Falkland Oil and Gas Ltd updated investors on its proposed merger with Desire Petroleum (DES) Wednesday lunchtime, signaling the combination should be finished by 19 December.
Falkland Oil & Gas is to buy a smaller Falklands-based firm to create a “combination” company with licences to search for oil both to the north and south of the Falkland Islands in the South Atlantic. FOGL said on Thursday it had agreed to buy Desire Petroleum offering 0.6 FOGL “consideration” shares for each Desire share, in a deal valuing Desire at 61 million pounds (99 million dollars).
Falkland Islands Desire Petroleum announced on Monday its interim results for the six months ended 30 June 2013, having posted losses of 1.6 million dollars for the six months to the end of June, down from 1.9 million previously.
Falklands’ oil explorer Desire Petroleum announced on Friday that the findings of a Competent Person’s Report, CPR, have confirmed the potential of its discoveries offshore the Islands in the North Falkland Basin.
Planning ahead for the next three years Falkland Islands Desire Petroleum announced on Wednesday changes to its Production Licences following approval received from Executive Council.
Falkland Islands explorer Desire Petroleum said its half-year to end-June period losses decreased from 39.3 million dollars in the previous period to just 2m, due to a fall in exploration and evaluation expenses. It also announced that it was looking for a farm-in partner for the North Falkland basin, where the company is focused.
In an update of the recently completed six well exploration program Falkland Islands’ Desire Petroleum reports it has new 3D seismic acquisition of several of its North Falkland prospects which are currently under evaluation to provide a full prospects’ inventory.
The AIM traded company Desire Petroleum said on Thursday it will seek industry partners to participate in the further exploration of the North Falkland basin based on the quality of its maturing prospect inventory.
Falkland Islands oil explorer Desire petroleum unveiled Friday a new competent person's report (CPR), which it hailed as confirmation of the prospectivity of its licences.
The Falklands oil company Desire Petroleum announced Tuesday it had completed the acquisition of 3D seismic program over an area of 1.416 kilometres with initial indications of encouraging new prospects.