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DESIRE petroleum gets going at long last ! (DES)

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Creator CURRYPASTY Created 7 Jan 2004 Posts 47008 Last Post 2 weeks ago

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14/2/05 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 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.
The Placing and the Open Offer are conditional on the approval of
shareholders which is to be sought at an EGM convened for March 10.


http://www.desireplc.co.uk/

http://www.bgs.ac.uk/falklands-oil/download/download_files/Exploringforfansands.pdf




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