Release of GasRock Capital Guarantee

 

TIDMIVE 
 
RNS Number : 3847P 
Irvine Energy PLC 
24 March 2009 
 

Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production 
 
 
24 March 2009 
Irvine Energy plc ('Irvine' or 'the Company') 
Release of GasRock Capital Guarantee 
 
 
Irvine Energy plc, the AIM listed oil and gas exploration and production 
company, has entered into an agreement with GasRock Capital LLC ('GasRock'), 
which releases Irvine from its guarantee of the obligations of its wholly owned 
subsidiaries, Wattle Energy Corporation and Pinon Energy LLC under the credit 
agreement dated 28 May 2008. The release has been given in consideration of the 
Company paying GBP370,000 to GasRock. 
 
 
In addition, the Company has agreed to grant GasRock an option ('Option') within 
two months to subscribe for 100 million ordinary shares in the Company for 0.1 
pence per share. Currently, the Board does not have sufficient authority to 
issue the shares the subject of the Option. Accordingly, the Company will 
convene a general meeting to enable shareholders to authorise the Board to allot 
the Company's share capital and to waive pre-emption rights.  A notice of 
general meeting will be issued shortly. 
 
 
Further information in respect of a work out of GasRock's security over the 
group's assets will be provided in due course. 
 
 
The Company's shares will remain suspended until further notice. 
 
 
* * ENDS * * 
 
For further information please visit http://www.irvineenergy.com or contact: 
 
 
+---------+------------+-----------+ 
| Michael | Irvine     | Tel:      | 
| Frayne  | Energy     | +44       | 
|         | plc        | (0) 20    | 
|         |            | 7766 7500 | 
+---------+------------+-----------+ 
| Rob     | Evolution  | Tel:      | 
| Collins | Securities | +44       | 
|         |            | (0) 20    | 
|         |            | 7071 4300 | 
+---------+------------+-----------+ 
| Adam    | Evolution  | Tel:      | 
| James   | Securities | +44       | 
|         |            | (0) 20    | 
|         |            | 7071 4300 | 
+---------+------------+-----------+ 
| Hugo    | St         | Tel:      | 
| de      | Brides     | +44       | 
| Salis   | Media      | (0) 20    | 
|         | &          | 7236 1177 | 
|         | Finance    |           | 
+---------+------------+-----------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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