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

IF the Open Offer is undersubscribed how much will the price fall if at all as speculation might hold it firm ? Last time i took up an Open offer the price FELL quite rapidly , as the offer was not sold out !
This is the big week . Has DES raised money like this before ? Bit nervous that two directors only have taken a small entitlement to what they could have !
Regards

Hi blingo

If you click on the DES link above (24/12/03) you will see the last time DES raised money. This was for the 3D survey, the share price was at 0.10p at the time. DES has had the backing of the market since then. I don't see any reason for this to change. As you say there is always a chance DES could be under subscribed. But I can't see it. With all that potential oil already identified, drilling has to be the next step. I don't know if the last few trades are correct, if they are we may open with a gap up. I hope so as this will be bullish !


Kind Regards

Eddie

Thanks Eddie

Hi all

Hope these turn out to be right.

Prices as of this time. mid 0.5550p, + 0.01p, up 1.83%, bid 0.5400p, offer 0.5700p, close 0.5450p

Bummer it's changed back to 0.00% change as I was typing. Lets hope we get a good day any way !


Good Luck All

Eddie

Berlingo, I would be very surprised to find that the Open Offer is not oversubscribed. We don't have long to wait now !

i see the 200,000 and 100,000 were buys not sells due to time at 8.36am

Not long now Oily i bet there are a lot of traders sratching there heads with ADVFN down.

Markymar, Nice thought isn't it? Couple of days at most now and then Desire will really storm ahead. We should get some exciting newsflow in the second half of the week. Its like being a kid on Christmas Eve all over again!

hello chaps,
Whilst the EGM may be very interesting, from what I understand it will be a fairly formal business like affair dealing with the propositions at hand. There will not be presentations and updates from the Directors like at an AGM (which will be in May).
Given the above lets not take for granted the long awaited lift off just yet. Infact, if after all the expectation nothing is forthcoming, there may be some who bank their allocation and hope to buy in lower next week.

Hi Jon,

I think the news we all want to know is that the rights issue has been oversubcribed and that will be good news in its self.

I think there will be certain question asked at the EGM which shed some light on certain things.

As you said the EGM will be pretty bog standard stuff but questions will be asked and teeth pulled, i cant make it but know of a few people going with plyers in hand.

Just i quick mention that on moneyam are doing free level 2 untill March the 14th just go to investors room and click on code and you have your free level 2

Hi Marky, I am not attending either.
but want to know:

1) Why if the data is so good we have no major or even minor company with a track record become involved.
2) Why did it take 6 years to decide to go it alone (effectively)
3) What guarantees do we have in place that Rockhopper have the finances in to provide upto 30% drilling costs.
4) How much input will rockhopper (& any other partners) have in the driling process.
5) Where are the 3 drilling locations.
6) HAve they got a rig in mind yet.
7) What about seabed surveys.
8) Who will be running the drilling and from where?
9) What about all the other contracts(casing, fluids, logging, standby and frieght boats, ROV's etc when are these going out to tender) - huge amount of work.
10) What about helicpter infrastructure (it was Bristows previously)
11) Realistic time estimate for drilling.

And the unpopular questions:
12) What services does "Phipps and Co" undertake to receive 372,000 pounds in fees annually.
12) Why did the directors not take up their 1 for 8 rights?
14) Why only 3 wells, this falls well short of industry norm?
15) How is Phipps Snr's health.
16) Who are the institutions who have taken up shares at 45p, why is there no 12 month tie in preventing them from dumping them next week?
17) A load of share options open up in May for all the directors, will they be taking those instead!

And finally:
18) can we expect more partners and well to be announced

Feel free to maul & add!
Best wishes
Jon

marky,

wheres code in investors room

Cheers John i shall pass them on to the member of family going.

eacninewhy if you go to the main investors board you will see level 2 free by Bullshare click on that and there is a code at bottom of page if not ask Bullshare himself i hope it helps.

Regards

Markymar

Hi all

Well that was a bit strange I posted this morning to say that DES was up 0.001p + 1.83%. The quote then changed to neutral. But todays close was up 0.001p + 1.83%. Also the sells were higher than the buys, but DES went up. It looks to me the MMs are still working DES. The candles on this chart also reflect these prices. The candles have given us a dragonfly doji, which might generaly come out during a down trend. This generaly becomes support There was also a gap up which was the open & close of the doji. Gap up generaly becomes support also. (The dragonfly doji isn't shown on this chart. The doji on this chart has a long upper shadow, which I think is incorrect). We are still in an up trend (even though the candles are a bit odd). So lets hope it continues.







Good Luck All

Eddie

Am as excited as anyone about the EGM.The danger is that we get carried away with speculation.I'm just hoping that the open offer is over subscribed and that the sp will stabilise.I'm in it for the long haul.Believe that the company can only move forward.

Could anyone enlighten me on Rockhopper Exploration coming to market as read on iii?Equally where do people see the sp from next week on.JDFM appears to offer some interesting time scales.Are any others prepared to say more.

I do love the sp charts on this bill board though.

Hi all

Today we could be doing with going through the 0.5600p & closing above it. This is where the short term resistance is. This mornings quote is mid 0.5650, + 0.01p, + 1.80%, bid 0.5500p, offer 0.5800p. Lets see if this is where we close.


Good Luck All

Eddie

http://www.oilbarrel.com/home.html

Global Petroleum Joins AIM To Raise The Profile Of Its Blue Sky Exploration Projects
Brisbane-headquartered Global Petroleum Limited, which already trades on the Australian Stock Exchange, joined Londons Alternative Investment Market this week, its debut price spiking and then falling back, to increase its access to capital markets. The company is a real blue sky explorer, signing up for large equity positions in vast tranches of frontier territory in a bid to provide investors with real leverage to high risk/high reward wildcatting. The company has two such plays in its portfolio - the largely untested waters of Kenya and the Falkland Islands - and is casting its eye around for a third.

Watch this space, executive chairman John Armstrong told oilbarrel.com. Whatever project we take on has to be able to hold its head up with the Falklands and Kenyan oil and gas stories.

The company also holds 100 per cent of a couple of blocks in Malta and Ireland, where it is trying to farm down its position. We are trying to bring in partners on sensible terms, said Armstrong. Well go the market with these projects in the next month or two.

In Kenya, Global has a 20 per cent stake in offshore blocks L5 and L7, which are operated by Australian oil major Woodside (with 50 per cent). Aberdeens Dana Petroleum holds the remaining 30 per cent. Global will be carried through the first two wells, with the first due to sink in the last quarter.

Weve seen some large structures and some have direct hydrocarbon indicators, which are not fool proof but youre better having them than not, said Armstrong.

In the south Atlantic, the company holds rights to more than 80,000 sq km to the south and east of the Falkland Islands through its 16 per cent stake in fellow AIM-listed explorer Falklands Oil & Gas Limited. It also holds onshore mineral exploration rights through a 10 per cent shareholding in Falklands Gold & Minerals Limited, which Armstrong admitted is a bit of wildcard as the islands have never seen any mining activity.

Local waters have, of course, hosted oil prospecting before. In 1998 six wells were drilled to the north of the islands but failed to live up to the pre-drill hype. The results from that exploration campaign - which did at least prove up the existence of live petroleum systems in the area - bear no weight on FOGLs prospects because the geology to the south of the islands is quite separate from that in the north: it would be like comparing the Southern North Sea to the West of Shetlands. The company is partnered in 57,000 sq km of acreage by Hardman Resources (22.5 per cent) and holds the remainder 100 per cent.

FOGL is currently half way through a seismic shoot over its Falklands acreage and the initial results are said to be very encouraging. This isnt just FOGL and Global talking. Simon Potter, the new chief executive at Hardman, which on the back of its Mauritanian successes enjoys a certain amount of frontier exploration kudos in the industry, has also praised the initial data.

We are currently collecting seismic where good images are being received directly off the vessel indicating a number of really interesting structures, Potter told a reporter recently. This considerable potential will be assessed with a well within about two years.

By then, the current buzz of industry interest may have translated into rig, equipment and data sharing arrangements, thereby reducing the costs of operating in this remote region. Theres certainly no shortage of industry interest: Borders & Southern Petroleum has signed up to explore to the south of FOGL; Rockhopper Exploration, an outfit headed by the former Enterprise Oil boss Pierre Jungels, is exploring to the north with Desire Petroleum; and BP subsidiary Pan American Energy has signed up to explore to the west on the Argentine side of the border.

Theres real momentum building, said Armstrong. And theres more to come. The profile of the whole offshore has been raised over the last 12 months.

However, prowling oil majors and encouraging seismic charts mean nothing until confirmed by the drillbit - and that still lies some way off.

Marky

"And there's more to come..." Partners????

Not long to go now the jigsaw is nearing completion

beaver

Yes ming did you pick up the bit about Rockhopper been a plc company this can only help things.

Knocking on the door at 60p today 4 v 1 only 1 holding now at 59p so good shout again Eddie

marky

personally i see rockhopper as a "shell" (possible pun intended) for a larger oil company to reverse into.

Any thoughts??

beaver

i get this feeling that THE news will be out before very much longer