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Shrewd Snapshot: A-rated Plackett buys into small cap energy firm

BlackRock fund manager Richard Plackett has taken a significant stake in AIM-listed oil and gas production company Irvine Energy.

Plackett, who is A-rated by Citywire, has snapped up 25,000,000 shares in the firm for his Merrill Lynch UK Smaller Companies (Merrill Lynch UK Smaller Companies Inc) fund. This accounts for 3.55% interest in the £17 million firm.

Plackett’s purchase comes a month after Irvine (IVE) broadened its reach in Oklahoma by completing the acquisition of a 50% working interest in 12,849 acres of oil and gas lease in the North Cherokee area of Oklahoma for a sum of $1.927 million.

This adds to previous site acquisitions in the North Cherokee area, which is considered to be highly prospective for oil and gas.

Irvine's latest purchase came on the back of a placing of 203,200,000 shares by the group at 2p share.

The group aims to raise a little more than £4 million through the placing and will use the proceeds to acquire further acreage in Oklahoma.

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