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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Desire Petroleum | DES | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 16.375 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 16.375 |
| Top Posts |
|---|
Posted at 07/12/2013 21:44 by plast right i haven't posted for ages, got feed up up with hangman and numpty Chris oil, anyway to all Des holders, i did phone up about my Des shares, apparentlyif you have desire share cert then they will be posting you the Falkland oil shares in place of the Des shares about 60% of Falkland oil in place of Des hope this is of help, hope Falkland oil does it for us now, good luck with it. this is part of falkland oil announcement, Under the terms of the Combination, Scheme Shareholders are entitled to receive 0.6233 FOGL Consideration Shares for each Desire Share and consequently pursuant to the Scheme, 212,150,020 New FOGL Shares will be issued to Desire Shareholders. Application has therefore been made to the London Stock Exchange for the FOGL Consideration Shares to be admitted to trading on AIM, totalling 213,344,494 new FOGL Shares. It anticipated that the dealings in the FOGL Consideration Shares will commence at 8.00 a.m. on 6 December 2013. CREST member accounts in respect of the FOGL Depositary Interests in uncertificated form will be credited as soon as possible after 8.00 a.m. on 6 December 2013. Share certificates in respect of the FOGL Consideration Shares held in certificated form will be despatched to Desire Shareholders by no later than 19 December 2013. |
Posted at 25/10/2013 17:01 by agnabeya I'd rather they drilled in Summer - of course. But another non-strike will be really bad for FOGL. If they are getting a large deep water rig for the SFB - it should be able to deal with the feb/march conditions? Anyway - I think there could be two rigs - an OG type for the NFB and a Deepwater for the SFB. We haven't heard from Border - but I think they will be looking for a deep water rigshare this time. Noble Drilling are accessible to Noble Energy, I presume. I can't understand your math about the merger at all. Fogl not gained anything for their dilution? They gained DES acreage -some of which has known oil and some rather good potential. Like wise DES have gained from the merger. The main thing DES has lost is it's name as a company. At this point - I honestly don't care what the company's called. Just so long as they get started. RKH gave away 60% of everything - now and in the future. All they can hope for is 40% of whatever they find. DES and FOGL have merged in a 40/60 merging of assets - but will share the failures as well as successes. It might be splitting hairs - but merging feels better to me than 'giving away'. I hardly think FOGL got DES for nothing. The market didn't seem to think so going by the share price Phew! I'm happy to hold for now and wait for news of a rig etc. Or perhaps I should say 'rigs'. :) |
Posted at 05/10/2013 10:50 by a.fewbob Lots of people moaning. I hold RKH, DES, BOR and FOGL. I have made money from RKH and DES by luck more than judgment!Being that I hold both DES and FOGL kind of makes me inpartial as to which company i think got the best deal. I feel DES came out better because I believe FOGL is almost certainly sitting on some very big oil, condensate prospects and some massive gas prospects. I'm sure even the gas will get produced some day. All the moany hard done by DES holders should go on FOGLs web site and do some research on the south basin. The biggest threat to all the small oil explorers in the FI is the current lack of interest by the stock market. Finding oil exploration in an area the size of FOGLs will take some serious money and luck, just look at how DES managed to miss time after time after time........ and yet we now know they are quite likely sitting on a billion barrels plus!! With a little luck FOGL will hit oil before thy run out of money! In my view they even just need to find uncomercial oil just to shut the "south basin is only full of gas" brigade. |
Posted at 03/10/2013 19:20 by agnabeya What does the Falklands rejig mean for your holdings?By Esther Armstrong | Thu, 3rd October 2013 - 16:59 What does the Falklands re-jig mean for your holdings? After what one analyst described as "a long time out of the limelight", gas and oil prospects off the Falkland Islands have been thrust centre stage, with four of the region's main players presenting investors with plans to progress an enhanced drilling campaign in 2014/15. The leader of the pack is Falkland Oil & Gas (FOGL), which has recommended shareholders approve what is essentially a takeover of Desire Petroleum (DES). On the condition the Desire deal goes through, FOGL also has agreements in place to farm-out two licences Desire has until now had majority interests in to Rockhopper Exploration (RKH) and Premier Oil (PMO). Both the licences are in the North Falkland Basin and beside the successful Sea Lion development. The deal would give Desire shareholders nearly two thirds of a FOGL share for each share they currently hold in Desire and, based on Wednesday's close, valued Desire at 17.6p per share - a 45% premium to its previous close. Unsurprisingly, Desire investors were largely on board with the idea, particularly after the share price shot up 30% in response. Over on the Interactive Investor discussion boards, 'marlonmonkey' says: "On the face of it this is a good deal for DES, FOGL and RKH. They all get the thing they didn't have without giving too much away. DES had no cash, lots of exploration upside and poor management. FOGL had lots of cash, significant exploration upside but no safety net. Rockhopper had limited exploration upside and now they have a share." 'Shiftynifty', adds: "I was hoping for a complete buyout, but this is the next best thing. Combining resources to carry on exploring, it could have been worse. I'm not heartbroken the DES board of directors won't have any effective input now [either]." Analysts at Mirabaud were in agreement: "In our view, DES shareholders should be particularly pleased with the terms of the merger which leaves them owning a chunky 40% of the combined entity and, together with the farm-in, represents a neat solution to their lack of drilling funds." For FOGL investors, there was much less immediate excitement and many were questioning the value of Desire's shares. 'Oliwealth' sums up what many FOGL shareholders felt: "DES is much better off on this deal. This deal has saved DES and we should have got it for half the price because DES was desperate. 'Sheffieldsteeler' was in agreement: "On the surface, at least, this is a bad deal for FOGL as DES needs FOGL more than FOGL needs DES. The market is tending to agree, but up until now the FOGL management have performed far better than the management of Rockhopper and DES combined so I am hoping that once the full details come out, it will begin to look a better deal for FOGL than on first perusal." While the price FOGL is willing to pay for Desire has been under much scrutiny, most parties concerned believed the consolidation of efforts in the region was a positive step to finding reserves. Once the merger and farm-out transactions are completed there will be a five-well drilling campaign with two wells in the South Falkland Basin and three in the North Falkland Basin. Analysts at VSA Capital Research said the transactions would remove a huge amount of uncertainty in terms of future drilling. "Instead of having a group of companies seeking their own funding the new combined entity is a much stronger platform to drive exploration in the region going forward," VSA Capital adds. Looking outside the four parties immediately involved, fellow Falklands-focused firm Borders & Southern Petroleum (BOR) was benefiting from the activity in the sector, and was up 4.5% for the day. Malcolm Graham-Wood, oil and gas analyst, says: "People think Border will be next, so it has reignited interest in the area." This is certainly what was on Border shareholder 'Constable B's' mind: "My money is on a Premier Oil farm-in just to add to the Falkland Islands in-breeding programme." Following these most recent developments, the news flow from the Falklands will likely be under far greater scrutiny over the coming weeks and months. If the consolidation is successfully passed, investors will expect a concerted exploration effort next year with a view to seeing some production in the region by 2015. FOGL said the next drilling campaign is expected to be fully funded from existing cash and various farm outs. Interactive Investor user 'Grewber' on the FOGL discussion board praised the firm's savvy: "Again FOGL demonstrate they are the shrewdest deal makers in the Falklands exploration game. One way or another FOGL will now have oil." The truth of this remains to be seen, but by taking action FOGL will hope the odds are stacked in its favour. |
Posted at 03/10/2013 11:16 by agnabeya OK -The way I see it - Fogl and Des have merged into one company sharing the combined value of both 60/40. DES are now the silent partners - and the BOD of DES will simply let Fogl make the decisions, and Des will take whatever profits come their way. As Des shareholders - it's the same for us. If Fogl rise - we will rise. If Fogl fall - we will fall. Fogl get 60% of anything Des find- and Des get 40% of anything Fogl find. I was hoping for a complete buyout - but this is the next best thing. Combining resources to carry on exploring. It could have been worse. I'm not heartbroken that the Des BOD won't have any effective input now. Have I got the basics of this combination thing right? |
Posted at 17/9/2013 13:16 by efagie agna, they own 60% of the licence, not 60% of rkh. they are unable to say: sack the board, or tell them to move their offices to save money. covertly or otherwise.the des share price is not the issue. IF pmo delay drilling until the contractual licence is passed. pmo would also lose their part to it, and all whats there. as in pl4b for casper south. IF as you suggest their using it as a way to buyout des cheap, for the licence, or for des to lose it. you miss that des are doing a farmout, where they could, with a partner drill there with the noble drill. thereby cutting pmo's quest to damage des, out of that equation. though it would be expensive, des could, for one drill only, drill isobel. meaning pmo would lose any chance of farming into a field thats potentially as big as sealion. OR to save money, drill ann, where denholm have 85% to pay, with pmo/rkh paying 7.5%. even at say $60m to drill, (using the fogl rig.) des costs are some $5m. that stuffs the pmo efforts, and covers the licence obligations. |
Posted at 16/9/2013 14:10 by efagie i would agree rob, with pmo wanting 75%, i think in part to the debt facility costing, should rkh use it. as they'd get 75% production until its sorted. ie: during prime production before the drawdown effects. also given the increased cost due to the new southern phase, possibly leading to a longer phase at using the debt facility.i'm not too displeased with the des note really. the smaller number point suggests there's been a few. so much for the argie issue. the main point is to farminee issues with rkh/pmo, and the north phase, as in unitisation. des/partner payments towards development. if not paying, do they still get their 4% production entitlement? if not, what agreement towards their share of it during phase 2 development, a larger percentage? and its effect to a des farminee. there's been mention towards the tax issues, and the possible effects on say a carried drill. they should be known given rkh done the same for the pl04b to des. hopefully des get cash up front, and don't try for double tax relief on a development carry cost, as rkh seem to be going for. i don't think a pmo buyout of des. though i'm still of the view pmo will get rkh before oils produced. given what seems a manipulation to the deal which seemingly gives pmo a prime advantage. and where it seems some from rkh are jumping ship early. |
Posted at 16/9/2013 07:34 by agnabeya Efagie - It would seem the 'contract' with HOE is a rumour more than anything.I reallyt hink they should be letting the Hoi Polloi know what's happening. Neither PMO not HOE denied it. Who knows - maybe PMO started the rumour? This morning summary from DES RNS. I haven't read the whole thing yet Laterz. :) Desire Petroleum plc ("Desire" or "the Company") Interim Results Desire Petroleum plc (AIM:DES), the exploration company focusing on the North Falkland Basin, today announces its interim results for the six months ended 30 June 2013. Highlights: Data room opened in February 2013 Farm-out process on-going with number of companies still engaged in the process Subject to rig availability, new exploration programme could start as early as Q4 2014 Premier Oil and Rockhopper Exploration expect one exploration well to be drilled on licence PL004b (Desire: 40%) Unitisation of Sea Lion Oil Field not expected in Phase 1 development Loss for the period of $1.6 million (2012 H1: $1.9 million) Cash of $9.1 million at 30 June 2013 Stephen Phipps, Chairman of Desire Petroleum, commented: "We are now entering an exciting period in the North Falkland Basin (NFB). The Board is pleased to note the statements from both Premier and Rockhopper that a new exploration programme for the NFB could, subject to rig availability, start as early as the final quarter of 2014. Our current focus has been to attract investment into our NFB licences by conducting a farmout process. A data room was opened in February of this year and a number of companies have analysed the information with a smaller number still engaged in this process. The possible recommencement of drilling activity will hopefully enable us to participate in a drilling campaign that should unlock more of the potential of our exciting prospect inventory." |
Posted at 13/9/2013 09:30 by agnabeya Hiya Highlander - yep. Still here and waiting.I only hold DES now. I sold out of RKH on the deal with PMO. I thought I'd done really well to hold all my DES (far too many) at average 20p I thought they couldn't fall back to much worse than 17p at most. Wrong again. :) The data room's been open 6 months now - and still no rumours about a partner. I'm personally still hoping they sell out all together. This from PMO surprised me yesterday - I thought they said they were looking at a tension leg platform instead of an FPSO on cost grounds - but they also mention exploration targets - which includes the RKH share of the DES targets. But there won't be a rig until FI summer 2014 I believe. And to recap on DES territory hxxp://www.desireplc There are some views that DES won't do anything but sit and wait for RKH to finish their exploration and prove the geology, While that degree of inaction wouldn't surprise me from DES - I think they will sell out before then. Either that -or hopefully have a farm in partner who will fund their share of a rig. Whatever happens - I can't see DES and RKH existing in a couple of years. The interims should be sometime next week - I think the word is 16th August - but don't hold your breath or anything - it's DES. I think the SFB will have a rig before the NFB - but I still can't see the NFB rig sharing. Wrong kind of rig and (more importantly) wrong kind of price. DES and ARG just don't have the cash for that - and PMO seems to be a bit skint. At least - I thought that when they talked about a leg platform instead of an FPSO. How are those Kurdies doing for you? I've not been tempted to trade in and out at all this year. Getting lazy -and old :) |
Posted at 24/8/2013 11:51 by efagie sorry rob, forgot. positives for des?rkh/pmo have increased the numbers for sealion. what 60m? des must be going from 14mb to near 20mb. +gas cap effects. given the des drilling results there's some lack of reliability to their geos and estimates. rkh/pmo note for the zeberdee. some 140m at a 52cos ( i think) so more credible. with the stack at some 1bb stoiip, with some lower cos. 30% recoverable. if some deal has been done regards the north phase to south phase, where des have no involvement for the north development so no costs. $200m? on the guess of $5b. does that parameter change with the n/s scheme? does the cost? no mention of course to desire. or any agreements for the north phase of development. so they taking des's oils without discussion? issues regards the TLP? costs seem cheaper, but where does that leave the fpso? still need one? a possible gain under tlp would likely bring forwards the second phase in the west and south. something not explained or enlarged upon. is the costings. the $5b was for the s/l whole, $800m for des block. given the north south change no mention to costs, with some 30 drills north phase and 22 south, if memory serves it was 12 i think, happy to be corrected though. i didn't like his treatment to the questioner regards the fpso enlarging scales taking in the south phase production. the "you don't understand" is demeaning and elitist, its their job to make you understand. thats IF? you want them to invest in you. no oily of course so will have to look up things regards TLP. |
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