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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 08/11/2013 09:26 by lucky_punter UK government dismisses threats over Falkands oil explorationBy Jamie Ashcroft Britain has hit back at briefings by Argentine officials that have ramped up tensions over oil exploration off the Falkland Islands. Sources at the Argentine embassy claimed investors backing firms active in this disputed part of the South Atlantic did not fully appreciate the risks they are taking. The exploration campaign began with Rockhopper Exploration (LON:RKH), Desire Petroleum (LON:DES), Argos Resources (LON:ARG), Borders & Southern (LON:BORS) and Falkland Oil & Gas (LON:FOGL). |
Posted at 07/10/2013 05:20 by eburne1960 From Shares magazine:Consolidation among the Falklands oil explorers dominates the junior oil sector today as Falkland Oil & Gas (FOGL:AIM) moves to acquire Desire Petroleum (DES:AIM) in an all-paper recommended offer valuing the latter at 18p a share. In response FOGL is down 5.6% to 26.9p suggesting its shareholders are uncertain on the merits of the deal Desire itself gushes up 29.4% to 15.9p. Concurrently Premier Oil (PMO), unchanged, and Rockhopper Exploration (RKH:AIM), ahead 1.6% to 130p, announce plans (conditional on the agreement going through) to farm-in to two of Desire's licences in the north Falklands basin (the prospective acreage off the disputed South Atlantic islands is split between the northern and southern basins which have very different geologies). The net result is the Desire-FOGL combination will participate in five exploration wells late next year two in the south and three in the north. The costs on four of these wells are carried and this should preserve the combined company's £170 million cash position. What hasn't changed is that, in the absence of further corporate activity, investors will have to wait until the end of 2014 before there are material catalysts for these shares. Broker Oriel Securities, which reiterates a 'buy' rating on Falklands Oil & Gas and offers 'hold' advice on Desire, comments: 'This is a good deal for FOGL as it has broadened its portfolio around the Falklands while preserving its cash and gaining three carried E&A wells in the North.' VSA Capital analyst Dougie Youngson says: 'This is a positive series of transactions for the Falkland peer group and removes 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 forward.' |
Posted at 06/10/2013 10:49 by agnabeya AFB - I don't think any of these companies gives a hoot or works for us - the small PI. Yes we finance them - but they ultimately only work for themselves and the II investors. No matter what they may say at the beginning. HeY ho - that's capitalism for ya - but what we have to try is to make profit on the upswings - and sell high/buy low. We have to be our own capitalists. Good luck with it anyway. I think this deal gives a fighting chance of making some money sooner rather than later. :) |
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 08:01 by agnabeya I'm getting Google alerts already - just like the old days. :)[...] October 03 2013, 7:32am As a result of today's deal at least two wells will now be drilled in the waters surrounding the Falkland IslandsAs a result of today's deal at least two wells will now be drilled in the waters surrounding the Falkland Islands A mega deal involving four firms is set to reignite investor interest in Falklands oil exploration. The first leg of the deal sees the recommended takeover of Desire Petroleum (LON:DES) for £61mln, 17.76p per share, by Falkland Oil & Gas (LON:FOGL). The share based deal will create a substantially larger oil explorer, with key assets in the deep-water South Falkland basin and the shallower water North Falkland play. Both areas have been drilled with mixed success in recent years. At the same time Premier Oil (LON:PMO) and Rockhopper (LON:RKH), the joint developers of the Sea Lion field - thus far the Falklands' only commercially viable oil discovery have agreed to team up with the to-be-merged group. Together they will drill two wells, one each on the Isobel/Elaine and the Jayne East prospects, which will target combined 'in-place' targets of 1.07bn barrels of oil. Premier and Rockhopper will pay for the drilling in return for a joint interest of 52.5% in Isobel/Elaine and 35% of Jayne East. The Desire/FOGL entity will retain 40% of each project. "We are entering an extremely exciting period in the Falklands with shareholders in the combined group now having fully funded, material exposure to five wells across three basins, testing three different play types," Desire chairman Stephen Phipps said. |
Posted at 02/10/2013 09:20 by agnabeya Regarding the Tax issue in the FI. |
Posted at 17/9/2013 11:39 by agnabeya efagie - 45974I think their departure was the plan from the beginning - whether they knew it or not. I remember hearing that PMO meeting recording about keeping the RKH expertise - 'For now' was the answer. I can't believe Sam at least didn't know this might happen. But as I don't hold RKH - my opinions don't really matter on that subject. Seriously. hxxp://en.mercopress It bothers me that PMO may try to take over the whole NFB. They only have to postpone their drilling campaign to watch DES share price sink. Then move for a take over. I'm hoping Phippsy is as sneaky as we think and has some dirty tricks up his sleeve. DES have a 'smaller number' of people interested - and even then 'possible' 2014 drilling campaign is only 'hoped' to act as a catalyst. Hardly the wording to encourage a new investor, I'd have thought. "Chairman Stephen Phipps said: "We are now entering an exciting period in the North Falkland Basin (NFB)." I think by exciting - he means squeaky bottom time. Much in the same way Thermopylae was exciting for the Spartan Greeks. :D |
Posted at 21/3/2013 17:35 by bondholder Perhaps i should have said *hoped for* farn out.Picture it - here they are at DES in the middle of data room open and no doubt lots of enquiries and what are they doing ? Putting pretty photos on the website.......Surely this is aimed at retail investors. |
Posted at 17/3/2013 11:23 by agnabeya KC - 45557- Hilarious! I love it! :DThis below from the Sunday Times - I'm not surprised. IMHO that deal was utter carp for the PI's who funded the drilling and exploration - seems I'm not alone. It can't be good for them - but I hope there's no knock on effect. Let's see DES counter with a fantastic RNS selling out at a fiver a share! I can dream - can't I? (I have some pretty wild dreams - it's the medication...;) ) Forgot - this is good news for the FI - if not Argentina... ==================== Falkland oil firm in investor revolt Danny Fortson and Iain Dey Published: 17 March 2013 Sunday Times Crispin Odey's fund is demanding a £171.5m cash payment to Rockhopper investors (Andy Sewell) A SHAREHOLDER revolt has erupted at Rockhopper Exploration, the company that made a big find of oil near the Falkland Islands. Crispin Odey, whose Odey Asset Management is the biggest shareholder, with 10% of the company, has demanded it hand over to shareholders half of a $230m (£153m) cash payment it received from a joint venture struck last summer with Premier Oil. The fund manager has threatened to call an extraordinary general meeting if the board does not comply. Rockhopper has been at the heart of a diplomatic row between Britain and Argentina that has simmered since it struck oil in the waters north of the islands two years ago. Argentina claims the islands are "occupied" by Britain. Oil could transform the islands' economy. Rockhopper, which is run with a tiny staff from a converted farm house near Salisbury in Wiltshire, estimates its Sea Lion field will cost $2bn to develop. In July it sold a 60% stake to large rival Premier Oil for $1bn. The payment included $230m in cash with $770m to come as development progresses. Odey said the company should give some of the money to shareholders. "We would like about half the cash back," he said. "We don't care whether that's through a share buyback or a special dividend. There's no reason for them to hold on to it all." It is thought that several other large shareholders share Odey's view. Rockhopper's chairman Pierre Jungels will meet Odey this week to discuss the company's plans. End |
Posted at 29/11/2012 16:44 by agnabeya TBH - I'd have thought if the rounours were abroad and genuine - they'd be known in the city. The city always know before us - and especially as Phipps is a city boy - they know how to read the signs. The volume is up - but not farm-in/takeover level. I'd expect about ten million in the morning if that's the case. I think it may just be disappointed FOGL investors coming to the NFB until they get closer to having a rig again - which could be some wait. I'd love a takeover - they can have mine for £2!!! (not 40% of £2 either....:) edit: I might add, I also think there's the usual elements ramping for a P&D - but that's just IMHO) |
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