14/08/2008
The Falkland Islands Government has approved Desire Petroleum’s farm-in agreement with Arcadia Petroleum and granted them new acreage.
The deal will give AIM-quoted Desire 57.5 per cent of the Ann prospect in the offshore North Falkland Basin, which the company estimates could hold recoverable oil reserves of 202 million barrels. Desire reckons it will also have 30 per cent of the Alpha project in the same area, which it estimates could contain between 7.8 and 15 trillion cubic feet of gas.
Shares in Desire, highlighted five years ago at 30p by Growth Company Investor, now stand at 83.5p, valuing the company at £191million.
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