Desire Petroleum

<>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

Hi all

The blue candle has returned. Dont know what it is with these charts, but its back! Next week should be good. At least that's what the candles say. If you click on quote the bid price is 0.54p, we should all be in pocket if DES does'nt close bellow this.


Good Luck all

Eddie

News of Open Offer and Placing.....

Was out at 7.02 on ADVFN. How come nothing yet on Moneyam? Not good enough.

iturama,

Our suppliers are having a problem this morning which they are currently investigating - I will update you as soon as possible,

Regards

Ian

Hi all

Good news, now we know where we stand.

Markymar

Extremely great news...huge seismic find!


Desire Petroleum to raise up to 25.15 mln stg in placing, open offer at 45p
AFX


LONDON (AFX) - Desire Petroleum PLC said it plans to raise up to 25.15 mln stg in a placing and open offer at 45 pence per share.

The placing of will be of 35,555,556 shares and the open offer will be of 20,335,100 shares on the basis of one open offer share for every 8 existing ordinary shares.

Desire also announced that a 3D-seismic survey has identified drilling targets with a potential to discover over one billion barrels of recoverable oil in Tranches C and D in the North Falkland Basin.

Preparations for a three-well drilling programme in Tranches C and D are underway, it said.

Desire has agreed terms with Rockhopper Exploration (Oil) Ltd to farm-in to the three-well programme to earn an interest of up to 15 pct of Tranches C and D by funding up to 30 pct of the costs of the programme.



newsdesk@afxnews.com

Stunning deal, we keep 85% in tranch C and 70% in tranch D, what a deal!

Apologies if this has already been posted. What a way to start the week! Superb deal.

RNS Number:5439I Desire Petroleum PLC 14 February 2005


Desire Petroleum plc
("Desire" or "the Company")


Proposed Placing of 35,555,556 Placing Shares at 45p per share and Open Offer of 20,335,100 Open Offer Shares at 45p per share on the basis of 1 Open Offer
Share for every 8 Existing Ordinary Shares
*Desire to raise up to #25.15 million via a Placing and Open Offer


*3D-seismic survey identifies drilling targets with a potential to

discover over one billion barrels of recoverable oil in Tranches C and D in

the North Falkland Basin


*Preparations for a three-well drilling programme in Tranches C and D


underway

*Terms agreed with Rockhopper Exploration (Oil) Limited to farm-in to the

three-well programme to earn an interest of up to 15% of Tranches C and D by

funding up to 30% of the costs of the programme

*Qualifying Shareholders entitled to apply for more than their entitlement

to shares under the Open Offer

Dr Colin Phipps (Chairman) commented:

"I am pleased that Desire is now preparing to drill the major objectives identified by 3D-seismic survey and I am delighted that we shall be working with Dr Pierre Jungles, a most distinguished oilman whom I have known for many years, and his colleagues at Rockhopper."

Introduction

Your Board indicated in the announcement dated 15 December 2004 that, in addition to a potential farm-out of Desire's interests in Tranches C and D in the North Falkland Basin ("Tranches C and D"), a fundraising was also in contemplation.

Your Board is now pleased to announce that, following the results of the 3D-seismic survey carried out in 2004, the Company is preparing a programme to drill three wells in Tranches C and D to test prospects which the survey identified as having the potential to hold over one billion barrels of recoverable oil. The Company has also agreed terms with Rockhopper Exploration (Oil) Limited ("Rockhopper"), a company to be chaired by Dr Pierre Jungels, with oil interests in the North Falkland Basin, whereby Rockhopper will earn up to a 15 per cent. working interest in Tranches C and D by funding up to 30 per cent. of the costs of a three-well drilling programme. Desire intends to raise further funds towards the remaining costs of the proposed three-well drilling programme by way of the Placing and the Open Offer.

Reasons for the Placing and Open Offer

In addition to the farm-out programme, Desire has always had the option of raising funds sufficient to cover part or all of the costs involved in exploration drilling on Tranches C and D. Since the Company's last fundraising in January 2004 (to pay for the 804 square kilometres 3D-seismic survey on Tranches C and D and its interpretation) the prices of crude oil and natural gas have increased substantially and independent oil exploration companies have undergone a significant rerating by the market, such that this option is now a practical one. Accordingly, it is your Board's intention to raise up to approximately #25.15 million before expenses via the Placing and the Open Offer to be conducted on its behalf by the Company's Nominated Adviser and Broker, Seymour Pierce Limited, of which #16 million has been placed with institutional investors at 45p per share.

Shareholders will be given an entitlement in the Open Offer, to apply for one New Ordinary Share at the issue price of 45p ("Issue Price") per share on the basis of one New Ordinary Share for every eight Existing Ordinary Shares currently held, plus the opportunity to apply for additional shares via an excess application facility.

The Open Offer will be capped at approximately #9.15 million.

The principal reasons for the fundraising are as follows:

(a) the size of the prospects identified by the interpretation of the 3D-seismic survey carried out by RPS Hydrosearch Associates Limited together with the Company's existing 2D-seismic survey are in excess of two billion barrels of recoverable oil and therefore, in the Board's opinion, justify giving Shareholders the maximum possible upside exposure to any drilling success;

(b) at the Issue Price a fundraising to cover non-farmed-out drilling costs is likely to be less dilutive of Shareholders' interests than is a larger farm-out, even for Shareholders who do not take up their entitlements in the Open Offer;

(c) the ability to drill for its own account allows the Company to proceed more rapidly to commission a rig and greatly increases the likelihood of commencing a drilling programme in 2005. With the strengthening of the crude-oil price, there has been a concomitant increase in exploration drilling activity, leading to increasing rig rentals and decreasing rig availability. Accordingly, the sooner the Company can enter the rig market, the better the prospects of an early drilling campaign. Furthermore, although the farm-out process is likely to cause delay to the drilling timetable, if a rig has already been secured this should benefit any additional farm-out partners.

Accordingly, the Company commissioned a survey of world-wide rig availability which has identified a number of suitable units available for drilling in the North Falkland Basin towards the end of 2005. A rig contract tender document is being prepared with a view to being sent to the owners of all of these units and preparations for a three-well drilling programme are already underway. Whilst it is your Board's intention to continue its discussions with other potential farm-in partners, the current fundraising will give the Company greater flexibility in negotiating both the size and terms of any farm-out participation in addition to Rockhopper's. Should there be an additional farm-out, the Company, as a result of the current fundraising, will then be in a position, either to fund additional drilling on Tranches C and D, or to drill on its own account in Tranches I and L in the North Falkland Basin, in which the Company still holds a 100 per cent. interest.

Principal terms of the Placing and the Open Offer

The Company proposes to issue up to 35,555,556 Placing Shares and 20,335,100 Open Offer Shares at the Issue Price which, assuming the Open Offer is fully subscribed, will raise in aggregate approximately #25.15 million for the Company (before expenses). Seymour Pierce has fully underwritten the Placing. Qualifying Shareholders are invited to apply for Open Offer Shares at the Issue Price on the basis of:


1 Open Offer Share for every 8 Existing Ordinary Shares


registered in their name on the Record Date (10 February 2005) 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.

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 555,556 New Ordinary Shares which, at the Issue Price, represents a cash subscription of approximately #250,000;

Walter Ian Logan Forrest intends to subscribe for 11,112 New Ordinary Shares which, at the Issue Price, represents a cash subscription of approximately #5,000;

The spouse of Dr Ian Gordon Duncan intends to subscribe for 11,112 New Ordinary Shares which, at the Issue Price, represents a cash subscription of approximately #5,000.

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 10 March 2005. At this meeting the following resolutions will be proposed:

1. to increase the authorised share capital of the Company from #2,500,000 to

#4,000,000 by the creation of 150,000,000 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

#730,000; 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 certain further Ordinary Shares and other issues of

Ordinary Shares for cash pursuant to section 95 of the Act up to a nominal

value of #218,000.


EXPECTED TIMETABLE OF PRINCIPAL EVENTS


Record Date for the Open Offer 10 February 2005

Prospectus published 14 February 2005

Latest time and date for splitting Application Forms to
satisfy bona fide market claims under the Open Offer 3.00 p.m. 4 March 2005
Latest time and date for receipt of Form of Proxy 10.00 a.m. 8 March 2005


Latest time and date for receipt of completed Application Forms and payment in full under the
Open Offer 3.00 p.m. on 8 March 2005
EGM 10.00 a.m. on 10 March 2005


Admission effective and dealings commence in the New Ordinary Shares on AIM and (where applicable) CREST
stock accounts expected to be credited 8.00 a.m. on 11 March 2005


Despatch of definitive share certificates for
New Ordinary Shares no later than 18 March 2005


Contacts:

Colin Phipps, Chairman: 020 7409 2138 Ewan Leggat, Seymour Pierce Limited: 020 7107 8000


This information is provided by RNS
The company news service from the London Stock Exchange



END

A 3 well program, the implication is that the seismic is so good that they are virtually sure of where they are going to stick the drill bit and announce 1 billion barrels, most of it to themselves, at todays price, this makes DES a tad undervalued!

Morning All
So is this where the fun starts ?

Ehall there is more players to come on board yet and more than 1 billion barrels down there.

Regards all

Markymar

Todays chart showing strong support at 57p, my personal opinion is that it will hold current levels and then push on strongly this afternoon as the institutions move in, just my opinion though!

Looks like a classic shorting opportunity up here.

No 'new' news on the exploration front, previous figures all announced.

Partial placing with institution but not enough of an appetite to get all the funding away despite big discount, so they have to come cap in hand to the shareholders.

Big discount to Fridays close to get it away

Todays mark up means its at a 28% premium to fundraising , far to high now at 58p-60p

Dilution of trance by involving Rockhopper

Mentions likelihood of commencing a drilling programme in 2005, not guaranteed so newsflow could stop still to 2006. In fact the statement says oil rigs maybe available at the end of 2005, so news could be mid 2006

Looks like it could go all the way back to 45p-48p

Travis
Your comments will be judged over the coming days and weeks. My view is that out of 8 points stated you will score nil.

JPS: I think you have missed the point, if you are scoring out of 8 I have already won as 7 are facts: The facts are:

No 'new' news on the exploration front, previous figures all announced.

Partial placing with institution but not enough of an appetite to get all the funding away despite big discount, so they have to come cap in hand to the shareholders.

Big discount to Fridays close to get it away

Todays mark up means its at a 28% premium to fundraising , far to high now at 58p-60p

Dilution of trance by involving Rockhopper

Mentions likelihood of commencing a drilling programme in 2005, not guaranteed so newsflow could stop still to 2006. In fact the statement says oil rigs maybe available at the end of 2005, so news could be mid 2006

Watching this one with rapt interest.

Travis,there is more news to come of partners and Talisman and Encana and we already have Encana linked in with Rockhopper.


Accordingly, the Company commissioned a survey of world-wide rig availability which has identified a number of suitable units available for drilling in the North Falkland Basin towards the end of 2005. A rig contract tender document is being prepared with a view to being sent to the owners of all of these units and preparations for a three-well drilling programme are already underway. Whilst it is your Board's intention to continue its discussions with other potential farm-in partners, the current fundraising will give the Company greater flexibility in negotiating both the size and terms of any farm-out participation in addition to Rockhopper's. Should there be an additional farm-out, the Company, as a result of the current fundraising, will then be in a position, either to fund additional drilling on Tranches C and D, or to drill on its own account in Tranches I and L in the North Falkland Basin, in which the Company still holds a 100 per cent. interest.

It will be interesting to see the press reaction over the next few days/weeks following this mornings announcement. This can only be positive for Desire Petroleum share price. It will certainly propel the Falkland Islands back into the limelight.

Good morning DES,raters, Well one heck of a morning and without any intent of patronising, may I join in offering "well-dones" particularly deserved by the long-termers, the providers of so much data, technical info. etc, etc. to relative newcomers as myself. We have benefited from your unselfish input and it is very much appreciated. Today,s news is one more step for the fans! Thanks. Rgds.

I posted this on 24.12.04 and Crude Oil have changed there name to Rockhopper and we have a top man at Rockhopper a Mr Pierre Jungels now that we know Rockhopper is one of the partners to Desire Petroleum then this just makes more sence that more Farm-out Partners are to be anouced in the future.

"Accordingly, the Company commissioned a survey of world-wide rig availability which has identified a number of suitable units available for drilling in the North Falkland Basin towards the end of 2005. A rig contract tender document is being prepared with a view to being sent to the owners of all of these units and preparations for a three-well drilling programme are already underway. Whilst it is your Board's intention to continue its discussions with other potential farm-in partners, the current fundraising will give the Company greater flexibility in negotiating both the size and terms of any farm-out participation in addition to Rockhopper's. Should there be an additional farm-out, the Company, as a result of the current fundraising, will then be in a position, either to fund additional drilling on Tranches C and D, or to drill on its own account in Tranches I and L in the North Falkland Basin, in which the Company still holds a 100 per cent. interest"

"Greater Flexibility in negotiating" A lovley line

24.12.04
==============================================
December 2004 - New Licences in North Falkland Basin issued to Crude Oil and Gas Ltd
Crude Oil and Gas Ltd, a new UK exploration start-up company, has been awarded 2 licences covering 16 blocks in Quadrants 25 and 26 of the North Falkland Basin. These blocks (see A3 map available from the Downloads page) surround Desire Petroleum's blocks in the southernmost part of the North Falkland Basin. They are located in relatively shallow water (all less than 200 metres), and represent an opportunity to explore a part of the North Falkland Basin with a distinctly different structural style and stratigraphic infill to that observed further north in the area drilled during 1998.

Crude Oil and Gas Ltd plan a 2D seismic survey over their new licences within the first year of operation.

http://www.bgs.ac.uk/falklands-oil/download/download_files/A3MapDEC2004v2.jpg Good picture of there new acreage to get a better idea .

So who are Crude oil and what are there intentions.

Well it all boils down to a company called

Clarke Willmott*
1 Georges Square
Bath Street
Bristol BS1 6BA
direct dial: 0117 916 9522
e-mail: sthomas@clarkewillmott.com
*http://www.clarkewillmott.com

Regulated by The Law Society and
The Financial Services Authority
________________________________

They have four more offices and one is in Bristol and if you click on web site and location it takes you to the 4 office and this company belongs to a Mr Visick.

Now going to companies house you can check who owns the company http://www.companieshouse.co.uk which I have done and this is where the picture starts.


Crude Oil and Gas Ltd is registered to Richard Visick on the 5.10.04 and the address as a above Clarke Willmott


Hemingway Management registered 5.10.04 at the same address and then changed it to Crude oil and Gas Ltd.


And this man was the client of Hemingway Management http://www.bodecott.com/ and is now for Crude Oil


Also the biggest link here is that on the 5.10.04 Encana Ltd was set up and the address was also at Bristol address so who are Encara they are a Hugh oil company and based in Canada where Desire have been out on a so called tour back in July so we have Talisman energy and Encana, Talisman hold block F and Desire have a 12.5% share interest in block an 3D was covered in F over Liz from block C to F.

http://www.encana.com/

http://www.talisman-energy.com/

Regards all

Markymar