Companies: IVE   

US-focused Irvine Energy says its Kansas and Oklahoma projects now show 10.25 billion proven cubic feet of gas equivalent.

The AIM-quoted company has received this result in a reserve and resources audit from independent specialist Netherland, Sewell & Associates Inc (NSAI). The audit also shows contingent resources up 49 per cent from London-based Irvine’s original estimate to 238 billion cubic feet of gas equivalent.

NSAI puts the company’s total proved, probable and possible net reserves at 9.7 billion cubic feet of gas and 92.2 million barrels of oil, with a combined potential to generate £26.4 million future revenues and a present worth of £10.5 million. Aaron Close, Irvine’s managing director, points out that the NSAI evaluation covers only ‘a small portion of our total oil and gas acreage’.

Floated at 3p in 2005, Irvine’s shares hit 4.63p in May 2006 before crumbling that same year to 2.13p. They have now moved up to 2.95p, valuing the company at £20.8 million and have speculative possibilities.

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Irvine Energy	AIM	£3.57m	0.45p	-0.05p
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Other company articles:
Irvine ups resources			27/05/2008
Irvine hails reserve boost			29/04/2008
New leases for Irvine			18/12/2007
Newcomer - Irvine Energy			23/12/2005