Key Developments: Desire Petroleum PLC (DES.L)
13.50GBp
19 Jun 2013
-0.38p (-2.80%)
13.38p
13.00p
13.25p
12.75p
225,891
319,162
25.97p
12.50p
Latest Key Developments (Source: Significant Developments)
Desire Petroleum Plc Does Not Recommend Payment Of Dividend
Desire Petroleum Plc announced that Directors do not recommend payment of a dividend (2011:$Nil). Full Article
Desire Petroleum Plc Announces New Auditor
Desire Petroleum Plc announced that it has changed its auditor. The Company appointed PricewaterhouseCoopers LLP as the auditor with immediate effect. UHY Hacker Young Manchester LLP has resigned as the Company's auditor. Full Article
Desire Petroleum plc Does Not Recommend Payment Of Dividend
Desire Petroleum plc announced that the Directors do not recommend payment of a dividend (2010:$Nil). Full Article
Desire Petroleum plc Agrees The Terms Of A Farm-Out Agreement, Subject To The Approval Of The Falkland Islands Government, With Rockhopper Exploration Plc
Desire Petroleum plc announced that it has agreed the terms of a farm-out agreement, subject to the approval of the Falkland Islands Government, with Rockhopper Exploration Plc (Rockhopper) over the northern section of its Tranche D (PL004) licence. The area farmed out covers approximately 23% of Tranche D and comprises part of the area over which a 3D seismic survey was completed earlier in 2011. The principal terms of the farm-out, which include the commitment by Rockhopper to drill a firm well with the Ocean Guardian rig during the current drilling campaign, are as follows: The area farmed out has been divided into two areas (Areas 1 and 2), details of which can be found on the Desire website (www.desireplc.co.uk). Desire still retains 92.5% of the remainder of Tranche D. Area 1 includes a possible extension of Rockhopper's Sea Lion oil discovery, the recently delineated Shona West prospect,the Casper West prospect and part of the Beverley prospect. Rockhopper will pay 100% of the committed well in Area 1 to earn a 52.5% interest. With their existing 7.5% interest, this will bring their equity to 60% with Desire at 40%. Rockhopper will assume operatorship of this area. AREA 2, By drilling the committed farm-in well in Area 1, Rockhopper will also earn a 17.5% interest in Area 2 which, including Rockhopper's existing 7.5% interest, will bring its equity to 25% in that area, with Desire retaining 75% equity and the operatorship. Full Article
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