with completion of the well to
follow shortly.
This will be the first of four wells to be drilled on the Rock 3D acreage. Three
other prospects will be drilled in succession following drilling of the Rock
1-5. All four wells will be targeting high quality oil from the Arbuckle and
Mississippian formations at a depth of 3,000-3,500 feet.
Additionally, Irvine has begun interpreting and preparing prospect locations on
its second 3D shoot in Kansas. The initial phase of the Ayres 3D shoot is 50%
larger (12 square miles) than the Rock 3D (8 square miles) and early indications
are encouraging for prospective locations. The rig contracted to drill the
initial four Rock locations will be maintained contractually by Irvine to drill
the Ayres locations as they become permitted. It is anticipated this rig will
work continuously in drilling Rock and Ayres locations over the coming months.
Irvine has also purchased an adjacent lease to the Rock 1-5 location. This lease
contains a salt water disposal well that will be used to re-inject produced
formation water. This will allow for maximum oil production from the Rock 1-5
while minimizing operational costs.
Irvine Managing Director Aaron Close said, "The spudding of the Rock 1-5 well is
an important step in the Company's continuing development at the Kansas Project,
the largest of our projects at 112,000 acres. Over the next 18 months the
Company intends to drill a minimum of 12 wells as we look to ramp up production
levels through increasing the number of wells producing across our portfolio."
The information contained in this announcement was completed and reviewed by the
Managing Director of Irvine Energy plc, Mr Aaron Close, who has over ten years
experience as a geoscientist in the North American oil and gas sector, and is a
graduate from the Colorado School of Mines Golden with a Bachelor of Science,
Mathematics and Computer Science Engineering and Geophysics. Mr Close is a
member of the Society of Petroleum Engineers.
* * ENDS * *
For further information please visit http://www.irvineenergy.com or contact:
Michael Frayne Irvine Energy plc Tel: +44 (0) 20 7766 7500
Aaron Close Irvine Energy plc Tel: +1 214 908 6384
Tim Redfern Evolution Securities Tel: +44 (0) 20 7071 4300
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236 1177
Victoria Thomas St Brides Media & Finance Tel: +44 (0) 20 7236 1177
Notes:
Irvine Energy plc is an AIM listed company focussed on the development of
onshore conventional and unconventional oil and gas projects in the USA. The
Company currently has exploration and production projects in Kansas and
Oklahoma, which it is operating and developing in conjunction with its joint
venture partner Metro Energy Group ("Metro").
It is the Company's objective to become a significant player in both the
conventional and unconventional USA oil and gas markets, by building a solid
portfolio of assets within the highly prospective Kansas/Oklahoma region. Irvine
has an aggressive growth strategy in place with a work programme to advance its
production projects and upgrade its contingent resources to reserves. The Board
believes that by assembling a combination of conventional and unconventional
plays, it provides the Company with a balanced low risk, high capital efficient
development programme.
This information is provided by RNS
The company news service from the London Stock Exchange
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