so you want to get the values between the < > characters?
I'm assuming that "codeName" will be different.
// goal:
// return any character 0 or more times after the "<codeName" and before the > character. (case insensitive)
// example: <codeName (return this into a string)>
$message = "This is some text, <codeName value1=this value2=that>";
$getValues = preg_replace(/<([a-z]) (.)>/i,$2,$message);
$split_values = explode(" ",$getValues);
echo $split_values[0];
// this should echo "value=1"
hopefully this gives you an idea.
It might not be what your looking for, but i had fun trying to code this little snippet (that might/might not work)
enjoy.