DESIRE PETROLEUM PLC

DESIRE PETROLEUM PLC

Previous company name
OVAL (1061) LIMITED
Name change date
5/2/1996
Company Overview
Desire Petroleum PLC is a publicly traded company engaged in the exploration of oil and gas in the Falkland Islands. Desire Petroleum is an independent exploration company established to participate in the first round of licensing offshore. The company was formerly known as Oval (1061) Limited and was founded in 1996. It has participated in the first round of drilling in the North Falkland Basin in 1998.
The company operates 5 licenses in the area, Tranches C, D, F, I and L. It acquired 800 km2 of 3D seismic over Tranches C and D in 2004 and is currently planning a 3-well drilling campaign. Desire holds a 100 per cent interest in 3,650 square kilometers (sq. km.) (equivalent to 13.5 United Kingdom North Sea blocks) in the North Falkland Basin. These interests are in Tranches C, D, I and L. Desire also holds a 12.5 per cent interest in Tranche F, operated by Talisman Energy. Five major prospects were identified on the 3D seismic data such as Anna, Beth, Liz, Ninky and Rachel in addition to the two major prospects mapped on the two-dimensional seismic data, such as Ann and Pam.
The company’s listed subsidiaries are European Hydrocarbons Holdings Limited, Gaelic Resources (Turkey) Limited, Anglo Scandinavian Petroleum Public Limited Company, Interoil Limited, and Gaelic Resources Public Limited Company.
Power Corporation of Canada, one of the company’s shareholders, is a holding company whose principal asset is its controlling interest in Power Financial Corporation (Power Financial), which holds substantial interests in the financial services industry through its controlling interest in each of Great-West Lifeco Inc. (Lifeco) and IGM Financial Inc. (IGM).
Desire Petroleum Plc is listed on the Alternative Investment Market (AIM) and trades at the London Stock Exchange. The company has its registered head office located in Mathon (Malvern), United Kingdom.
Business Summary
The principal activity of the Group for the year continued to be that of oil and gas exploration.
Description and history
The principal activity of the Group for the year continued to be that of oil and gas exploration.

HISTORY :

The Company was incorporated on 6 March 1996 and listed on AIM on London Stock Exchange on 6 Mac 1999.

The Company was founded in 1996 and participated in the first round of drilling in the North Falkland Basin in 1998. Now operates 5 licences in the area (Tranches C, D, F, I and L, see Figure A). Desire acquired 800Km2 of 3D seismic over Tranches C and D in 2004 and is currently planning a 3-well drilling campaign.

Formerly known as Oval (1061) Limited

Business Line
Engaged in the exploration of oil and gas in the Falkland Islands
Subsidiary
GAELIC OIL PUBLIC LIMITED COMPANY
Advisor
UHY HACKER YOUNG MANCHESTER LLP
IPO date
11/1/1999
US SIC Code
1382
Company Address
MATHON COURT

City province or state postal code
WR13 5NZ, MATHON (MALVERN)
Phone: +44 1684 892242
Fax: +44 1684 575226
Country address: UNITED KINGDOM
Website url: www.desireplc.co.uk