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Desire Petroleum are drilling in Falklands (DES)
markymar
- 03 Dec 2003 11:36
<>
Desire Petroleum plc (Desire) is a UK company listed on the Alternative Investment Market (AIM) dedicated to exploring for oil and gas in the North Falkland Basin. Desire has recently completed a 6 well exploration programme. The Liz well encountered dry gas and gas condensate at 2 separate levels while other wells recorded shows.
Together with the Rockhopper Exploration Sea Lion oil discovery in the licence to the north, these wells have provided significant encouragement for the potential of the North Falkland Basin. The oil at Sea Lion is of particular interest as this has demonstrated that oil is trapped in potentially significant quantities in a fan sandstone on the east flank of the basin. It is believed that over 50% of this east flank play fairway is on Desire operated acreage.
Desire has now completed new 3D seismic acquisition which provides coverage over the east flank play, Ann, Pam and Helen prospects. The results from fast-track processing of priority areas are provided in the 2011 CPR. A farm-out to Rockhopper has been announced. The revised equities are shown on the licence map (subject to regulatory approval and completion of the farm-in well). Desire Petroleum
Rockhopper Exploration
British Geological Survey
Argos Resources
Latest Press Realeses from Desire
markymar
- 11 Dec 2003 09:42
- 6 of 6492
--------------------------------------------------------------------------------
Bottom of the barrel
The world is running out of oil - so why do politicians refuse to talk about it?
Post a question for George Monbiot, live online Thursday 3pm
Tuesday December 2, 2003
The Guardian
The oil industry is buzzing. On Thursday, the government approved the development of the biggest deposit discovered in British territory for at least 10 years. Everywhere we are told that this is a "huge" find, which dispels the idea that North Sea oil is in terminal decline. You begin to recognise how serious the human predicament has become when you discover that this "huge" new field will supply the world with oil for five and a quarter days.
Every generation has its taboo, and ours is this: that the resource upon which our lives have been built is running out. We don't talk about it because we cannot imagine it. This is a civilisation in denial.
Oil itself won't disappear, but extracting what remains is becoming ever more difficult and expensive. The discovery of new reserves peaked in the 1960s. Every year we use four times as much oil as we find. All the big strikes appear to have been made long ago: the 400m barrels in the new North Sea field would have been considered piffling in the 1970s. Our future supplies depend on the discovery of small new deposits and the better exploitation of big old ones. No one with expertise in the field is in any doubt that the global production of oil will peak before long.
The only question is how long. The most optimistic projections are the ones produced by the US department of energy, which claims that this will not take place until 2037. But the US energy information agency has admitted that the government's figures have been fudged: it has based its projections for oil supply on the projections for oil demand, perhaps in order not to sow panic in the financial markets.
Other analysts are less sanguine. The petroleum geologist Colin Campbell calculates that global extraction will peak before 2010. In August, the geophysicist Kenneth Deffeyes told New Scientist that he was "99% confident" that the date of maximum global production will be 2004. Even if the optimists are correct, we will be scraping the oil barrel within the lifetimes of most of those who are middle-aged today.
The supply of oil will decline, but global demand will not. Today we will burn 76m barrels; by 2020 we will be using 112m barrels a day, after which projected demand accelerates. If supply declines and demand grows, we soon encounter something with which the people of the advanced industrial economies are unfamiliar: shortage. The price of oil will go through the roof.
As the price rises, the sectors which are now almost wholly dependent on crude oil - principally transport and farming - will be forced to contract. Given that climate change caused by burning oil is cooking the planet, this might appear to be a good thing. The problem is that our lives have become hard-wired to the oil economy. Our sprawling suburbs are impossible to service without cars. High oil prices mean high food prices: much of the world's growing population will go hungry. These problems will be exacerbated by the direct connection between the price of oil and the rate of unemployment. The last five recessions in the US were all preceded by a rise in the oil price.
Oil, of course, is not the only fuel on which vehicles can run. There are plenty of possible substitutes, but none of them is likely to be anywhere near as cheap as crude is today. Petroleum can be extracted from tar sands and oil shale, but in most cases the process uses almost as much energy as it liberates, while creating great mountains and lakes of toxic waste. Natural gas is a better option, but switching from oil to gas propulsion would require a vast and staggeringly expensive new fuel infrastructure. Gas, of course, is subject to the same constraints as oil: at current rates of use, the world has about 50 years' supply, but if gas were to take the place of oil its life would be much shorter.
Vehicles could be run from fuel cells powered by hydrogen, which is produced by the electrolysis of water. But the electricity which produces the hydrogen has to come from somewhere. To fill all the cars in the US would require four times the current capacity of the national grid. Coal burning is filthy, nuclear energy is expensive and lethal. Running the world's cars from wind or solar power would require a greater investment than any civilisation has ever made before. New studies suggest that leaking hydrogen could damage the ozone layer and exacerbate global warming.
Turning crops into diesel or methanol is just about viable in terms of recoverable energy, but it means using the land on which food is now grown for fuel. My rough calculations suggest that running the United Kingdom's cars on rapeseed oil would require an area of arable fields the size of England.
There is one possible solution which no one writing about the impending oil crisis seems to have noticed: a technique with which the British and Australian governments are currently experimenting, called underground coal gasification. This is a fancy term for setting light to coal seams which are too deep or too expensive to mine, and catching the gas which emerges. It's a hideous prospect, as it means that several trillion tonnes of carbon which was otherwise impossible to exploit becomes available, with the likely result that global warming will eliminate life on Earth.
We seem, in other words, to be in trouble. Either we lay hands on every available source of fossil fuel, in which case we fry the planet and civilisation collapses, or we run out, and civilisation collapses.
The only rational response to both the impending end of the oil age and the menace of global warming is to redesign our cities, our farming and our lives. But this cannot happen without massive political pressure, and our problem is that no one ever rioted for austerity. People tend to take to the streets because they want to consume more, not less. Given a choice between a new set of matching tableware and the survival of humanity, I suspect that most people would choose the tableware.
In view of all this, the notion that the war with Iraq had nothing to do with oil is simply preposterous. The US attacked Iraq (which appears to have had no weapons of mass destruction and was not threatening other nations), rather than North Korea (which is actively developing a nuclear weapons programme and boasting of its intentions to blow everyone else to kingdom come) because Iraq had something it wanted. In one respect alone, Bush and Blair have been making plans for the day when oil production peaks, by seeking to secure the reserves of other nations.
I refuse to believe that there is not a better means of averting disaster than this. I refuse to believe that human beings are collectively incapable of making rational decisions. But I am beginning to wonder what the basis of my belief might be.
The sources for this and all George Monbiot's recent articles can be found at www.monbiot.com.
Bottom of the barrel
The world is running out of oil - so why do politicians refuse to talk about it?
Post a question for George Monbiot, live online Thursday 3pm
Tuesday December 2, 2003
The Guardian
The oil industry is buzzing. On Thursday, the government approved the development of the biggest deposit discovered in British territory for at least 10 years. Everywhere we are told that this is a "huge" find, which dispels the idea that North Sea oil is in terminal decline. You begin to recognise how serious the human predicament has become when you discover that this "huge" new field will supply the world with oil for five and a quarter days.
Every generation has its taboo, and ours is this: that the resource upon which our lives have been built is running out. We don't talk about it because we cannot imagine it. This is a civilisation in denial.
Oil itself won't disappear, but extracting what remains is becoming ever more difficult and expensive. The discovery of new reserves peaked in the 1960s. Every year we use four times as much oil as we find. All the big strikes appear to have been made long ago: the 400m barrels in the new North Sea field would have been considered piffling in the 1970s. Our future supplies depend on the discovery of small new deposits and the better exploitation of big old ones. No one with expertise in the field is in any doubt that the global production of oil will peak before long.
The only question is how long. The most optimistic projections are the ones produced by the US department of energy, which claims that this will not take place until 2037. But the US energy information agency has admitted that the government's figures have been fudged: it has based its projections for oil supply on the projections for oil demand, perhaps in order not to sow panic in the financial markets.
Other analysts are less sanguine. The petroleum geologist Colin Campbell calculates that global extraction will peak before 2010. In August, the geophysicist Kenneth Deffeyes told New Scientist that he was "99% confident" that the date of maximum global production will be 2004. Even if the optimists are correct, we will be scraping the oil barrel within the lifetimes of most of those who are middle-aged today.
The supply of oil will decline, but global demand will not. Today we will burn 76m barrels; by 2020 we will be using 112m barrels a day, after which projected demand accelerates. If supply declines and demand grows, we soon encounter something with which the people of the advanced industrial economies are unfamiliar: shortage. The price of oil will go through the roof.
As the price rises, the sectors which are now almost wholly dependent on crude oil - principally transport and farming - will be forced to contract. Given that climate change caused by burning oil is cooking the planet, this might appear to be a good thing. The problem is that our lives have become hard-wired to the oil economy. Our sprawling suburbs are impossible to service without cars. High oil prices mean high food prices: much of the world's growing population will go hungry. These problems will be exacerbated by the direct connection between the price of oil and the rate of unemployment. The last five recessions in the US were all preceded by a rise in the oil price.
Oil, of course, is not the only fuel on which vehicles can run. There are plenty of possible substitutes, but none of them is likely to be anywhere near as cheap as crude is today. Petroleum can be extracted from tar sands and oil shale, but in most cases the process uses almost as much energy as it liberates, while creating great mountains and lakes of toxic waste. Natural gas is a better option, but switching from oil to gas propulsion would require a vast and staggeringly expensive new fuel infrastructure. Gas, of course, is subject to the same constraints as oil: at current rates of use, the world has about 50 years' supply, but if gas were to take the place of oil its life would be much shorter.
Vehicles could be run from fuel cells powered by hydrogen, which is produced by the electrolysis of water. But the electricity which produces the hydrogen has to come from somewhere. To fill all the cars in the US would require four times the current capacity of the national grid. Coal burning is filthy, nuclear energy is expensive and lethal. Running the world's cars from wind or solar power would require a greater investment than any civilisation has ever made before. New studies suggest that leaking hydrogen could damage the ozone layer and exacerbate global warming.
Turning crops into diesel or methanol is just about viable in terms of recoverable energy, but it means using the land on which food is now grown for fuel. My rough calculations suggest that running the United Kingdom's cars on rapeseed oil would require an area of arable fields the size of England.
There is one possible solution which no one writing about the impending oil crisis seems to have noticed: a technique with which the British and Australian governments are currently experimenting, called underground coal gasification. This is a fancy term for setting light to coal seams which are too deep or too expensive to mine, and catching the gas which emerges. It's a hideous prospect, as it means that several trillion tonnes of carbon which was otherwise impossible to exploit becomes available, with the likely result that global warming will eliminate life on Earth.
We seem, in other words, to be in trouble. Either we lay hands on every available source of fossil fuel, in which case we fry the planet and civilisation collapses, or we run out, and civilisation collapses.
The only rational response to both the impending end of the oil age and the menace of global warming is to redesign our cities, our farming and our lives. But this cannot happen without massive political pressure, and our problem is that no one ever rioted for austerity. People tend to take to the streets because they want to consume more, not less. Given a choice between a new set of matching tableware and the survival of humanity, I suspect that most people would choose the tableware.
In view of all this, the notion that the war with Iraq had nothing to do with oil is simply preposterous. The US attacked Iraq (which appears to have had no weapons of mass destruction and was not threatening other nations), rather than North Korea (which is actively developing a nuclear weapons programme and boasting of its intentions to blow everyone else to kingdom come) because Iraq had something it wanted. In one respect alone, Bush and Blair have been making plans for the day when oil production peaks, by seeking to secure the reserves of other nations.
I refuse to believe that there is not a better means of averting disaster than this. I refuse to believe that human beings are collectively incapable of making rational decisions. But I am beginning to wonder what the basis of my belief might be.
The sources for this and all George Monbiot's recent articles can be found at www.monbiot.com.
markymar
- 30 Dec 2003 21:25
- 7 of 6492
RNS Number:6116T Desire Petroleum PLC 24 December 2003
Desire Petroleum Plc
("Desire Petroleum" or "the Company")
Proposed Placing of 35,313,100 new ordinary shares of 1p each in Company ("Placing Shares") and Open Offer of up to 37,500,184 new ordinary shares of 1p each in the Company ("Open Offer Shares") on the basis of 1 Open Offer Share for every 3 existing ordinary shares of 1p each in the Company ("Existing Ordinary
Shares")
Introduction
Your Board indicated in the announcement of Desire Petroleum 's interim results on 23 September 2003 that the Company intended to raise further funds and that shareholders of the Company ("Shareholders") would be given the opportunity to participate in any fundraising. Your Board is therefore pleased to announce that the Company proposes to raise up to approximately #7.28 million (before expenses) by way of a placing ("the Placing") of 35,313,100 Placing Shares at a price of 10p per share ("the Issue Price") and an open offer of up to 37,500,184 Open Offer Shares at the Issue Price ("the Open Offer"). The Placing has been fully underwritten by Seymour Pierce.
Qualifying Shareholders are invited to subscribe for Open Offer Shares under the Open Offer on the basis of:
1 Open Offer Share for every 3 Existing Ordinary Shares
held at 22 December 2003 ("Record Date"). Qualifying Shareholders may apply for their pro rata entitlement, less than their pro rata entitlement, or their pro rata entitlement together with any further number of Open Offer Shares. The Open Offer is conditional, inter alia, on the passing of resolutions to be proposed at the Extraordinary General Meeting of the Company to be held on 21 January 2004, on the placing agreement entered into between the Company, the Directors of the Company and Seymour Pierce Limited becoming unconditional and on admission of the Placing Shares and Open Offer Shares (together, "New Ordinary Shares") to trading on the AIM market ("Admission").
The principal purpose of the Placing and Open Offer is to provide funds for the Company to enable it to negotiate and to enter into a seismic survey agreement with Fugro Geoteam A/S ("Fugro") to engage Fugro formally to carry out a 3D seismic survey over certain areas within Tranches C and D (areas situated in the North Falkland Basin of the Falkland Islands ("North Falkland Basin").
Background Information
Desire Petroleum (named after HMS Desire which discovered the Falkland Islands in 1592) was incorporated in 1996 specifically to participate in the first round of licences granted by the Falkland Islands Government to explore for hydrocarbons. The Company currently has the following interests in exploration licences:
a. the exclusive right to search for hydrocarbons from the seabed and subsoil
of certain blocks within Tranches C, D, I and L of the North Falkland Basin;
b. a 12.5 per cent.interest in a licence to search for hydrocarbons from the
seabed and subsoil of certain blocks within Tranche F of the North Falkland
Basin ("Tranche F Licence ").The remaining 87.5 per cent.interest in this
licence is held by Sodra Petroleum A.B. (a subsidiary of Talisman Energy
Inc.).The interests in the Tranche F Licence are the subject of a joint
operating agreement.
In 1998, the Company's then issued ordinary share capital was admitted to trading on AIM, following a share placing which raised #15 million before expenses.
Desire Petroleum participated in two of the six wells drilled in the North Falkland Basin during 1998 - one in Tranche C and the other in Tranche F. With the exception of the well in Tranche C, five of the wells encountered oil shows, but none provided evidence of an economically significant oil prospect. However, the presence of a very thick (approximately 1,150m), lacustrine source rock (now known to be the second-richest yet found worldwide) was established. The Directors believe this source rock has operated as an effective, basin-wide seal, which the Board suspects prevented the migration of oil to the sandstone reservoirs encountered above it. These sandstone reservoirs were the target of the initial drilling campaign and the presence of the seal could explain why these reservoirs are not charged with oil.
Only one well penetrated any depth below the source rock and, although it did encounter hydrocarbons, because the well was drilled in the centre of the North Falkland Basin, farthest from a potential sand source, only siltstone reservoirs, of poor quality, were encountered. However, this result does suggest that, if suitable reservoirs do exist below and/or adjacent to the source rock, they are likely to be charged with oil.
It has been calculated that very large volumes of oil (up to 60 billion barrels) may have been generated and expelled from the source rock. The Board 's view is that because the seal is so effective, this oil should not have escaped and recent studies have concentrated on identifying where reservoirs, into which the oil could have migrated, might be located. The Directors believe that these areas within Tranches C and D, in respect of which Desire Petroleum is the exclusive licensee and which straddle the main oil-generating kitchen, are best-placed for the presence of oil accumulations and recent work has been directed at identifying potential reservoirs within them.
As a result, a new model of the geology ("New Model") has been developed by the Company which, if correct, may lead to the discovery of oil in commercial quantities. The New Model has identified at least three areas each of which the Directors believe has the potential to contain recoverable reserves of up to one billion barrels of oil, should suitable reservoir rocks be present.
The New Model predicts sandstone development, both below and adjacent to the source rock, which, due to the subtle geometry, is difficult to define on the basis of 2D seismic data alone. The Directors believe that this problem should be resolved by the use of 3D seismic data which should give a greatly enhanced resolution of the sub-surface geology. The Company and Fugro have already signed heads of terms which provide, once sufficient funds have been raised by the Company, for a fixed price turnkey contract to be entered into by the Company and Fugro to engage Fugro to acquire 3D seismic data over what the Directors believe to be the most prospective areas of the Company 's licensed areas within Tranches C and D ("Seismic Survey Agreement"). Fugro is one of the world 's major off-shore seismic contractors.
Once the 3D seismic data has been interpreted, the results will, assuming that the 3D seismic data shows enhanced drilling prospects, form the basis on which the next phase of drilling will be designed by the Company. These results will also be used as the basis upon which the Company conducts further negotiations with potential partners who have expressed an interest in the North Falkland Basin. The most probable time for the next phase of drilling, assuming that the 3D seismic data shows enhanced drilling prospects, will be the Austral summer of 2004-5.
Reasons for the Placing and the Open Offer and Use of Proceeds
Assuming the Open Offer is fully subscribed, the Placing and the Open Offer will raise proceeds of approximately #6.97million for the Company (net of expenses).
The Directors intend that the net proceeds will:
a. enable the Company to enter into the Seismic Survey Agreement to engage
Fugro to carry out the 3D seismic survey described above, initially in
respect of parts of Tranches C and D. Depending on the total funds raised
from the Open Offer, funds may also be used to pay for the interpretation of
the 3D seismic data collected by Fugro;
b. repay an outstanding loan in the sum of #100,000 plus interest to Phipps and
Company Limited;
c. pay certain deferred fees to each of Phipps and Company Limited (partly in
respect of Directors' fees owed to Stephen Phipps), Molard Financial
Management Services SA (in respect of the services of Walter Ian Logan
Forrest), Dr Alan John Martin, Dr Ian Gordon Duncan and QM Marketing Limited
(in respect of the services of Dr David Quick).These deferred fees total
#396,560 (plus VAT where applicable) in aggregate. However, certain of the
aforementioned persons intend to subscribe for 4,015,600 New Ordinary Shares
in aggregate which, at the Issue Price, represents an aggregate cash
subscription of #401,560 (see "Directors 'and Certain Shareholders
'Intentions "below).
The balance of the funds raised from the Placing and the Open Offer will be used as additional working capital.
Principal terms of the Placing and the Open Offer
The Company proposes to issue 35,313,100 Placing Shares and 37,500,184 Open Offer Shares at the Issue Price which, assuming the Open Offer is fully subscribed, will raise in aggregate approximately #7.28 million for the Company (before expenses). Seymour Pierce has fully underwritten the Placing.
1 Open Offer Share for every 3 Existing Ordinary Shares
registered in their name on the Record Date and so on in proportion for any other number of Existing Ordinary Shares so registered. Qualifying Shareholders may apply for their pro rata entitlement, less than their pro rata entitlement, or their pro rata entitlement together with any further number of Open Offer Shares. Where appropriate, the entitlement of Qualifying Shareholders will be rounded down to the nearest whole number of Open Offer Shares and any fractional entitlements will be aggregated and sold, if required, for the benefit of the Company to satisfy excess applications. The Placing Shares and the Open Offer Shares will, when issued and fully paid, rank pari passu in all respects with the Existing Ordinary Shares of the Company and will, once allotted, rank in full for all dividends and other distributions declared, made or paid on the share capital of the Company in respect of the period after such allotment.
For example, if a Qualifying Shareholder holds 10,000 Existing Ordinary Shares, his pro rata entitlement pursuant to the Open Offer is 3,333 Open Offer Shares ("Initial Entitlement "). The excess application facility entitles applications to be made for any number of Open Offer Shares in addition to the 3,333 Open Offer Shares representing the Initial Entitlement.
The Placing and the Open Offer is conditional, inter alia, on both the passing of the Resolutions to be proposed at the EGM and Admission. It is expected that dealings in the New Ordinary Shares will commence on AIM on 22 January 2004 (or such later date as shall be determined by Seymour Pierce and the Company, being not later than 1 March 2004). If Admission has not so occurred by such later date, application monies will be returned to applicants without interest as soon thereafter as is practicable and in any event by 8 March 2004.
Further information on the Open Offer, including the procedure for application and payment, is set out in the prospectus (and application form which accompanies it) which will be posted today to all shareholders of the Company.
Directors 'and Certain Shareholders 'Intentions
*Phipps and Company Limited, a corporate Shareholder in which Stephen
Lawrey Phipps is a shareholder and director has undertaken to subscribe for
3,218,600 New Ordinary Shares which, at the Issue Price, represents a cash
subscription of #321,860;
*Dr Colin Barry Phipps,Marion Phipps and Michael Field, as trustees of the
Phipps and Company Limited retirement benefit scheme, have undertaken to
subscribe for an aggregate of 2,500,000 New Ordinary Shares which, at the
Issue Price, represents a cash subscription of #250,000;
*Dr Alan John Martin has undertaken to subscribe for 225,000 New Ordinary
Shares which, at the Issue Price, represents a cash subscription of #22,500;
*Walter Ian Logan Forrest has undertaken to subscribe for 225,000 New
Ordinary Shares which, at the Issue Price, represents a cash subscription of
#22,500;
*QM Marketing Limited (a corporate Shareholder in which Dr David Quick is
a director and shareholder) has undertaken to subscribe for 225,000 New
Ordinary Shares which, at the Issue Price, represents a cash subscription of
#22,500; and
*Dr Ian Gordon Duncan intends to subscribe for 122,000 New Ordinary Shares
which, at the Issue Price, represents a cash subscription of #12,200.
Extraordinary General Meeting
The Placing and the Open Offer are conditional, inter alia, on the approval of Shareholders which is to be sought at an EGM convened for 10.00 a.m. on 21 January 2004. At this meeting the following resolutions will be proposed:
1. to increase the authorised share capital of the Company from #1,400,000 to
#2,500,000 by the creation of 110,000,000 New Ordinary Shares;
2. to authorise the Directors to allot, inter alia, Ordinary Shares pursuant to
section 80 of the Act, sufficient to satisfy applications under the Placing
and the Open Offer and otherwise up to an aggregate nominal value of
#1,374,994.48; and
3. to disapply the statutory pre-emption rights set out in section 89 of the
Act to enable the New Ordinary Shares to be allotted, and to authorise the
Directors to allot further Ordinary Shares pursuant to section 95 of the Act
up to an aggregate nominal value of #928,132.84.
Action to be Taken
Form of Proxy
A Form of Proxy will be enclosed with the prospectus posted to all shareholders of the Company today for use by Shareholders at the EGM. Whether or not Shareholders intend to be present at the EGM, they are asked to complete, sign and return the Form of Proxy to the Company 's registrars, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU as soon as possible but in any event so as to arrive no later than 10.00 a.m.on 19 January 2004.The completion and return of a Form of Proxy will not preclude Shareholders from attending the EGM and voting in person should they wish to do so. Accordingly, whether or not Shareholders intend to attend the EGM in person or take up any Open Offer Shares under the Open Offer, they are urged to complete and return the Form of Proxy as soon as possible.
Application Form
Qualifying Shareholders who wish to apply for Open Offer Shares under the Open Offer, you should complete the application form which accompanies the prospectus which has today been posted to all Shareholders and return it, together with the appropriate remittance for the full amount payable on application, to be received no later than 3.00 p.m.on 20 January 2004 at the of offices of the Company 's receiving agents, Capita IRG Plc, Corporate Actions, P.O.Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH.
Recommendation
The Directors consider the Placing and Open Offer to be in the best interests of the Company and Shareholders as a whole and accordingly unanimously recommend that they vote in favour of the Resolutions. The following have irrevocably undertaken to vote in favour of the Resolutions:
a. *Phipps and Company Limited (a corporate Shareholder in which Stephen Lawrey
Phipps is a director and shareholder);
b. *The trustees of the Phipps and Company Limited retirement benefit scheme;
c. *Dr Alan John Martin;
d. *Dr Ian Gordon Duncan;
e. *Walter Ian Logan Forrest;
f. *Dr David Huw Quick; and
g. *QM Marketing Limited (a corporate Shareholder in which Dr David Huw Quick is
a director and shareholder).
The irrevocable undertakings referred to above represent beneficial holdings amounting in aggregate to 29,193,397 Existing Ordinary Shares, representing 25.95 per cent.of the Company 's existing issued share capital.
The terms and expressions used in this announcement have the same meaning as those defined in the prospectus which was issued by the Company on 24 December 2003.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Record Date for the Open Offer 22 December
2003
Prospectus published 24 December
2003
Latest time and date for splitting Application Forms to 3.00 p.m. on 15
satisfy bona fide market claims under the Open Offer January 2004
Latest time and Date for receipt of Form of Proxy 10.00 a.m. on
19 January 2004
Latest time and Date for receipt of completed 3.00 p.m. on 20
Application Forms and payment in full under the Open January 2004
Offer
EGM 10.00 a.m. on
21 January 2004
Admission effective and dealings commence in the New 8.00 a.m. on 22
Ordinary Shares on AIM and (where applicable) CREST January 2004
stock accounts expected to be credited
Despatch of definitive share certificates for New 29 January 2004
Ordinary Shares no later than
This information is provided by RNS
The company news service from the London Stock Exchange
END
Desire Petroleum Plc
("Desire Petroleum" or "the Company")
Proposed Placing of 35,313,100 new ordinary shares of 1p each in Company ("Placing Shares") and Open Offer of up to 37,500,184 new ordinary shares of 1p each in the Company ("Open Offer Shares") on the basis of 1 Open Offer Share for every 3 existing ordinary shares of 1p each in the Company ("Existing Ordinary
Shares")
Introduction
Your Board indicated in the announcement of Desire Petroleum 's interim results on 23 September 2003 that the Company intended to raise further funds and that shareholders of the Company ("Shareholders") would be given the opportunity to participate in any fundraising. Your Board is therefore pleased to announce that the Company proposes to raise up to approximately #7.28 million (before expenses) by way of a placing ("the Placing") of 35,313,100 Placing Shares at a price of 10p per share ("the Issue Price") and an open offer of up to 37,500,184 Open Offer Shares at the Issue Price ("the Open Offer"). The Placing has been fully underwritten by Seymour Pierce.
Qualifying Shareholders are invited to subscribe for Open Offer Shares under the Open Offer on the basis of:
1 Open Offer Share for every 3 Existing Ordinary Shares
held at 22 December 2003 ("Record Date"). Qualifying Shareholders may apply for their pro rata entitlement, less than their pro rata entitlement, or their pro rata entitlement together with any further number of Open Offer Shares. The Open Offer is conditional, inter alia, on the passing of resolutions to be proposed at the Extraordinary General Meeting of the Company to be held on 21 January 2004, on the placing agreement entered into between the Company, the Directors of the Company and Seymour Pierce Limited becoming unconditional and on admission of the Placing Shares and Open Offer Shares (together, "New Ordinary Shares") to trading on the AIM market ("Admission").
The principal purpose of the Placing and Open Offer is to provide funds for the Company to enable it to negotiate and to enter into a seismic survey agreement with Fugro Geoteam A/S ("Fugro") to engage Fugro formally to carry out a 3D seismic survey over certain areas within Tranches C and D (areas situated in the North Falkland Basin of the Falkland Islands ("North Falkland Basin").
Background Information
Desire Petroleum (named after HMS Desire which discovered the Falkland Islands in 1592) was incorporated in 1996 specifically to participate in the first round of licences granted by the Falkland Islands Government to explore for hydrocarbons. The Company currently has the following interests in exploration licences:
a. the exclusive right to search for hydrocarbons from the seabed and subsoil
of certain blocks within Tranches C, D, I and L of the North Falkland Basin;
b. a 12.5 per cent.interest in a licence to search for hydrocarbons from the
seabed and subsoil of certain blocks within Tranche F of the North Falkland
Basin ("Tranche F Licence ").The remaining 87.5 per cent.interest in this
licence is held by Sodra Petroleum A.B. (a subsidiary of Talisman Energy
Inc.).The interests in the Tranche F Licence are the subject of a joint
operating agreement.
In 1998, the Company's then issued ordinary share capital was admitted to trading on AIM, following a share placing which raised #15 million before expenses.
Desire Petroleum participated in two of the six wells drilled in the North Falkland Basin during 1998 - one in Tranche C and the other in Tranche F. With the exception of the well in Tranche C, five of the wells encountered oil shows, but none provided evidence of an economically significant oil prospect. However, the presence of a very thick (approximately 1,150m), lacustrine source rock (now known to be the second-richest yet found worldwide) was established. The Directors believe this source rock has operated as an effective, basin-wide seal, which the Board suspects prevented the migration of oil to the sandstone reservoirs encountered above it. These sandstone reservoirs were the target of the initial drilling campaign and the presence of the seal could explain why these reservoirs are not charged with oil.
Only one well penetrated any depth below the source rock and, although it did encounter hydrocarbons, because the well was drilled in the centre of the North Falkland Basin, farthest from a potential sand source, only siltstone reservoirs, of poor quality, were encountered. However, this result does suggest that, if suitable reservoirs do exist below and/or adjacent to the source rock, they are likely to be charged with oil.
It has been calculated that very large volumes of oil (up to 60 billion barrels) may have been generated and expelled from the source rock. The Board 's view is that because the seal is so effective, this oil should not have escaped and recent studies have concentrated on identifying where reservoirs, into which the oil could have migrated, might be located. The Directors believe that these areas within Tranches C and D, in respect of which Desire Petroleum is the exclusive licensee and which straddle the main oil-generating kitchen, are best-placed for the presence of oil accumulations and recent work has been directed at identifying potential reservoirs within them.
As a result, a new model of the geology ("New Model") has been developed by the Company which, if correct, may lead to the discovery of oil in commercial quantities. The New Model has identified at least three areas each of which the Directors believe has the potential to contain recoverable reserves of up to one billion barrels of oil, should suitable reservoir rocks be present.
The New Model predicts sandstone development, both below and adjacent to the source rock, which, due to the subtle geometry, is difficult to define on the basis of 2D seismic data alone. The Directors believe that this problem should be resolved by the use of 3D seismic data which should give a greatly enhanced resolution of the sub-surface geology. The Company and Fugro have already signed heads of terms which provide, once sufficient funds have been raised by the Company, for a fixed price turnkey contract to be entered into by the Company and Fugro to engage Fugro to acquire 3D seismic data over what the Directors believe to be the most prospective areas of the Company 's licensed areas within Tranches C and D ("Seismic Survey Agreement"). Fugro is one of the world 's major off-shore seismic contractors.
Once the 3D seismic data has been interpreted, the results will, assuming that the 3D seismic data shows enhanced drilling prospects, form the basis on which the next phase of drilling will be designed by the Company. These results will also be used as the basis upon which the Company conducts further negotiations with potential partners who have expressed an interest in the North Falkland Basin. The most probable time for the next phase of drilling, assuming that the 3D seismic data shows enhanced drilling prospects, will be the Austral summer of 2004-5.
Reasons for the Placing and the Open Offer and Use of Proceeds
Assuming the Open Offer is fully subscribed, the Placing and the Open Offer will raise proceeds of approximately #6.97million for the Company (net of expenses).
The Directors intend that the net proceeds will:
a. enable the Company to enter into the Seismic Survey Agreement to engage
Fugro to carry out the 3D seismic survey described above, initially in
respect of parts of Tranches C and D. Depending on the total funds raised
from the Open Offer, funds may also be used to pay for the interpretation of
the 3D seismic data collected by Fugro;
b. repay an outstanding loan in the sum of #100,000 plus interest to Phipps and
Company Limited;
c. pay certain deferred fees to each of Phipps and Company Limited (partly in
respect of Directors' fees owed to Stephen Phipps), Molard Financial
Management Services SA (in respect of the services of Walter Ian Logan
Forrest), Dr Alan John Martin, Dr Ian Gordon Duncan and QM Marketing Limited
(in respect of the services of Dr David Quick).These deferred fees total
#396,560 (plus VAT where applicable) in aggregate. However, certain of the
aforementioned persons intend to subscribe for 4,015,600 New Ordinary Shares
in aggregate which, at the Issue Price, represents an aggregate cash
subscription of #401,560 (see "Directors 'and Certain Shareholders
'Intentions "below).
The balance of the funds raised from the Placing and the Open Offer will be used as additional working capital.
Principal terms of the Placing and the Open Offer
The Company proposes to issue 35,313,100 Placing Shares and 37,500,184 Open Offer Shares at the Issue Price which, assuming the Open Offer is fully subscribed, will raise in aggregate approximately #7.28 million for the Company (before expenses). Seymour Pierce has fully underwritten the Placing.
1 Open Offer Share for every 3 Existing Ordinary Shares
registered in their name on the Record Date and so on in proportion for any other number of Existing Ordinary Shares so registered. Qualifying Shareholders may apply for their pro rata entitlement, less than their pro rata entitlement, or their pro rata entitlement together with any further number of Open Offer Shares. Where appropriate, the entitlement of Qualifying Shareholders will be rounded down to the nearest whole number of Open Offer Shares and any fractional entitlements will be aggregated and sold, if required, for the benefit of the Company to satisfy excess applications. The Placing Shares and the Open Offer Shares will, when issued and fully paid, rank pari passu in all respects with the Existing Ordinary Shares of the Company and will, once allotted, rank in full for all dividends and other distributions declared, made or paid on the share capital of the Company in respect of the period after such allotment.
For example, if a Qualifying Shareholder holds 10,000 Existing Ordinary Shares, his pro rata entitlement pursuant to the Open Offer is 3,333 Open Offer Shares ("Initial Entitlement "). The excess application facility entitles applications to be made for any number of Open Offer Shares in addition to the 3,333 Open Offer Shares representing the Initial Entitlement.
The Placing and the Open Offer is conditional, inter alia, on both the passing of the Resolutions to be proposed at the EGM and Admission. It is expected that dealings in the New Ordinary Shares will commence on AIM on 22 January 2004 (or such later date as shall be determined by Seymour Pierce and the Company, being not later than 1 March 2004). If Admission has not so occurred by such later date, application monies will be returned to applicants without interest as soon thereafter as is practicable and in any event by 8 March 2004.
Further information on the Open Offer, including the procedure for application and payment, is set out in the prospectus (and application form which accompanies it) which will be posted today to all shareholders of the Company.
Directors 'and Certain Shareholders 'Intentions
*Phipps and Company Limited, a corporate Shareholder in which Stephen
Lawrey Phipps is a shareholder and director has undertaken to subscribe for
3,218,600 New Ordinary Shares which, at the Issue Price, represents a cash
subscription of #321,860;
*Dr Colin Barry Phipps,Marion Phipps and Michael Field, as trustees of the
Phipps and Company Limited retirement benefit scheme, have undertaken to
subscribe for an aggregate of 2,500,000 New Ordinary Shares which, at the
Issue Price, represents a cash subscription of #250,000;
*Dr Alan John Martin has undertaken to subscribe for 225,000 New Ordinary
Shares which, at the Issue Price, represents a cash subscription of #22,500;
*Walter Ian Logan Forrest has undertaken to subscribe for 225,000 New
Ordinary Shares which, at the Issue Price, represents a cash subscription of
#22,500;
*QM Marketing Limited (a corporate Shareholder in which Dr David Quick is
a director and shareholder) has undertaken to subscribe for 225,000 New
Ordinary Shares which, at the Issue Price, represents a cash subscription of
#22,500; and
*Dr Ian Gordon Duncan intends to subscribe for 122,000 New Ordinary Shares
which, at the Issue Price, represents a cash subscription of #12,200.
Extraordinary General Meeting
The Placing and the Open Offer are conditional, inter alia, on the approval of Shareholders which is to be sought at an EGM convened for 10.00 a.m. on 21 January 2004. At this meeting the following resolutions will be proposed:
1. to increase the authorised share capital of the Company from #1,400,000 to
#2,500,000 by the creation of 110,000,000 New Ordinary Shares;
2. to authorise the Directors to allot, inter alia, Ordinary Shares pursuant to
section 80 of the Act, sufficient to satisfy applications under the Placing
and the Open Offer and otherwise up to an aggregate nominal value of
#1,374,994.48; and
3. to disapply the statutory pre-emption rights set out in section 89 of the
Act to enable the New Ordinary Shares to be allotted, and to authorise the
Directors to allot further Ordinary Shares pursuant to section 95 of the Act
up to an aggregate nominal value of #928,132.84.
Action to be Taken
Form of Proxy
A Form of Proxy will be enclosed with the prospectus posted to all shareholders of the Company today for use by Shareholders at the EGM. Whether or not Shareholders intend to be present at the EGM, they are asked to complete, sign and return the Form of Proxy to the Company 's registrars, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU as soon as possible but in any event so as to arrive no later than 10.00 a.m.on 19 January 2004.The completion and return of a Form of Proxy will not preclude Shareholders from attending the EGM and voting in person should they wish to do so. Accordingly, whether or not Shareholders intend to attend the EGM in person or take up any Open Offer Shares under the Open Offer, they are urged to complete and return the Form of Proxy as soon as possible.
Application Form
Qualifying Shareholders who wish to apply for Open Offer Shares under the Open Offer, you should complete the application form which accompanies the prospectus which has today been posted to all Shareholders and return it, together with the appropriate remittance for the full amount payable on application, to be received no later than 3.00 p.m.on 20 January 2004 at the of offices of the Company 's receiving agents, Capita IRG Plc, Corporate Actions, P.O.Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH.
Recommendation
The Directors consider the Placing and Open Offer to be in the best interests of the Company and Shareholders as a whole and accordingly unanimously recommend that they vote in favour of the Resolutions. The following have irrevocably undertaken to vote in favour of the Resolutions:
a. *Phipps and Company Limited (a corporate Shareholder in which Stephen Lawrey
Phipps is a director and shareholder);
b. *The trustees of the Phipps and Company Limited retirement benefit scheme;
c. *Dr Alan John Martin;
d. *Dr Ian Gordon Duncan;
e. *Walter Ian Logan Forrest;
f. *Dr David Huw Quick; and
g. *QM Marketing Limited (a corporate Shareholder in which Dr David Huw Quick is
a director and shareholder).
The irrevocable undertakings referred to above represent beneficial holdings amounting in aggregate to 29,193,397 Existing Ordinary Shares, representing 25.95 per cent.of the Company 's existing issued share capital.
The terms and expressions used in this announcement have the same meaning as those defined in the prospectus which was issued by the Company on 24 December 2003.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Record Date for the Open Offer 22 December
2003
Prospectus published 24 December
2003
Latest time and date for splitting Application Forms to 3.00 p.m. on 15
satisfy bona fide market claims under the Open Offer January 2004
Latest time and Date for receipt of Form of Proxy 10.00 a.m. on
19 January 2004
Latest time and Date for receipt of completed 3.00 p.m. on 20
Application Forms and payment in full under the Open January 2004
Offer
EGM 10.00 a.m. on
21 January 2004
Admission effective and dealings commence in the New 8.00 a.m. on 22
Ordinary Shares on AIM and (where applicable) CREST January 2004
stock accounts expected to be credited
Despatch of definitive share certificates for New 29 January 2004
Ordinary Shares no later than
This information is provided by RNS
The company news service from the London Stock Exchange
END
markymar
- 06 Jan 2004 12:18
- 8 of 6492
Anyone taking the offer up?
markymar
- 07 Jan 2004 10:22
- 9 of 6492
("Desire")
The Board of Desire is pleased to report that they have been advised by Fugro
Geoteam A/S, the company which is to be contracted to conduct a 3D seismic
survey for Desire, that the seismic vessel: "Geo Pacific", is expected to
commence the 3D seismic survey over Tranches C and D in the North Falkland Basin
before the end of January 2004.
The weather in the South Atlantic is currently good (it is mid-summer there),
which should enhance both the rate of data acquisition and data quality.
The survey has been designed to refine the definition of what are currently
considered to be the three largest, potentially-oil-bearing, prospects in the
North Falkland Basin.
The Board will keep shareholders informed of developments as the survey
progresses.
For information contact:
Dr Colin B. Phipps: 020 7409 2138
Dr Ian Duncan: 01684 568415
This information is provided by RNS
The company news service from the London Stock Exchange
The Board of Desire is pleased to report that they have been advised by Fugro
Geoteam A/S, the company which is to be contracted to conduct a 3D seismic
survey for Desire, that the seismic vessel: "Geo Pacific", is expected to
commence the 3D seismic survey over Tranches C and D in the North Falkland Basin
before the end of January 2004.
The weather in the South Atlantic is currently good (it is mid-summer there),
which should enhance both the rate of data acquisition and data quality.
The survey has been designed to refine the definition of what are currently
considered to be the three largest, potentially-oil-bearing, prospects in the
North Falkland Basin.
The Board will keep shareholders informed of developments as the survey
progresses.
For information contact:
Dr Colin B. Phipps: 020 7409 2138
Dr Ian Duncan: 01684 568415
This information is provided by RNS
The company news service from the London Stock Exchange
markymar
- 08 Jan 2004 11:08
- 10 of 6492
Desire grows
Thursday January 8, 2004
The Guardian
Brace yourself for more rumours from the south Atlantic. Desire Petroleum, a spivs' favourite oil exploration play, is returning to the Falklands. It will start a fresh 3D seismic survey of two potential fields at the end of the month.
In autumn 1998, Desire was part of a consortium including Shell, Lasmo and Scandinavia's Sodra Petroleum that dispatched a semi-submersible oil rig to the north Falklands basin to drill a number of exploratory wells.
The drilling caused a sensation on the islands and led to wild rumours that the rig had been seen flaring offshore - in fact it was more than 100 miles from the coast - and oil-soaked penguins had been washed up onshore.
In the end, the results were inconclusive. But during a trip to the islands organised by Sodra for analysts and journalists - this reporter included - drilling results were seen that showed perfect oil-bearing sands. Crew in the area also reported coming across vast quantities of gas while drilling.
At the time, developing the Falklands was only seen as an economic option with oil above $15 a barrel. Brent crude is now twice that. Desire shares closed yesterday up 1.5p at 11.5p
Thursday January 8, 2004
The Guardian
Brace yourself for more rumours from the south Atlantic. Desire Petroleum, a spivs' favourite oil exploration play, is returning to the Falklands. It will start a fresh 3D seismic survey of two potential fields at the end of the month.
In autumn 1998, Desire was part of a consortium including Shell, Lasmo and Scandinavia's Sodra Petroleum that dispatched a semi-submersible oil rig to the north Falklands basin to drill a number of exploratory wells.
The drilling caused a sensation on the islands and led to wild rumours that the rig had been seen flaring offshore - in fact it was more than 100 miles from the coast - and oil-soaked penguins had been washed up onshore.
In the end, the results were inconclusive. But during a trip to the islands organised by Sodra for analysts and journalists - this reporter included - drilling results were seen that showed perfect oil-bearing sands. Crew in the area also reported coming across vast quantities of gas while drilling.
At the time, developing the Falklands was only seen as an economic option with oil above $15 a barrel. Brent crude is now twice that. Desire shares closed yesterday up 1.5p at 11.5p
markymar
- 08 Jan 2004 11:17
- 11 of 6492
currypasty - 08 Jan 2004 11:59 - 12 of 6492
More trades in last couple of days than there has been for years! As a long term holder DES has been quite depressing at times, but tings look like they are finally getting going. Everybody knows the field is vast, its just a question of getting the oil out!
markymar
- 08 Jan 2004 14:17
- 13 of 6492
up again today ,things really looking good for this share in 2004 so much to look forward to and the upside is massive
markymar
- 21 Jan 2004 13:20
- 14 of 6492
21.01.2004
Desire Gears Up For Falkland Islands 3D Shoot
This weekend will see Fugro Geoteams seismic vessel, the Geo Pacific, start work on an 800 sq km 3D seismic survey in the waters off the Falkland Islands for AIM-listed Desire Petroleum. The boat arrived from southern Argentina earlier this week and will shoot 3D seismic over the companys C, D and F tranches in the North Falkland Basin.
The shoot will take between fifty and sixty days, depending on the weather, and the interpretation of the results is expected to keep the technical team busy until mid-year.
The purposes of the 3D are two-fold, Dr Colin Phipps of Desire told oilbarrel.com. First, 3D will provide much better definition of the three structures we recognised on the 2D seismic. Second, the partners we have been in discussions with about farming into the acreage are looking for 3D seismic to help them make a decision.
Phipps added that a dramatic fall in the costs of 3D seismic acquisition helped drive the decision to undertake the shoot.
Desire - named after HMS Desire, which discovered the Falkland Islands in 1592 - was formed in 1996 to participate in the first round of licensing offshore the Falkland Islands. The company holds 100 per cent of Tranches C, D, I and L, which cover a total of 3,650 sq km or the equivalent of 13.5 UK North Sea blocks. Desire also holds 12.5 per cent in the Talisman Energy-operated Tranche F.
The team remains committed to the Falklands, despite the disappointment of drilling in 1998 when high hopes of major oil strikes faltered on the reality of the drillbit. Yet although the pre-drill hype failed to materialise into commercial discoveries, five out of the six wells sunk during the initial drilling season recorded oil or oil and gas shows and established the presence of one of the richest source rocks, the lacustrine, in the world.
The company believes the thick source rock has acted as a basin-wide seal, preventing the migration of oil to the sandstone reservoirs above, which were the target of the 1998 drilling campaign. Only one well penetrated any depth below the source rock: it failed to encounter hydrocarbons because, says Desire, it was drilled in the centre of the Basin, farthest from a potential sand source.
Desire believes Tranches C and D straddle the main oil-generating kitchen in the North Falkland Basin and has identified three structures with the potential to hold up to one billion barrels of oil.
We have become more optimistic about the region since the wells were drilled, said Phipps. The three structures on the 2D are very large with the potential to hold one billion barrels.
With the structures hopefully refined and enhanced through the addition of 3D data, the company hopes to attract partners before embarking on further wildcat drilling, possibly during the Austral summer of 2004-5. To support it during this exploration phase, the company initiated a fundraising exercise designed to generate 7 million through a placing and open offer, underwritten by Seymour Pierce. The offer is due to close today.
Desire Gears Up For Falkland Islands 3D Shoot
This weekend will see Fugro Geoteams seismic vessel, the Geo Pacific, start work on an 800 sq km 3D seismic survey in the waters off the Falkland Islands for AIM-listed Desire Petroleum. The boat arrived from southern Argentina earlier this week and will shoot 3D seismic over the companys C, D and F tranches in the North Falkland Basin.
The shoot will take between fifty and sixty days, depending on the weather, and the interpretation of the results is expected to keep the technical team busy until mid-year.
The purposes of the 3D are two-fold, Dr Colin Phipps of Desire told oilbarrel.com. First, 3D will provide much better definition of the three structures we recognised on the 2D seismic. Second, the partners we have been in discussions with about farming into the acreage are looking for 3D seismic to help them make a decision.
Phipps added that a dramatic fall in the costs of 3D seismic acquisition helped drive the decision to undertake the shoot.
Desire - named after HMS Desire, which discovered the Falkland Islands in 1592 - was formed in 1996 to participate in the first round of licensing offshore the Falkland Islands. The company holds 100 per cent of Tranches C, D, I and L, which cover a total of 3,650 sq km or the equivalent of 13.5 UK North Sea blocks. Desire also holds 12.5 per cent in the Talisman Energy-operated Tranche F.
The team remains committed to the Falklands, despite the disappointment of drilling in 1998 when high hopes of major oil strikes faltered on the reality of the drillbit. Yet although the pre-drill hype failed to materialise into commercial discoveries, five out of the six wells sunk during the initial drilling season recorded oil or oil and gas shows and established the presence of one of the richest source rocks, the lacustrine, in the world.
The company believes the thick source rock has acted as a basin-wide seal, preventing the migration of oil to the sandstone reservoirs above, which were the target of the 1998 drilling campaign. Only one well penetrated any depth below the source rock: it failed to encounter hydrocarbons because, says Desire, it was drilled in the centre of the Basin, farthest from a potential sand source.
Desire believes Tranches C and D straddle the main oil-generating kitchen in the North Falkland Basin and has identified three structures with the potential to hold up to one billion barrels of oil.
We have become more optimistic about the region since the wells were drilled, said Phipps. The three structures on the 2D are very large with the potential to hold one billion barrels.
With the structures hopefully refined and enhanced through the addition of 3D data, the company hopes to attract partners before embarking on further wildcat drilling, possibly during the Austral summer of 2004-5. To support it during this exploration phase, the company initiated a fundraising exercise designed to generate 7 million through a placing and open offer, underwritten by Seymour Pierce. The offer is due to close today.
markymar
- 21 Jan 2004 16:19
- 15 of 6492
Desire Petroleum PLC
21 January 2004
Desire Petroleum plc
('Desire' or 'the Company')
Results of the Open Offer
On 24 December 2003, the Board of the Company announced the terms of a placing
of 35,313,100 new ordinary shares of 1p each in the Company ('New Ordinary
Shares') at 10p per share and an open offer of up to 37,500,184 New Ordinary
Shares at 10p per share, on the basis of 1 New Ordinary Share for every existing
ordinary share of 1p each in the Company ('Existing Ordinary Shares'), to raise
in aggregate up to approximately 6.97 million (after expenses).
The Directors intend that the net proceeds of the placing and the open offer
will:
a. enable the Company to enter into a seismic survey agreement to engage Fugro
Geoteam A/S ('Fugro') to carry out a 3D seismic survey in the North Falkland
Basin and funds will also be used to pay for the interpretation of
the 3D seismic data collected by Fugro;
b. repay an outstanding loan in the sum of 100,000 plus interest to Phipps and
Company Limited;
c. pay certain deferred fees to each of Phipps and Company Limited (partly in
respect of Directors' fees owed to Stephen Phipps), Molard Financial
Management Services SA (in respect of the services of Walter Ian Logan
Forrest), Dr Alan John Martin, Dr Ian Gordon Duncan and QM Marketing Limited
(in respect of the services of Dr David Quick). These deferred fees total
396,560 (plus VAT where applicable) in aggregate. However, certain of the
aforementioned persons have agreed to subscribe for 4,015,600 New Ordinary
Shares in aggregate which, at the Issue Price, represents an aggregate cash
subscription of 401,560.
The balance of the funds raised from the Placing and the Open Offer will be used
as additional
working capital.
The Board of the Company is pleased to announce that by 3.00 p.m. on 20 January
2004, being the latest time and date for receipt of application forms and
payment in full under the open offer, 14,867,150 New Ordinary Shares offered via
the open offer had been applied for. A further 35,313,100 New Ordinary Shares
have been subscribed for by investors under the placing.
Accordingly, a total of 50,180,250 New Ordinary Shares are to be issued under
the placing and the open offer which, at the issue price of 10p per share,
amounts to approximately 5 million before expenses.
Application has now been made for a total of 50,180,250 New Ordinary Shares to
be admitted to trading on the AIM market of the London Stock Exchange plc.
Dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on 22
January 2004.
21 January 2004
Desire Petroleum plc
('Desire' or 'the Company')
Results of the Open Offer
On 24 December 2003, the Board of the Company announced the terms of a placing
of 35,313,100 new ordinary shares of 1p each in the Company ('New Ordinary
Shares') at 10p per share and an open offer of up to 37,500,184 New Ordinary
Shares at 10p per share, on the basis of 1 New Ordinary Share for every existing
ordinary share of 1p each in the Company ('Existing Ordinary Shares'), to raise
in aggregate up to approximately 6.97 million (after expenses).
The Directors intend that the net proceeds of the placing and the open offer
will:
a. enable the Company to enter into a seismic survey agreement to engage Fugro
Geoteam A/S ('Fugro') to carry out a 3D seismic survey in the North Falkland
Basin and funds will also be used to pay for the interpretation of
the 3D seismic data collected by Fugro;
b. repay an outstanding loan in the sum of 100,000 plus interest to Phipps and
Company Limited;
c. pay certain deferred fees to each of Phipps and Company Limited (partly in
respect of Directors' fees owed to Stephen Phipps), Molard Financial
Management Services SA (in respect of the services of Walter Ian Logan
Forrest), Dr Alan John Martin, Dr Ian Gordon Duncan and QM Marketing Limited
(in respect of the services of Dr David Quick). These deferred fees total
396,560 (plus VAT where applicable) in aggregate. However, certain of the
aforementioned persons have agreed to subscribe for 4,015,600 New Ordinary
Shares in aggregate which, at the Issue Price, represents an aggregate cash
subscription of 401,560.
The balance of the funds raised from the Placing and the Open Offer will be used
as additional
working capital.
The Board of the Company is pleased to announce that by 3.00 p.m. on 20 January
2004, being the latest time and date for receipt of application forms and
payment in full under the open offer, 14,867,150 New Ordinary Shares offered via
the open offer had been applied for. A further 35,313,100 New Ordinary Shares
have been subscribed for by investors under the placing.
Accordingly, a total of 50,180,250 New Ordinary Shares are to be issued under
the placing and the open offer which, at the issue price of 10p per share,
amounts to approximately 5 million before expenses.
Application has now been made for a total of 50,180,250 New Ordinary Shares to
be admitted to trading on the AIM market of the London Stock Exchange plc.
Dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on 22
January 2004.
pjstanton
- 21 Jan 2004 16:48
- 16 of 6492
pjstanton
- 21 Jan 2004 16:52
- 17 of 6492
Don't forget FKL (Falklands Island Holdings) they give out the licences and get a kickback from any discoveries. Currently static at 1.88 pounds.
regards
Peter
regards
Peter
markymar
- 22 Jan 2004 09:42
- 18 of 6492
pj what do you mean by kick back do they get a % ?
markymar
- 29 Jan 2004 10:57
- 19 of 6492
colin phipps has been a busy man and has done a live brocast to the wallstreetrepoter about desire petroleum and what they are doing and where they might be in a years time its a must to listern to.The link i have for this will be put down below ,press copy on link and on the address bar press clear and paste link in hope it works and if any one can put a clearer link in which works plz do
http://216.239.59.104/search?q=cache:_bvb_nPtgrEJ:www.wallstreetreporter.com/profiles/DesirePetroleum.html+desire+petroleum&hl=en&ie=UTF-8
http://216.239.59.104/search?q=cache:_bvb_nPtgrEJ:www.wallstreetreporter.com/profiles/DesirePetroleum.html+desire+petroleum&hl=en&ie=UTF-8
markymar
- 29 Jan 2004 11:00
- 20 of 6492
http://216.239.59.104/search?q=cache:_bvb_nPtgrEJ:www.wallstreetreporter.com/profiles/DesirePetroleum.html+desire+petroleum&hl=en&ie=UTF-8
live interview with chaiman od desire petroleum good listern
live interview with chaiman od desire petroleum good listern
overgrowth
- 29 Jan 2004 22:31
- 21 of 6492
overgrowth
- 29 Jan 2004 22:32
- 22 of 6492
Use the "Insert link" button at the bottom of the box when you first make your posting (it doesn't appear if you edit the post later).
http://216.239.59.104/search?q=cache:_bvb_nPtgrEJ:www.wallstreetreporter.com/profiles/DesirePetroleum.html+desire+petroleum&hl=en&ie=UTF-8
http://216.239.59.104/search?q=cache:_bvb_nPtgrEJ:www.wallstreetreporter.com/profiles/DesirePetroleum.html+desire+petroleum&hl=en&ie=UTF-8
markymar
- 03 Feb 2004 12:54
- 23 of 6492
Taken from this months Energy supplement in the Aberdeen Press and Journal:-
"Pan American Malvinas manoeure tatalises
As UK-LISTED Desire Petroleum gets under way with its latest seismic survey of
the North Falklands Basin, Pan American Energy has aquired interests in the neighbouring Malvinas Basin offshore Tierra del Fuego - in other words, Argentine waters.
Pan American has picked up 35% interests in blocks 40 and 46 operated by Repsol-YPF. Total, which has a 31% stake in block 46, has apparently ordered a seismic campaign across both blocks (aggregate area 6,500sq km) with a view to exploration drilling starting next year.
The hidden twist to this is that it would put BP in the South Atlantic as it is a 60% stakeholder in Pan American Energy, with Argentinean corporation Bridas holding the balance of ownership.
Whether this campaign can in any way be made to link with Desire's aspirations to restart drilling in Falklands waters is open to question, though it will perhaps be investigated. BP's indirect involvement could prove important in this regard.
The super-major did not participate in the Falklands drilling campaign of 1997-98 as its priorities lay elsewhere at that time. The Tierra del Fuego manoeuvre begs the question as to what BP might do next in the South Atlantic"
"Pan American Malvinas manoeure tatalises
As UK-LISTED Desire Petroleum gets under way with its latest seismic survey of
the North Falklands Basin, Pan American Energy has aquired interests in the neighbouring Malvinas Basin offshore Tierra del Fuego - in other words, Argentine waters.
Pan American has picked up 35% interests in blocks 40 and 46 operated by Repsol-YPF. Total, which has a 31% stake in block 46, has apparently ordered a seismic campaign across both blocks (aggregate area 6,500sq km) with a view to exploration drilling starting next year.
The hidden twist to this is that it would put BP in the South Atlantic as it is a 60% stakeholder in Pan American Energy, with Argentinean corporation Bridas holding the balance of ownership.
Whether this campaign can in any way be made to link with Desire's aspirations to restart drilling in Falklands waters is open to question, though it will perhaps be investigated. BP's indirect involvement could prove important in this regard.
The super-major did not participate in the Falklands drilling campaign of 1997-98 as its priorities lay elsewhere at that time. The Tierra del Fuego manoeuvre begs the question as to what BP might do next in the South Atlantic"
markymar
- 29 Mar 2004 21:55
- 24 of 6492
In my last post about why the price has gone up there was this little gem in it.
Houston, being the centre of the
American oil industry, did not disappoint, and
contact was made with licensees and companies
already considering investing in the area.
Phipps has all ready said they are off to Dallas on the 18th April to the AAPG convention and do you remeber the interview with the wallstreet reporter in America i could not understand this Americian connection.Then there was this bit from rigzone.
As Desire Petroleum gets under way with its latest seismic survey of the North Falklands Basin, Pan American Energy has acquired interests in the neighboring Malvinas Basin offshore Tierra del Fuego, in other words, Argentine waters.
Pan American has picked up 35% interests in blocks 40 and 46 operated by Repsol-YPF. Total, which has a 31% stake in block 46, has apparently ordered a seismic campaign across both blocks (aggregate area 6,500sq km) with a view to exploration drilling starting next year.
The hidden twist to this is that it would put BP in the South Atlantic as it is a 60% stakeholder in Pan American Energy, with Argentinean corporation Bridas holding the balance of ownership.
Whether this campaign can in any way be made to link with Desire's aspirations to restart drilling in Falklands waters is open to question, though it will perhaps be investigated. BP's indirect involvement could prove important in this regard. The super-major did not participate in the Falklands drilling campaign of 1997-98 as its priorities lay elsewhere at that time. The Tierra del Fuego maneuver begs the question as to what BP might do next in the South Atlantic
So my way of thinking here is that we can rule out Lundin or Talisman for now , but i feel pretty strongly that are new Farm in partner will be Pan American Energy and BP own 60% of them . Now with the Pan working on the Argentina side this would be ideal for us as rigs would be there and the sevices.
Also way back there was meetings with uk and Argentina been trying to find the post but not found it yet but they had discusions about the oil and it was suggested that a pipeline from the Falklands to Argentinia was a posibility but all talk of this pipeline would cost millions so you need a world major oil company hence you have BP .
If there is upto 110 billion barrels of oil then you would then put the likes of the Falklands the 3 rd richest oil provence in the world the likes of kuwait has reseves of 97 billion,Iran have 115 billion and no 1 is the saudis with 236 billion.
So my conclusion of all this is that this share price has just started to move and some more news or rumours will start to come out this share price will rocket there not a share like it you can only dream what this share might do.
Good luck all who hold shares and if you dont hold any buy some its the best ride on a rollercoaster you can have.
Houston, being the centre of the
American oil industry, did not disappoint, and
contact was made with licensees and companies
already considering investing in the area.
Phipps has all ready said they are off to Dallas on the 18th April to the AAPG convention and do you remeber the interview with the wallstreet reporter in America i could not understand this Americian connection.Then there was this bit from rigzone.
As Desire Petroleum gets under way with its latest seismic survey of the North Falklands Basin, Pan American Energy has acquired interests in the neighboring Malvinas Basin offshore Tierra del Fuego, in other words, Argentine waters.
Pan American has picked up 35% interests in blocks 40 and 46 operated by Repsol-YPF. Total, which has a 31% stake in block 46, has apparently ordered a seismic campaign across both blocks (aggregate area 6,500sq km) with a view to exploration drilling starting next year.
The hidden twist to this is that it would put BP in the South Atlantic as it is a 60% stakeholder in Pan American Energy, with Argentinean corporation Bridas holding the balance of ownership.
Whether this campaign can in any way be made to link with Desire's aspirations to restart drilling in Falklands waters is open to question, though it will perhaps be investigated. BP's indirect involvement could prove important in this regard. The super-major did not participate in the Falklands drilling campaign of 1997-98 as its priorities lay elsewhere at that time. The Tierra del Fuego maneuver begs the question as to what BP might do next in the South Atlantic
So my way of thinking here is that we can rule out Lundin or Talisman for now , but i feel pretty strongly that are new Farm in partner will be Pan American Energy and BP own 60% of them . Now with the Pan working on the Argentina side this would be ideal for us as rigs would be there and the sevices.
Also way back there was meetings with uk and Argentina been trying to find the post but not found it yet but they had discusions about the oil and it was suggested that a pipeline from the Falklands to Argentinia was a posibility but all talk of this pipeline would cost millions so you need a world major oil company hence you have BP .
If there is upto 110 billion barrels of oil then you would then put the likes of the Falklands the 3 rd richest oil provence in the world the likes of kuwait has reseves of 97 billion,Iran have 115 billion and no 1 is the saudis with 236 billion.
So my conclusion of all this is that this share price has just started to move and some more news or rumours will start to come out this share price will rocket there not a share like it you can only dream what this share might do.
Good luck all who hold shares and if you dont hold any buy some its the best ride on a rollercoaster you can have.
tofur - 30 Mar 2004 12:00 - 25 of 6492
r they tree-shaking? i m sticking.
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