18/12/2007
US-focused explorer Irvine Energy has paid £960,000 for 12,849 acres of oil and gas leases in Oklahoma.
The AIM-quoted concern has bought this latest acreage in the North Cherokee area from its joint venture partner Metro Energy as part of an agreement last summer to acquire land in Oklahoma from Metro, under which Irvine has already bought 4.16 acres in the Bearden area of the same state. Metro has completed drilling the Patriot 3-15 well, part of another Oklahoma discovery this year, and expects to establish initial flow rates there by the end of this month.
Aaron Close, Irvine's managing director, maintains the Patriot discovery has 'excellent potential'. Last week the company raised £4.1 million, admittedly at a lowly 2p, in a placing to which director Michael Frayne subscribed £1 million, taking his Irvine stake to 8.8 per cent.
The placing was achieved at a price a third lower than Irvine's 3p float in 2005 and less than half the shares' 34.63p peak last year. Down 0.12p today at 2.25p, they could rally if the Patriot results come up to expectations.
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