Suspension of Trading
January 30 2009 - 2:55AM
UK Regulatory
TIDMIVE
RNS Number : 5176M
Irvine Energy PLC
30 January 2009
Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production
30 January 2009
Irvine Energy plc ("Irvine" or "the Company")
Notice of Default under GasRock Facility and Suspension of Trading on AIM
Irvine Energy plc, the AIM listed oil and gas exploration and
production company, announces that GasRock Capital LLC has issued a notice
of default to Irvine in accordance with the credit agreement dated 28 May 2008
requiring Irvine to pay the outstanding balance of the loan which is
approximately US$5.6 million.
The parties are discussing a work out plan. However, if the discussions are
unsuccessful, the Company may be unable to continue to trade.
Given this uncertainty, Irvine announces that it has requested a suspension,
with immediate effect, of trading of its shares on AIM, pending clarification of
the Company's financial position and discussions with GasRock.
* * ENDS * *
For further information please visit http://www.irvineenergy.com or contact:
+----------+------------+-----------------+
| Michael | Irvine | Tel: |
| Frayne | Energy | +44 |
| | plc | (0) 20 |
| | | 7766 7500 |
+----------+------------+-----------------+
| Doug | Irvine | Tel: |
| Manner | Energy | +1 214 908 6384 |
| | plc | |
+----------+------------+-----------------+
| Tim | Evolution | Tel: |
| Redfern | Securities | +44 |
| | | (0) 20 |
| | | 7071 4300 |
+----------+------------+-----------------+
| Adam | Evolution | Tel: |
| James | Securities | +44 |
| | | (0) 20 |
| | | 7071 4300 |
+----------+------------+-----------------+
| Hugo | St | Tel: |
| de | Brides | +44 |
| Salis | Media | (0) 20 |
| | & | 7236 1177 |
| | Finance | |
+----------+------------+-----------------+
| Victoria | St | Tel: |
| Thomas | Brides | +44 |
| | Media | (0) 20 |
| | & | 7236 1177 |
| | Finance | |
+----------+------------+-----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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