Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production

24 July 2008

Irvine Energy plc ('Irvine' or 'the Company')

Equity Placing

Irvine Energy plc, the AIM listed oil and gas exploration and production company, has received share placing commitments to raise £1,100,000 (before expenses) ('the Placing') through the issue of 55,000,000 new ordinary shares at 2.0p per share ('Placing Shares'). The funds raised from the Placing will principally be applied to 3D seismic, which is not funded under the GasRock debt facility.

The Placing Shares will represent 6.9 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. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is expected that admission will become effective and that trading in the Placing Shares will commence on 30 July 2008.

The total number of ordinary shares in issue following the placing will be 793,674,826.

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For further information please visit http://www.irvineenergy.com or contact:

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