3 September 2007

Completes Acquisition of Niobrara Oil & Gas Project

Irvine Energy plc, the AIM listed oil and gas exploration company, has completed the acquisition of the Niobrara oil and gas project situated in Kansas, USA.

The Niobrara project comprises 4,490 acres of oil & gas licences in north-west Kansas. The Company's working interest will be 50%. The area includes 20 well bores completed in the Niobrara Formation of which 13 tested at 50 Mcfd each. All 20 wells will be put on line in late summer early autumn at a cost of approximately US$$0.5 million. The total projected production from the twenty wells is 1,000 Mcfd, of which 500 Mcfd will be net to Irvine.

A further 80 well locations have been delineated for expansion and it is estimated that 24 will be completed by year end 2008, with an additional 56 wells to be drilled in 2009. These wells are shallow, circa 1,500 ft, and can be drilled and completed in less than one week at low cost.

The Niobrara play in north-west Kansas has been extremely active, with Berry Petroleum recently acquiring over 400,000 gross acres around Irvine's area of mutual interest. This further underpins the management's belief of the prospectivity of the area.

As announced on 16 July 2007, the Company's unaudited estimate of the net attributable reserves of the Niobrara project is: Proven ("1P") 2 BCFE; Probable ("2P") 9 BCFE and Possible ("3P") 9 BCFE. Further work will focus on upgrading the reserves to the proven category.

The Company continues to undertake due diligence on the remaining assets described in the announcement of 16 July 2007 and the Board currently expects to complete the acquisition of them by 15 October 2007.

The information contained in this announcement was completed and reviewed by the Managing Director of Irvine Energy plc, Mr Aaron Close, who has over nine years experience as a geoscientist in the North American oil and gas sector, and is a graduate from the Colorado School of Mines Golden with a Bachelor of Science, Mathematics and Computer Science Engineering and Geophysics. Mr Close is a member of the Society of Petroleum Engineers.

All reserves statements in this announcement have been prepared in accordance with the Society of Petroleum Engineers Petroleum Resource Management System for Reserves 2007 http://www.spe.org/spe-app/spe/industry/reserves/prms.htm ("SPE 2007 standard").

For further information please contact:

Irvine Energy plc
Aaron Close, Tel: +1 281 647 7770

Irvine Energy plc
Michael Frayne, Tel: +44 (0) 207 766 7500

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

Glossary of Terms

BCFE  Billion Standard Cubic Feet of Gas Equivalent.
Mcfd  Thousand cubic feet per day.
1P  Reserves that have over a 90% chance of being both producible and economic. Also referred to as "Proven".
2P  Reserves that have over a 50% chance of being both producible and economic. Also referred to as "Proven plus Probable".
3P  Reserves that have over a 10% chance of being both producible and economic. Also referred to as "Proven plus Probable plus
Possible".