News

August 04, 2009

Irvine Energy Delists As It Fights For Survival

Three and a half years on from its IPO and troubled E&P Irvine Energy has delisted from AIM following a six-month trading suspension. The cash-strapped firm, which is focused on developing assets in Oklahoma and Kansas, has had a difficult run over the last year, battling financial shortfalls, legal disputes with partners and poor drilling results.

The delisting comes as the company reports that it remains in “advanced negotiations” to buy additional “significant” production and development assets in the US.  It has received indicative terms on financing the proposed acquisition from two major financial institutions and is in discussions with one other.  Shareholders will be only too aware, however, that in current market conditions there can be no guarantees that such financing will be forthcoming.

If successful,...