MercoPress. South Atlantic News Agency

North Falklands Desire Petroleum names new chairman

Desire Petroleum the hydrocarbons exploration company wholly-focussed on the North Basin of the Falkland Islands, announced Wednesday that Dr. Colin Phipps will be stepping down from the Board, due to ill health, with immediate effect.

The Board also announced that Stephen Phipps, a current non-executive director, will become the new Chairman of Desire Petroleum plc. Colin Phipps has been Chairman of Desire since he founded the Company in 1996 and, during this time, has led the Company through the first exploration campaign to be completed in the Falkland Islands in 1998. This was followed by the building of an extensive acreage position in the North Falkland Basin. Desire now has a portfolio of 18 exploration prospects across 5 licences, most of which are drill-ready after significant technical work to delineate and de-risk its prospect inventory. Commenting on the retirement of Colin Phipps, Ian Duncan Chief Executive Officer of Desire said: "Under Colin's leadership Desire has grown into an exciting exploration Company with a leading position in the Falkland Islands. We thank him for the many years of hard work completed on behalf of the Company and its shareholders. We are also pleased that Stephen has taken on the role of Chairman, which ensures continuity of the business in the future."