25th September 2006

Holding in Company

The Company was informed on 21 September 2006 that JP Morgan Chase & Co on behalf of it's subsidiary JP Morgan Asset Management (UK) Limited, had acquired, 15,000,000 ordinary shares in Irvine as a result of the placement that was announced on 29 August 2006.

JP Morgan Chase & Co. and its direct and indirect subsidiary's now hold 35,000,000 shares, as non-beneficial holders, equating to 11.66% of the issued share capital of Irvine.

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