29 August 2006

Issue of Equity

Irvine Energy plc announces the allotment and issue of 99,928,398 new ordinary shares at 3.5p, raising £3.497 million, before costs. This placement includes the issue of 1,428,572 new ordinary shares to Adelise Services Limited, an entity in which Michael Frayne, a director, has a non-beneficial interest.

Following completion of the placement, Adelise Services Limited is interested in 6,095,238 ordinary shares in the Company, representing 2.03 per cent. of the issued share capital of the Company following the placement.

Application has been made for the new ordinary shares to be admitted to AIM on 30 August 2006. The new ordinary shares will rank pari passu with the existing ordinary shares in the Company. The Company's ordinary shares are currently suspended from trading on AIM pending publication of an admission document in respect of the acquisition announced on 3 July 2006.

The total number of ordinary shares in issue following this issue will be 299,928,398.

Irvine has received an additional subscription for 21,428,571 new ordinary shares at 3.5p to raise a further £0.750 million, before costs. These new ordinary shares will be allotted and issued upon receipt of funds, which is anticipated to be after the Company's shares have been re-admitted to trading on AIM.

For further information please contact:

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

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

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