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

Oily that email does work?

Further feedback on the EGM.

Ming, regarding your concern about point 2, a shareholder asked Dr Phipps directly if more farm-in partners were sought and he replied that there had been many discussions but he had chosen the route to minimise the dilution effect for shareholders and indicated that there were other offers but he was happy to go ahead with just Rockhopper in the "consortium" unless a particularly good offer appeared. He's clearly keen to retain the current 85% interest in tranche C and D. I interpret that as confidence in the 3D survey.

Jon B, a question was asked about Rockhopper's finances and Dr Phipps confirmed that the 15% funding had already been proven and the second 15% of funding was subject to Rockhopper's own fund raising exercise. Presumably that meant that Rockhopper could do a Global Pet and raise some funds itself on the AIM market. If they were successful they were expected to increase their contribution to the 3 well exploration costs to 30%.

trjones, the deal with Rockhopper seemed to be final for the 3 well campaign in C and D but as Rockhopper own the blocks around I and L there is clearly scope for further deals with Rockhopper and I am left with the impression that there is a strong bond with Rockhopper and a lot more news to come from a company run by a distinguished player in the Oil industry (PJ).

Thank you Eddie for your informative daily reports on candlesticks, I must admit I expected today to be more of an up day.

Markymar, the source I mentioned regarding news only has Desire rated as HOLD

I wonder if we might get some press attention now that the funding is in place, Luckyswimmer

Morning all a little bit of press in Guardian


http://www.guardian.co.uk/business/story/0,,1435048,00.html


The Falkland Islands has long been seen by some as a possible new oil source but one that has never delivered on its promises. Desire Petroleum - an old hand in the region - has just raised new money to explore there.

Borders & Southern and Rock Hopper are two new firms planning to visit the stock market on the back of a fresh interest in the Falklands.

Luckyswimmer

I often read articles relating to events that I have visited and wonder if I have been dreaming - but not this time.

Your summary of the points raised at yesterday's EGM were as accurate as it is humanly possible to get and those unlucky enough not to have been there should read and then reread them again.

Yep I'll agree with that, very very accurate notes.

Thank you Provost and Capt Guns, next meeting we will have to devise a code to recognise each other.

Lucky capt has a parrot on his left shoulder you will not need a code

Desire Petroleum PLC
11 March 2005


DESIRE PETROLEUM PLC

('Company')

Shareholding in Company

The Company announces that it today received notice, pursuant to s.324 of the
Companies Act 1985, that following its announcement to AIM on 10 March 2005 of a
placing ('Placing') of 35,555,556 new ordinary shares of 1 pence each in the
Company ('New Ordinary Shares') at 45 pence per share and an open offer ('Open
Offer') of 20,335,100 New Ordinary Shares at 45 pence per share, that the
following directors are now beneficially interested in the Company's issued
share capital as follows:

Current number Percentage
of issued ordinary of Company's
shares interested in current
issued
ordinary
share
capital

Dr Alan John Martin* 744,032 0.34
Dr Ian Gordon Duncan** 332,826 0.15
Stephen Lawrey Phipps*** 32,944,394 15.07
Walter Ian Logan Forrest* 1,459,905 0.67
***
Dr David Huw Quick***** 1,467,816 0.67

* the Ordinary Shares shown against Dr Alan John Martin include 256,832 Ordinary
Shares held by his wife

** the Ordinary Shares shown against Dr Ian Gordon Duncan include 92,571
Ordinary Shares held by Hargreave Hale Nominees Limited for Dr Duncan and his
wife and 107,143 Ordinary Shares held by Chase Energy Limited, of which he is a
director and shareholder. Dr Duncan's wife subscribed for 11,112 New Ordinary
Shares pursuant to the Open Offer

*** 30,104,394 Ordinary Shares shown against Stephen Lawrey Phipps are legally
and beneficially held by Phipps & Company, of which he is a director and
shareholder (this company subscribed for 555,556 New Ordinary Shares pursuant to
the Open Offer). The remaining 2,840,000 Ordinary Shares shown against Stephen
Lawrey Phipps are held by Dr Colin Phipps, Marion Phipps and Michael Field as
trustees of the Phipps & Company Limited retirement benefit scheme

**** the Ordinary Shares shown against Walter Ian Logan Forrest include 284,051
Ordinary Shares held by Panares Resources Inc.(Mr Forrest is a director of this
Company) of which 261,515 Ordinary Shares are held on behalf of Mr Forrest. Also
included are 321,428 Ordinary Shares held by Micor Trading SA of which Mr
Forrest is a director and 143,932 Ordinary Shares held by Rock Nominees Limited
on behalf of Panares Resources Inc. Mr Forrest subscribed for 11,112 New
Ordinary Shares pursuant to the Open Offer

***** the Ordinary Shares shown against Dr David Huw Quick include 40,000
Ordinary Shares held by his wife and 1,372,816 Ordinary Shares held by QM
Marketing Limited, of which Dr Quick is a director and shareholder



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

Evening chaps
Well another frustrating day. The price dropped straight from the go but got a little step up at 4 pm . I think there were more buys than sells again today .
Hi Eddie , dare i ask what the charts are predicting ? Feels like we are in uncertain market territory . However i am not surprised some people have sold out. Speculating. My cheque was cashed today . No looking back
Good luck All
Berlingo

Hi all

Another red candle. The candle is sitting right on a support level of 0.5125p. The buyers are coming back in around the 0.50p level, but need more force to push the price up. The buyers have been just enough to maintain the support level. Hopefully we will see a bounce of this support level on Mondays trading. I suppose that depends on the MMs, the've brought DES down to this level & will want to take DES back up. So lets hope that's the case. All that aside we have the money for the drilling so we must have support anyway..





Good Luck All

Eddie

Hi all,

Just got in and doing the boards found a good post from ADVFN a bit about EGM so thought i post it here.

thatsmart - 11 Mar'05 - 21:29 - 12043 of 12052


A couple of stats and notes from my notebook re egm.
33 shareholders attended the meeting. (more than normal)
There are 11,000 shareholders. (to the nearest 1000)
6000 took up the offer which is very good apparently.
56,000000 shares in favour of the resolution, 33,000 against.
AGM in May.
There is a host of work to be done in preparation for the drilling - tried to get a date before they left, but 'later this year' was all I could squeeze out until I suggested the Austral summer really begins in September. A nod and 'we'll try and bring it forward if we possibly can' was all I could get. Words and phrases such as, health and safety, paperwork, personel, contracts, and a million other details need fine tuning etc, led me to beieve they really have got their hands full for the foreseeable future.

Of course, the big one is that Desire are not going to let anyone muscle in on this act and take over. (this is not to say there are no other interested parties who may stump up a few bob and join Desire, but that they will be subordinate to Desire. This is why there is no place for the comglomerates) All work will be outsourced by Desire. Which is where the tankers come in. Desire do not plan to strike oil and then flog the lot to the first oil major who comes along. It was indicated that the amount of money would have to be vast, as in humungus, to tempt Phipps and co into relinquishing Desire's Falkland acreage. I remember some time ago using the phrase, 'beyond all expectations' and this is apparently the same view as the board. Bon voyage to all, Monday is top up day, and I vote we all turn up and give Phipps three cheers at the AGM.

Hi all

Thanks to all the posters for all their time & effort.

Thanks for the post markymar


It looks like DES will be more attractive as things unfold. It takes a lot of confidence, not to give in to the major companies. Think about billions of barrels shared between 11,000 share holders... I think the odds are better than the natonal lottery. Some body posted calling us the Beverly Hill Billies, lets hope their right ! We have everything in place now, appart from minor details. The 350 oil sector is down at the moment. It looks like it will pick back up soon. This should help DES. I have posted a chart.






Good Luck All

Eddie

Hi all


Here is the yealy chart. As you can see there has been a doji formed. This indicates a tug of war between the buyers & sellers. The the lower shadows are getting higher, this indicates the buyers are not letting DES drop bellow these levels. This is testing the support level. DES is looking good!








Good Luck All

Eddie

Evening All
Thanks Eddie for the charts. Lets hope we get off to a good start tom .
Regards
Berlingo

Hi all

Looks like we've had low volume.

Well DES has a capital 113.7m now. The number of shares out now is 219m (the new shares of 0.4500p have been added). This should allow DES to be more volatile. The open 0.5150p, high 0.5350p, low 0.5100p, close 0.5200p. The candles for today is a bullish harami. So all being well we may see some upward movement from DES. Lets hope its this week ! The support has held again today, so we should be moving off it soon. Plenty of room on top !


(the candle on this cahrt is a high wave candle)







Good Luck All

Eddie

Cheers Ediie for that.

Markymar

Eddie looks like the rising window ( gap up)on the 25/2 is giving solid support.

Hi momentum

Yes the support has been at the window. May see some movement up soon, I hope. The bullish harami may be the turning point.

Any thoughts?

Kind Regards

Eddie

the rest of the week could be volitile
as mm's off to the races
next week should see things settle down
after issue traders take thier gains
or not as the case may be
longer term rig dates & drilling programme
news is what will push the sp up
all the best

HUSTLER

Hi all

Today the open 0.5200p, high 0.5200p, low 0.5000p, close 0.5125p, collective volume 1.156m. The candle formed is a hammer. It is said the market is hammering out the bottom of the down trend. The support was at the rising window again. This is offering good support during sell off. The rising window & hammer are good support indicators. Lets hope the reversal is soon then !






Good Luck All

Eddie