RNS Number:0547S
Irvine Energy PLC
10 April 2008
Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production
10 April 2008
Irvine Energy plc ("Irvine" or "the Company")
Mezzanine Financing Update
Irvine Energy plc, the AIM listed oil and gas exploration and production company
is pleased to provide an update on its proposed mezzanine financing and the
repayment of loan notes to Metro Energy.
The Company has previously indicated that it was looking at various fundraising
options for working capital to develop its projects. The Board advises that it
has signed a letter of intent with a third party for the provision of a US$50
million mezzanine finance facility. The documentation for the facility is being
finalised and a further announcement will be made in due course. Although there
can be no guarantee that this mezzanine finance will be forthcoming, the board
remains confident that this financing will be completed by June 2008.
In addition, on 10 January 2008 the Company announced that it had completed the
acquisition of a 50% working interest in a further 27,337.2 gross acres of oil
and gas exploration and production leases in Oklahoma. In order to part finance
this acquisition the Company issued US$4 million of loan notes to its US
partner, Metro Energy, which were due to be repaid on 10 April 2008. Due to
completion of the mezzanine financing taking longer than anticipated, Metro
Energy has agreed to extend the repayment date.
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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 C3 resources to P1 status. 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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