News

December 08, 2008

Irvine Energy Pondering The Alternatives As It Seeks To Bolster Finances For US Project Work

AIM-quoted Irvine Energy is pondering all the options – including a possible merger – as it seeks to insulate itself from a deteriorating global economy and an oil price in freefall.

The company, which is focused on the onshore US oil and gas sector, with some conventional and unconventional hydrocarbon projects on its books, is also raising cash to keep working capital ticking over.

The Irvine portfolio includes exploration and production projects in Kansas and Oklahoma, operated by partner Metro Energy, a private firm with conventional and shale gas experience.

Irvine is raising £610,000 through the sale of 244 million shares at 0.25 pence each,...