24 December 2007

Irvine Energy plc raises additional £625,000

Irvine Energy plc, the AIM listed oil and gas exploration and production company, has received share placing commitments to raise £625,000 through the issue of 31,250,000 new ordinary shares at 2.0p per share. These placing commitments are in addition to the £4,064,000 placing announced on 14 December 2007, and will provide additional working capital.

The new ordinary shares will represent 4.4 per cent of the Company's enlarged issued share capital following the placing and will, when issued, rank pari passu in all respects with the existing issued ordinary shares, including all rights to all dividends and other distributions declared, made or paid following their issue. Application will be made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM and it is expected that admission will become effective and that trading in the new ordinary shares will commence on 2 January 2008.

The total number of ordinary shares in issue following the placing will be 704,674,826.

For further information please visit www.irvineenergy.com or contact:

Irvine Energy plc
Michael Frayne, Tel: +44 (0) 207 016 9579

Nabarro Wells & Co Ltd
Hugh Oram, Tel: +44 (0) 207 710 7400

St Brides Media & Finance
Hugo de Salis, Tel: +44 (0) 207 242 4477

St Brides Media & Finance
Felicity Edwards, Tel: +44 (0) 207 242 4477

Notes to Editors:

Irvine Energy Plc strategy is to establish itself as a leading player in the exploration and development of the Chattanooga Shale gas formation in Kansas, USA. The Company already has a 75% working interest in approximately 61,000 acres of oil and gas leases as part of a lease acquisition, exploration and development strategy with a target acreage of between 100,000 and 200,000 hectares. The aim is to explore unconventional "shale gas", with its joint venture partner the Metro Energy Group Inc, as well as conventional gas targets, within an exclusive area of mutual interest covering approximately seven million acres in the Chattanooga Shale.

Organic rich shales are hydrocarbon source rocks which are pervasive across large geographic areas, and not confined to limited traps or structures. These shales typically have lower gas flow rates than conventional reservoirs, but tend to produce over longer periods. Recent technological advancements, including fracture stimulation combined with horizontal drilling, and higher gas prices have enabled economic natural gas production from extensive shale basins. This has resulted in the development of the multi-billion dollar shale gas industry in the US, one of the fastest growing energy sectors in onshore US.

Following the appointments of Mr Manner and Mr Close, the Board has extensive experience of the energy sector and has a good understanding of the potential value of shale gas projects. By utilizing industry contacts Irvine hopes to rapidly develop and expand its portfolio to increase shareholder value.