22 February 2008

Irvine Energy plc
Update to Previous Announcement

The Company wishes to update the announcement it released on 14 December 2007 (RNS Number: 0091K). The third paragraph in this announcement should also have contained the following wording:

“For the purposes of the AIM Rules, the placing of 50,000,000 new ordinary shares with Adelise Services Limited is classified as a related party transaction. The Directors, with the exception of Michael Frayne, consider, having communicated with Nabarro Wells, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as Shareholders are concerned.”

The text of the original announcement released on 14 December 2007 is set out below and the third paragraph has been amended to include the wording above.

Irvine Energy plc
Raises £4,064,000

Irvine Energy plc, the AIM listed oil and gas exploration and production company, has received share placing commitments to raise £4,064,000 through the issue of 203,200,000 new ordinary shares at 2.0p per share.

The funds raised will be used to complete the acquisition of producing and prospective oil and gas acreage in Oklahoma, and for additional working capital.

The Oklahoma assets being acquired were previously described in the Company's announcement on 16 July 2007. Further information in respect of the completion of the acquisition of these Oklahoma assets will be provided shortly.

The placing includes the issue of 50,000,000 new ordinary shares to Adelise Services Limited, an entity associated with Michael Frayne, a director of the Company. Following completion of the placement, Adelise Services Limited will be interested in 59,345,238 ordinary shares in the Company, representing 8.8 per cent. of the issued share capital of the Company following the placing. For the purposes of the AIM Rules, the placing of 50,000,000 new ordinary shares with Adelise Services Limited is classified as a related party transaction. The Directors, with the exception of Michael Frayne, consider, having communicated with Nabarro Wells, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as Shareholders are concerned.

The new ordinary shares will represent 30.2 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 20 December 2007.

The total number of ordinary shares in issue following the placing will be 673,424,826.

Additionally, the Company has received a commitment to effect a deferred subscription for 34,000,000 ordinary shares at 2.0p, with settlement due in two tranches; the first in respect of 7,000,000 new ordinary shares by 29 February 2008 and the second in respect of 27,000,000 new ordinary shares by 31 March 2008 respectively.

Irvine Managing Director Aaron Close said, 'This placing positions Irvine for the next phase of its aggressive growth strategy as an emerging on-shore USA oil & gas producer targeting low risk, high return reservoirs. We are implementing a number of development programmes to increase production and reserves significantly, which should greatly enhance our value. I would like to thank our investors for their support and look forward to updating on what I believe will be an exciting period for the Company.'

For further information please visit www.irvineenergy.com or 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) 20 7236 1177

St Brides Media & Finance
Vistoria Thomas, Tel: +44 (0) 207 236 1177