12th October 2006

Issue of Equity

Irvine Energy plc (AIM:IVE) announces the allotment and issue of 23,571,428 new ordinary shares at 3.5p, raising £825,000, before costs. This placement includes the issue of 21,428,571 new ordinary shares to SPGP - The Emerging Commodities Fund, which following completion of this placement, will represent 6.62 per cent. of the issued share capital of the Company.

Application has been made for the new ordinary shares to be admitted to AIM on 18 October 2006. The new ordinary shares will rank pari passu with the existing ordinary shares in the Company.

The total number of ordinary shares in issue following this issue will be 323,499,826.

For further information please 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