27/05/2008
US oil and gas explorer Irvine Energy has initiated production after increasing 2007 losses 245 per cent to £850,000.
Irvine Energy had £1.2 million cash at the end of last year after raising £4.7 million at 2p a share. The AIM-quoted company says an independent reserve and resource audit from Netherland, Sewell and Associates confirms reserves of 10.25 billion cubic feet of gas equivalent at the company’s projects in Kansas and Oklahoma and has increased London-based Irvine’s contingent resource 49per cent to 238 billion cubic feet.
Steered by chief executive officer Aaron Close, the company, which had also signed a $50 million (£25 million) advancing credit agreement with GasRock Capital LLC, began production in the New Year and says it expects to step it up quickly. Floated at 3p three years ago and highlighted by Growth Company Investor at 2.25p last December, the shares have now reached 4.33p and could outperform some sector peers.
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