Company Information for Irvine Energy PLC

www.irvineenergy.com

Company Statement

Irvine Energy plc is an AIM listed company (Epic: IVE) 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 P3 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.

Overview
To date, the Company has acquired over 168,000 gross acres and 112,000 net acres across the highly productive mid-continent areas of the United States in Kansas and Oklahoma. Historical production dates back to the late 1800's, with cumulative production in Kansas of 6.2 billion barrels of oil and 37 trillion cubic feet of gas. The historical production from Oklahoma tops 14.7 billion barrels of oil and 94 trillion cubic feet of gas.

There are three project areas within the Company's portfolio, including; 1) Niobrara, 2) Kansas and 3) Oklahoma. The Company holds a 50% working interest in the Niobrara and Oklahoma projects, and a 75% working interest in the Kansas project. Metro Energy Group holds the remaining working interest. Metro Energy is located in Tulsa, Oklahoma and is also the operator of all projects.

The Niobrara project covers 4,490 gross acres (2245 net acres) in Cheyenne County, Kansas and is primarily focussed on the development of shallow Niobrara chalk gas. The license area includes 20 drilled well bores in the Niobrara formation with over half of the wells going to sales as of April 2008. The remaining wells will be on line in May 2008; with total projected production from the 20 wells at 1,000 mcfd. It is estimated that 40 additional drill wells will be completed by year end 2009, with an additional 56 wells to be drilled in following years. Due to the shallow nature of these wells (1500 ft) they can be drilled and completed in less than one week at very low cost.

The Kansas project covers over 112,000 gross acres (84,000 net acres) in eleven counties in south central Kansas. The majority of the acreage is in the oil rich areas of Barber, Butler and Cowley counties. The area has a prolific oil and gas production history and many operating advantages, including extensive infrastructure and low cost drilling. The area has lacked the application of state-of-the-art exploration techniques, which provides significant upside potential. The Company has shot state of the art 3D seismic in two areas of Kansas (Rock and Ayres), with two more surveys in progress. The Rock 3D survey has generated several prospects, where a four well drilling programme has been initiated. The initial well, the Rock 1-5, was spudded April 29, 2008 and is targeting oil production from the Arbuckle formation at 3500 feet. A rig has been contracted for a continuous drilling programme across the Rock 3D and then on to the Ayres 3D.

Importantly, the Kansas project also houses the highly prospective Chattanooga Shale formation, which has been successfully drilled across state lines in Oklahoma (where it is known as Woodford shale). With a land position of over 112,000 acres, Irvine has first mover-advantage in an area that has significant development potential. Shale gas, due to the development of new extraction techniques, is the USA's fastest growing onshore energy sector.

The Oklahoma project covers over 50,000 gross acres (25,000 net acres) in Okfuskee, Okmulgee, and McIntosh and Hughes counties. This project has significant potential in conventional oil and gas, as well as Woodford and Caney shale gas and coal bed methane (CBM). The Company purchased this property in January 2008, which included over 20 producing wellbores and fifty-four square miles of 3D seismic. Production net to the Company at time of purchase was over 600 MCFDE. Since then, four additional conventional gas wells have been drilled.

Currently the Company is stepping up activity in the Caney and Woodford shale, with their first vertical new well currently being completed. The Company's first horizontal well is planned to spud in May 2008. A large drilling inventory is also being developed for both the Caney and Woodford shale. Successful development of the Caney and Woodford shale could be huge, with as many as 400 - 800 locations possible. Netherland, Sewell and Associates have assigned a best case contingent resource estimate net recoverable to the Company of 238 billion cubic feet (BCF) of gas.

Current plans also include drilling and completing both vertical and horizontal Hartshorne coal bed methane (CBM) wells in Q3 2008. Assessment of the CBM resource and value is in progress.

Operations and Technology

Kansas
AMI Project
Irvine acquired the Kansas oil and gas project through a Joint Venture with the Metro Energy Group. In July 2006 the Company completed the acquisition of a 75% working interest in 30,000 acres of oil and gas leases in Kansas and subsequently followed an aggressive growth campaign to increase its lease position to 112,000 acres spanning over the Barber, Butler and Cowley counties in Kansas.

Irvine's partner Metro has significant experience in the development of conventional and unconventional oil and gas projects. Metro is the operator of the project and has a 25% working interest.

The Project has an area of mutual interest ('AMI') covering approximately seven million acres in eleven contiguous counties in Kansas. The AMI has a prolific oil and gas production history as well as extensive infrastructure. The past lack of application of state-of-the-art exploration techniques in the AMI provides a significant upside potential.

As of May 1, 2008, the Company has shot state of the art 3D seismic in two areas of Kansas (Rock and Ayres), with two more surveys to be completed (Udal and McGrath). The Rock 3D covers over 8 square miles and has generated several prospects, where a four well drilling programme has been initiated. The initial well, Rock 1-5, commenced drilling on April 29, 2008 and is targeting oil production from the Arbuckle formation at 3,500 feet in Cowley County, Kansas.

The Ayres 3D has been completed and processed and early indications are promising for similar type prospects. Since the Ayres 3D is approximately twice the size of Rock (15 square miles), the number of prospects are expected to be higher. The Udal 3D will even be slightly larger at 20 square miles. Acquisition of data from the Udal shoot is currently in progress in May 2008.

With the large number of wells expected to be drilled in the coming months, a rig has been contracted for a continuous drilling programme across the Rock, Ayres and Udal 3D areas.

It is the Company's near term objective to build production and a reserve base on these conventional targets and generate significant cash flow and net present value.

The AMI importantly houses the highly prospective Chattanooga Shale formation, which has successfully been drilled across state lines in Oklahoma (where it is known as Woodford shale) by Devon Energy and Newfield, among others. The Chattanooga Shale is relatively shallow and is an extension of the proven Woodford shale. With a land position of over 112,000 acres, Irvine has first mover-advantage in an area that has significant gas potential. Shale gas, due to the development of new extraction techniques, is the USA's fastest growing energy sector.

Niobrara Project
Irvine acquired a 50% working interest in the Niobrara Project in August 2007. The project comprises 4,490 gross acres in Cheyenne County, Kansas and is primarily focused on the development of shallow Niobrara chalk gas.

The license area includes 20 drilled wellbores in the Niobrara formation with over half of the wells going to sales as of April 2008. The remaining wells will be on line in May 2008; with total projected gross production of 1,000 mcfd. It is estimated that 40 wells will be drilled by year end 2009, with an additional 56 wells to be drilled in following years. Due to the shallow nature of these wells (1500 feet) they can be drilled in less than one week at very low cost. Wells will be drilled in "packages" of 10-20 at a time, starting in late summer 2008.

Oklahoma
Oklahoma Project
The Oklahoma project covers over 50,000 gross acres (25,000 net acres) in Okfuskee, Okmulgee, and McIntosh and Hughes counties. This project has significant potential in conventional oil and gas, as well as Woodford and Caney shale gas and coal bed methane (CBM). The Company purchased this property in January 2008, which included over 20 producing wellbores and fifty-four square miles of 3D seismic. Production net to the Company at time of purchase was over 600 MCFDE. Since then, four additional conventional gas wells have been drilled.

Currently the Company is stepping up activity in the Caney and Woodford shale, with their first vertical new well currently being completed. The Company's first horizontal well is planned to spud in May 2008. A large drilling inventory is also being developed for both the Caney and Woodford shale. Successful development of the Caney and Woodford shale could be huge, with as many as 400 - 800 locations possible. Netherland, Sewell and Associates have assigned a best case contingent resource estimate net recoverable to the Company of 238 billion cubic feet (BCF) of gas.

Current plans also include drilling and completing both vertical and horizontal Hartshorne coal bed methane (CBM) wells in Q3 2008. Assessment of the CBM resource and value is in progress.

Board of Directors and Key Management

Senior Management
Rob Bensh	(Executive Chairman)

Non - Exec Directors
Doug Manner	(Non-Executive)
Anthony John	Samaha (Non-Executive)
Ross Warner	(Non-Executive Director)

Company Address

94 Jermyn Street
London, United Kingdom SW1Y 6JE


Telephone:	+44 (0)20 7766 7503
Email:	kate.thompson[at]irvineenergy.com
Website:	http://www.irvineenergy.com

Additional Address/Key Contact

Capital

Total number of shares in issue 1,037,674,826

Year End

31 December

Nominated Brokers

Evolution Securities
100 Wood Street, London EC2V 7AN

Nominated Advisors