Irvine Energy Share Discussion Threads

[upthediff] 18/4/2012 22:30

He sent us this mail a few weeks back....


Just to let you know that I now have about 5% support.

I have been quite busy lately with my own business but alsohave been considering the position at Irvine. Per the latest accounts thecompany has no money and no assets, so is worthless. My problem is that anyeffort to relaunch the company will cost quite a bit of money (2 to 4 hundredthousand?) - between costs to get thecompany relisted and provide a years working capital – and this money will haveto come from existing shareholders or other investors. Either way the current shareholdervalue will be pretty much obliterated. I am not assuming anything for my workin my estimates for relisting.

My main problem is that I wanted to see if something can bedone for the existing shareholders but if the current situation is that ourstakes are worthless then I am not sure anything can be done other than wind itup.

Could you let me have your view – also what would you thinkif I were to continue with my efforts and became a director and went ahead withrestructuring which would mean asking for more money from you all and a restructuringwhich reflected the worthless status of existing shares.

All comments welcome.

Kind regards,

John Ennett

[markpun] 18/4/2012 17:48

Any news from the chap that wanted a seat on the board to look out for shareholder interest????

[medved5] 18/4/2012 11:18

All doom and gloom again !

[sparty1] 16/4/2012 08:38

I dont see how you can do both ...either they are a write off ..or not!.

[osammyboy2] 11/4/2012 15:29

I have decided to abandon any hope of recovery and have asked HMRC to allow me to write it off as of negligible value in my tax return. I have also decided to gift my shares in IVE to charity via Sharegift so that if it does rise from the ashes some good will come. If I do that can I still claim the loss against future CGT?

[abudhabitrader] 10/4/2012 10:26

I think ive as also massive losses that a company could use and save its self about GBP 5 million so some value there. Probably just a case of waiting for people to forget what a shower a shlte it was and relaunch with new mgt and assets to get some other suckers buying.

[moormoney] 09/4/2012 20:19

It is expensive to list on aim so often a company will look for a shell such as I've. Let's hope for a liitle bit of luck.

[markpun] 09/4/2012 09:50

Morning Moormoney,

Thank you for taking the time to respond, so a little light under the tunnel then, I keep my fingers crossed for a take over. I thought the company was dead and buried and written of my losses.

Again thank you.

Mark

[phillippa1] 09/4/2012 08:35

Hi, i have 50,000 of these shares.I have just been reading thru this thread and my very limited understanding is that my shares are completely worthless, If another company takes over Irvine my shares may be worth something rather than nothing? is that the gist of it?

[moormoney] 08/4/2012 22:27

Hi Markpun, IVE appears to be in limbo as an empty shell co. It has not formally ceased as a co and our only glimmer of hope is if a co uses the listing to t/o ive, so the listing may eventually have some value if we are lucky.

[markpun] 08/4/2012 16:33

Afternoon Folks,

Lost a package on IVE, stumbled on this board by accident. I would be grateful if anyone could outline briefly what is up with IVE.... Are there assets that can be sold??....any chance of recuperating part of my loss?? etc,etc.

Comments would be much appreciated.

[moormoney] 05/4/2012 01:11

sparty you are not alone! apart from IVE, YOO, EEL, CDEP and CCH very painful! have all swallowed my hard earned but hopefully if you pick some good ones you can pick yourself up and recover. It's hard but a valuable lesson in Aim robbery.

[sparty1] 04/4/2012 14:45

Its about time someone got a grip of AIM stocks that behave in this way .I only have 700K @ circa £4K but hate being lied to nad given the run around.
AXE was another one ...just put into admin by largest shareholder... nvta seems to have been badly mismanaged although I escaped that one .they also had a lot of bad luck ...I have re bought in there at one thirtyeth of my original buy in price....
Any campaign to make sure these directors do not get away with any wrong doing will have my support..

[medved5] 30/3/2012 20:22

There are tax losses to be gained by reversing into IVE for over 5Million squids - Got to be worth something to somebody out there

[flyingswan] 30/3/2012 10:39

Medved5... I would watch SGG Next week, as it comes out of Suspension, as an Oil and Gas Exploration Company - if this goes well - I think there is still hope for IVE. IMHO

[medved5] 30/3/2012 10:36

Makes you feel sick

[medved5] 30/3/2012 10:36

March 22nd

Global oil and gas producer Shell, which holds an interest in seven onshore unconventional gas plays across North America, from Canada down to Texas and Louisiana, told journalists during a recent site visit to some of its North American operations that there had been a tremendous amount of activity among operators to secure leasehold over the past few years.

Shell and its 50:50 joint venture (JV) partner in the Haynesville shale play, oil and gas exploration and production services company Encana, have signed thousands of leases over the past few years, one of Shell's operations managers, Bruce Palfreyman, says. Operators pay mineral rights owners anything from a few hundred dollars to thousands of dollars as an upfront bonus to secure a three-year lease that will allow them to explore for gas.

Palfreyman says prices vary and depend on what stage of its life cycle a gasfield is in, as well as the expected economic viability of the field. Extensions to the contracts are also common if gas production starts within that three-year timeframe. The mineral rights owners then become entitled to gas production royalties, which range between 18% and 25%.

He notes that shale gas production among all producers in the Haynesville shale area has grown from zero to four-billion cubic feet a day within a two-year period to the end of 2010.

Shell Upstream Americas development VP Paul Goodfellow labels the shale gas expansion as a "revolution" for the energy market. He adds that Shell's strategy is to secure its position in the top natural gas resource plays in North America before exporting the technology to other regions of the world.

It has already started looking at explor- ation for shale gas in Europe and in the Karoo region of South Africa, where it has applied for exploration rights on three properties of 30 000 km2 each and plans to drill 24 wells over the 90 000 km2.

[5bag] 22/3/2012 18:55

There's not really much John can do, or any of us for that matter. I'd written this off long ago and I expect nothing back. I appreciate this type of 'closure' may be difficult for some, especially considering the upbeat news/events of the time and then the sorry proceedings that followed...not a great advert for AIM, I remember talking to Rob Collins at EVO about it at the time and he seemed as gobsmacked as me, but did point out that the mezzanine facility was the glue holding the whole show together at the time....and once that was gone it was game over.

[paulie1] 20/3/2012 18:42

agreed Upthe diff, i got the email as well.

[upthediff] 20/3/2012 17:45

Exactly Come On. You expect a company BOD to tell you the truth, not lie like a bunch of criminals, but you can't expect the same from some faceless entity on a BB.

PS Those that joined up should have a mail from John Ennett. Not good news I'm afraid. Thanks for trying John, but I won't be parting with any more of my cash to invest in this bunch of lying scum.

[come on] 19/3/2012 08:24

no, i remember the stories of 20 wells to drilled this year etc and look, and the shale gas stories and so on, we all went along with what the company told us and yet we were screwed by them not the rampers

[5bag] 18/3/2012 20:07

To be honest how poor were those decisions though? we were all under the impression that wells were being completed and brought into production, and some of that info later turned out to be a dogpile.

Should we blame ourselves for being lied to?