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Gold/Mining/Energy : Desire Petroleum
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To: Tomas who wrote (112)4/12/2001 12:28:21 PM
From: Oily1  Read Replies (1) of 417
 
(AFR) 12/04/01 15:37: Desire Petroleum PLC - Additional Listing


Desire Petroleum PLC - Additional Listing
RNS Number:0997C
Desire Petroleum PLC
12 April 2001

Desire Petroleum plc announces that it has raised £450,000 (net of expenses)
by way of a placing for cash of new ordinary shares of 1p each at 14.5p per
share. These funds will provide additional working capital for the Company
which is due to participate in side-tracking the Aljubarrota No.2 well, in
Portugal, in early summer this year. Gas was discovered at the Aljubarrota
No.2 well in the Brenha Limestone Formation and the sidetrack is designed to
appraise the extent of the discovery and the production characteristics of the
reservoir. Drilling the sidetrack from the same location as the Aljubarrota
No.2 well should reduce costs.

The 2000 kilometres of new seismic data acquired over the North Falkland Basin
have been processed and will shortly be interpreted. It is expected that the
results will help to refine the dimensions of several major, prospective
structures on the Desire Tranches and will further enhance the potential of
the Basin for oil discoveries.

The shares will rank pari passu in all respects with the existing shares of
the Company. Application has been made for the 3,103,450 shares to be
admitted to trading on AIM; admission is expected to become effective on 20th
April 2001.

Contacts

Dr Colin Phipps 020 7287 1417
Dr David Quick 01684 892 550
Dr Ian Duncan 01684 568 715

END

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