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SHAREHOLDERS UPDATE 23 APRIL 2012

Irvine Energy PLC ("Company"), following the disposal of its assets in the United States of America and the winding up of its US subsidiaries during the year ended 31 December 2010, now has no subsidiaries or outstanding legal proceedings.

The Board of Directors of the Company ("the Board") is currently evaluating the restructuring of Irvine's share capital and raising sufficient working capital to enable the Company to implement an investment strategy in the natural resources sector.

The Company intends to undertake a placing to raise sufficient capital to make an application for admission to trading on the PLUS Stock Exchange ("PLUS") as an investment company. PLUS is a London based regulated stock exchange that offers cost-effective access to capital for growth companies seeking the first step onto a public market. The Board believe that a successful listing on PLUS would provide an opportunity for the Company to position itself to seek an admission to trading on the Alternative Investment Market of the London Stock Exchange ("AIM"), subject to a suitable investment or investments being made and appropriate market conditions.

The Board collectively has significant experience in investing, structuring and executing deals in the natural resources sectors and listings on PLUS and AIM. The Board would use this experience and access to potential deal flow to identify and investigate investments opportunities and negotiate acquisitions.