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Home | December 2013 Please tell us what you think of this article. Tell a friend Print Friendly

Falklands : ITíS OVER: DESIRE SHARES SUSPENDED ON THURSDAY
Submitted by Falkland Islands News Network (Juanita Brock) 06.12.2013 (Article Archived on 03.01.2014)

Desire petroleum has announced that as of 0730hrs on Thursday, 05 December 2013 it will cease trading on the London Stock Exchange.

ITíS OVER: DESIRE SHARES SUSPENDED ON THURSDAY

By J. Brock (FINN)


Desire petroleum has announced that as of 0730hrs on Thursday, 05 December 2013 it will cease trading on the London Stock Exchange.

Desire's announcement on Tuesday that following application by that company to the London Stock Exchange, trading in Desire shares will be suspended at 7:30 a.m. on 5 December 2013 and cancellation of the admission of Desire shares to trading on AIM will take place at 7:00 a.m. on 6 December 2013.

The Court hearing to sanction the Scheme and confirm the reduction of capital of Desire is scheduled to take place on 5 December 2013.

Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the circular sent to shareholders of FOGL on 23 October 2013.
Desire Petroleum was formed to participate in 1st Falklands Licensing round in 1996. Two founders were Sir Rex Hunt and Dr Colin Phipps. In 1998 Desire participated in 6 well drilling campaigns. Desire had interests in 2 wells. In that year the Company is floated on the Alternative Investment Market (ĒAIMĒ) after raising £15 million.
In 2004 £4 million raised to shoot 800 sq km 3D seismic and in the following year £25 million raised for new 3 well drilling programme. Data interpretation confirmed new model also in 2005.
£42 million raised in Share Placing for 2010 drilling campaign in 2009 with £20 million raised in Open Offer for 2010 drilling campaign Desire participates in five operated wells Liz well 14/19-1 announced as gas/condensate discovery in 2010.
Desire participates in one operated and one non-operated well. 14/15-4a farm-out well encountered multiple hydrocarbon reservoirs. 1416 sq km of 3D seismic data acquired in 2011.
The official announcement from the London Stock Exchange:

5/12/2013 7:30am

TEMPORARY SUSPENSION OF TRADING ON AIM

DESIRE PETROLEUM PLC

At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 5/12/2013 7:30am, pending an announcement.

Ordinary shares of 1p each, fully paid (0268949)(GB0002689494)

If you have any queries relating to the above, please contact the company's nominated adviser on 0207 418 8900.


This information is provided by RNS
The company news service from the London Stock Exchange

 

This article is the Property and Copyright of Falkland Islands News Network.

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