(DES.L) Desire Petroleum PLC Buy/Sell

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Date/Time	Headline	Source
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09-11-09	Desire Petroleum PLC - Results of General Meeting and Total Voting Rights	RNS
RNS Number : 1881C Desire Petroleum PLC 09 November 2009 `For immediate release 9 November 2009` Desire Petroleum plc ("Desire" or the "Company") Results of General Meeting and Total Voting Rights Desire Petroleum (AIM:DES), the oil and gas exploration company wholly focused on the North Basin of the Falkland Islands, is pleased to announce that all of the resolutions proposed at the General Meeting held today were duly passed. Background On 21 October 2009, Desire announced that it had conditionally placed with new institutional investors 60,000,000 new ordinary shares ("Placing Shares") of 1p each ("Ordinary Shares") at a price of 70 pence per share thereby raising gross proceeds of £42 million (the "Placing"). The Placing Shares will rank pari passu with the existing Ordinary Shares including the right to all dividends and other distributions declared, paid or made after their date of issue. Following the passing of the resolutions at the General Meeting, dealings in the Placing Shares are expected to commence on 10 November 2009. Following the issue of the 60,000,000 Placing Shares the Company has 289,715,445 Ordinary Shares in issue. For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital at the date of this notice consists of 289,715,445 ordinary shares of 1p each with one voting right per share. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules. Proposed Open Offer In addition, in Desire's announcement of 21 October 2009, the Board stated that it was Desire's intention that Shareholders should have the opportunity to participate in the raising of further funds by the Company. The documentation for the Open Offer, which will include an excess application facility, is currently being finalised with Desire's advisers and Desire intends to launch the Open Offer as soon as possible. For further information please contact: Desire Petroleum plc `Stephen Phipps, Chairman 020 7436 0423` Ian Duncan, Chief Executive Officer `Seymour Pierce Limited 020 7107 8000` Corporate Finance Jonathan Wright Christopher Wren Corporate Broking Richard Redmayne `Buchanan Communications 020 7466 5000` Ben Willey Ben Romney Seymour Pierce Limited, which is regulated by the Financial Services Authority and is a member of the London Stock Exchange, is acting as nominated adviser and broker exclusively for the Company in connection with the Placing. Its responsibilities as the Company's nominated adviser under the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company or to any Director or any other person in respect of his decision to acquire ordinary shares in the Company in reliance on any part of this announcement. No representation or warranty, express or implied, is made by Seymour Pierce Limited as to any of the contents of this announcement for which the Directors and the Company are responsible (without limiting the statutory rights of any person to whom this announcement is issued). Seymour Pierce Limited has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by Seymour Pierce Limited for the accuracy of information or opinions contained in this announcement or for the omission of any material information. Seymour Pierce Limited will not be offering advice and will not otherwise be responsible for providing customer protections to recipients of this announcement in respect of the Placing or any acquisition of shares in the Company. This information is provided by RNS The company news service from the London Stock Exchange END ROMBLBBTMMMMBPL More
06-11-09	STOCKS NEWS UK-Desire Petroleum, Rockhopper up on IC tip	AFX UK Focus
`STOCKS NEWS Reuters Results diary` `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `11:31GMT 06Nov2009-Desire Petroleum, Rockhopper up on IC tip` ------------------------------------------------------------ `Shares in Falklands oil and gas explorer Desire Petroleum and its partner Rockhopper rise by 4.3 and 5.2 percent respectively after comment in the Investors Chronicle sparks investor support for oil companies with assets in the region.` `"There's a mention in the Investors Chronicle and Rockhopper, Desire Petroleum and Borders & Southern Petroleum (up 2.4 pct) are all getting pulled up as a sector move," a trader says.` `"Access to the area has always been a problem in the past and it looks like they (Desire and its partners Rockhopper) managed to get a rig out there which opens it up a lot," he says.` `For more please see` Reuters messaging rm://sharon.lindores.reuters.com@reuters.net `11:18GMT 06Nov2009-Hutchison Chi-Med up on drug data` ---------------------------------------------------- `Shares in Hutchison China Meditech rise 5 percent, extending the previous session's gains, after Panmure Gordon raises its target price to 200 pence from 187 pence and repeats its "buy" rating after positive drug data.` Panmure Gordon says phase IIb data, announced on Thursday, achieved by the China-focused firm's drug candidate HMPL-004 in the treatment of Ulcerative Colitis is "overwhelmingly positive". `"It also removes a significant downgrade risk of the company not being able to license HMPL-004 ... the data should be compelling enough to attract licensing partners," the broker says in note.` `For more double click on` Reuters Messaging rm://david.brett.reuters.com@reuters.net `09:56GMT 06Nov2009-Gt Portland buoyed by JP Morgan upgrade` ---------------------------------------------------------- `Shares in Great Portland Estates take on 3.8 percent, topping the FTSE 250 leaders board after JPMorgan upgrades its rating to "buy" from "neutral" citing valuation grounds, with its target price held at 275 pence.` `JPMorgan says in a note that the property group's shares have fallen 15 percent since hitting a peak on Sept. 16, and have underperformed closest peer Derwent London and the European Public Real Association UK index by 22 percent and 19 percent respectively since June 30.` `The broker says Great Portland has been punished for de-gearing at the bottom of the direct market, and by concerns over the departure of Rob Noel, its highly regarded property director.` `However, JPMorgan says the underperformance has been overdone and upgrades its rating ahead of the firm's first-half results, due on Wednesday, Nov. 11.` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `09:00GMT 06Nov2009-RBS up 4 pct as results, bad debts reassure` --------------------------------------------------------------- `Shares in Royal Bank of Scotland rise as much as 4 percent, outperforming a 1.5 percent rise for its European peers, after the bank more than halves operating losses in third quarter versus the previous three months and offers a few shreds of comfort in relation to bad debts.` `Analysts at Cazenove point to "slightly more positive commentary on impairment" although they note that the group's outlook is still cautious overall.` `Analysts at Nomura note that impairments on bad loans, at 3.3 billion pounds, were lower than their 3.9 billion pound estimate: "We currently have pounds, were lower than their 3.9 billion pound estimate: "We currently have flat impairment charges in our 2010 estimates. However, some may be disappointed that the company has not yet signalled the potential for declines."` `For more double click on` Reuters messaging rm://paul.hoskins.reuters.com@reuters.net `09:00GMT 06Nov2009-Antofagasta higher; Citi upgrades` ---------------------------------------------------- `Shares in Antofagasta gain 1.6 percent, leading rallying blue chip miners higher as Citigroup ups its rating to "buy" for "hold" for the Chilean copper firm in a review looking at laggards in the sector.` `Citigroup also hikes its rating for mid cap metals firm Ferrexpo to "buy" from "hold", with its shares up 2.2 percent, and makes the same move for Norwegian aluminium group Norsk Hydro, which is up 1.5 percent.` `The broker points out that base metals have outperformed in the year-to-date and it expects more gradual price rises over the next year, with the transition to OECD recovery the key challenge.` `"We now take a short term preference for the bulks and also turn more positive on aluminium following recent underperformance. Copper, platinum and coking coal remain our preferred structural plays," Citigroup says.` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `08:49GMT 06Nov2009-Irish banks up, bad bank law progresses` ---------------------------------------------------------- `Shares in Ireland's two biggest banks rise by up to 10 percent after the lower house of parliament passes a law establishing a 54 billion euro ($80.2 billion) "bad bank" to the upper house and following share rises in the United States.` `Some traders say strong performance of Irish banks' American Depository Receipts (ADRs) in the United States after the close of business in Europe on Thursday is the main reason behind the strength of Bank of Ireland and Allied Irish Banks shares.` `Some also cite a newspaper report that Ireland's financial regulator has reiterated its ban on the short-selling of bank shares.` `"The (short selling ban) reminder to the market comes after a particularly volatile period for the bank share prices," brokerage Bloxham says in a note.` `For more double click on` Reuters Messaging rm://andras.gergely.reuters.com@reuters.net `08:44GMT 06Nov2009-BA takes off on above forecast results` --------------------------------------------------------- `Shares in British Airways rise 4.9 percent, topping the FTSE 100 gainers' list, after the airline posts a better-than-exppected pretax loss of 292 million pounds in the first-half.` `Broker BofA Merrill Lynch, which has a "buy" recommendation on the stock, says the latest data shows an encouraging trend in airline's traffic numbers and notes that the carrier sees premium class yields slowly improving.` `"We think the current low valuation (30 percent discount to historical average) does not discount potential revenue recovery and possible cost savings," the brokers analysts write in a note.` `BofA Merrill Lynch says merger and acquisition-related synergies would be a further positive for British Airways if deals such as the alliance with Spain's Iberia are agreed.` `For more double click on` Reuters Messaging rm://harpreet.bhal.reuters.com@reuters.net `08:36GMT 06Nov2009-FTSE small caps up 0.2 pct at the open` --------------------------------------------------------- `The FTSE Small Cap Index rises 0.2 percent in early trade, outperforming London's blue chip index, which is flat, while the FTSE 250 up 0.2 percent.` `Rok rises 9 percent, extending the previous session gains after the building maintenance firm reported that it expects full-year forecasts to meet its expectations.` British document-handling firm Mavinwood Plc sinks more than 18 percent after announcing discussions relating to the potential disposal of Peter Cox Limited have now been terminated. The company also says its operations are currently experiencing mixed trading conditions. Reuters Messaging rm://david.brett.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
21-10-09	BRIEF-Desire Petroleum to raise 42 mln stg in placing	AFX UK Focus
LONDON, Oct 21 (Reuters) - Desire Petroleum Plc: PLACING TO RAISE &POUND;42 MILLION ISSUE PRICE OF 70P PER SHARE REPRESENT APPROXIMATELY 20.7 PER CENT. OF THE COMPANY ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
21-10-09	Desire Petroleum PLC - �42 Million Placing / Proposed Open Offer	RNS
RNS Number : 1723B Desire Petroleum PLC 21 October 2009 `For immediate release 21 October 2009` Desire Petroleum plc ("Desire" or the "Company") Placing to raise £42 million and Details of proposed open offer and Notice of general meeting Desire Petroleum (AIM:DES), the oil and gas exploration company wholly focused on the North Basin of the Falkland Islands, is pleased to announce that it has conditionally placed 60,000,000 new ordinary shares of 1p each ("Placing Shares") at an issue price of 70p per share, thereby raising £42 million (approximately US$68 million) before expenses (the "Placing"). The Placing Shares, which have been placed predominantly with new institutional investors by Seymour Pierce Limited, will represent approximately 20.7 per cent. of the Company's Enlarged Share Capital. Background On 10 September 2009, Desire announced that it had exchanged a letter of intent with Diamond Offshore Drilling (UK) Ltd for the drilling unit the "Ocean Guardian" to undertake a four well minimum drilling campaign in the North Falkland Basin. Desire also announced that it had secured options to drill up to a further four wells for itself or its partners. Subsequently, on 2 October 2009, Desire announced that the formal drilling contract for the Ocean Guardian had been signed and disclosed that the contract is for a four well, minimum eighty day campaign, for which the Ocean Guardian could earn maximum total revenue of US$19.6 million with mobilisation and demobilisation fees estimated to be US$16 million. In addition Desire announced that it had increased the number of option wells from four to six. With approximately US$40 million of current funds, Desire already has sufficient funds to drill two wells in the planned drilling campaign. This, together with the planned drilling of two further wells by Desire's partners, Arcadia Petroleum Limited ("Arcadia") and Rockhopper Exploration plc ("Rockhopper"), and subject to their approval of the drilling budgets, results in the four well drilling commitment being met. However, as indicated in the announcements referred to above, it is Desire's intention to drill as many different play types as possible with the Ocean Guardian. Fourteen different play types have been identified in the North Falkland Basin of which only three have been drilled to date. Prudent exploration dictates that as many of these play types as possible should be drilled to help unlock the potential of the Basin. This planned approach to the exploration campaign has, in the Directors' opinion, been endorsed by the analysis of the prospective resources of the Company prepared by Senergy (GB) Limited "Senergy". Senergy has evaluated Desire's top ten prospects, namely Liz, Ann, Alpha, Dawn, Jacinta, Beth, Ninky, Rachel, Helen and Pam, and the key conclusions are as follows: THE MEAN, NET TO DESIRE, UNRISKED, PROSPECTIVE RECOVERABLE RESOURCES IN THOSE TEN PROSPECTS IS OVER 3 BILLION BARRELS. THE MEAN, GROSS, UNRISKED PROSPECTIVE RECOVERABLE RESOURCES IN THOSE TEN PROSPECTS IS OVER 4.6 BILLION BARRELS. THE MEAN, GROSS, UNRISKED PROSPECT SIZE RANGES FROM 122 MILLION BARRELS RECOVERABLE (NINKY) TO 1,631 MILLION BARRELS RECOVERABLE (ALPHA). The full Senergy report has been published by Desire and can be found on the Desire website: www.desireplc.co.uk. Proposed Open Offer In addition, in Desire's announcement dated 10 September 2009, the Board stated that it was Desire's intention that Shareholders should have the opportunity to participate in the raising of further funds by the Company. In keeping with this intention, Desire is intending to invite qualifying Shareholders to participate in an open offer ("Open Offer") which it is anticipated will raise up to approximately a further £20 million at the same issue price, 70p, as the Placing. The documentation for the Open Offer, which will include an excess application facility, is currently being finalised with Desire's advisers and Desire intends to make the Open Offer as soon as is practicable following completion of the Placing. Reasons for the Placing and Open Offer and use of proceeds Under the terms of the contract for the Ocean Guardian, Desire, as operator, is required to exercise any of its options to drill additional wells prior to the spud date of the first well which is expected in February 2010. In practice, however, since the entire drilling campaign requires detailed planning and commitment to labour, materials and logistics, Desire needs to be in a position to exercise its options to drill additional wells prior to the planned mobilisation of the rig. Following a programme of scheduled shipyard work the Ocean Guardian is expected to mobilise from North Sea waters in late November 2009. In order to exercise an option, Desire needs to have the funds in place to meet the expected drilling and associated costs. Since it is unlikely that Desire could have completed the Open Offer prior to the date of mobilisation, Desire, in conjunction with its advisers, considered that a placing of new ordinary shares was the most appropriate method of ensuring that Desire would have the financial resources to exercise some options and thereby maximise the use of the rig. The total estimated net proceeds of the Placing and the Open Offer will enable Desire to drill at least two further wells in the planned drilling campaign and / or to have the flexibility to test any successful wells. Desire has signed heads of agreement, with Rockhopper for the take up of two of the six options available for additional drilling. Issue of New Shares A circular will shortly be sent to shareholders in the Company. The issue of new ordinary shares pursuant to the Placing and the Open Offer is conditional, inter alia, upon the Company obtaining from its Shareholders at a general meeting to be held on 9 November 2009 authority to allot the Placing Shares and the shares to be issued pursuant to the Open Offer Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence on 10 November 2009. The circular will be available shortly on the Company's website at: www.desireplc.co.uk Commenting on the Placing, Stephen Phipps, Chairman of Desire said: "We are very pleased to be able to report to shareholders that, having secured a suitable rig on excellent terms, we will be able to maximise the use of the rig to both drill and hopefully test a number of plays in the North Falkland Basin. The response from institutional shareholders to the Placing has demonstrated the enormous potential of our assets in the Basin. We remain very committed to encouraging participation in the overall fundraising efforts by our loyal shareholder base and I look forward to announcing the launch of the proposed open offer soon. " For further information please contact: Desire Petroleum plc `Stephen Phipps, Chairman 020 7436 0423` Ian Duncan, Chief Executive Officer `Seymour Pierce Limited 020 7107 8000` Corporate Finance Jonathan Wright Christopher Wren Corporate Broking Richard Redmayne `Buchanan Communications 020 7466 5000` Ben Willey Ben Romney Seymour Pierce Limited, which is regulated by the Financial Services Authority and is a member of the London Stock Exchange, is acting as nominated adviser and broker exclusively for the Company in connection with the Placing. Its responsibilities as the Company's nominated adviser under the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company or to any Director or any other person in respect of his decision to acquire ordinary shares in the Company in reliance on any part of this announcement. No representation or warranty, express or implied, is made by Seymour Pierce Limited as to any of the contents of this announcement for which the Directors and the Company are responsible (without limiting the statutory rights of any person to whom this announcement is issued). Seymour Pierce Limited has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by Seymour Pierce Limited for the accuracy of information or opinions contained in this announcement or for the omission of any material information. Seymour Pierce Limited will not be offering advice and will not otherwise be responsible for providing customer protections to recipients of this announcement in respect of the Placing or any acquisition of shares in the Company. This information is provided by RNS The company news service from the London Stock Exchange END IOEUAVORKNRRUAA More
08-10-09	UPDATE 1-Rockhopper mulls share sale to fund drilling	AFX UK Focus
CONSIDERING OPTIONS INCLUDING SHARE SALE TO FUND DRILLING `* Plans to drill at least two wells with Desire Petroleum` `* Rockhopper shares fall 4 pct` (Adds details) `Oct 8 (Reuters) - North Falkland Basin oil and gas explorer Rockhopper Exploration Plc confirmed on Thursday it was considering various options, including a share sale, to fund its drilling activities.` `Responding to media speculation about an equity financing, the company also said it intended to drill a minimum of two wells on its operated acreage, along with partner Desire Petroleum Plc.` `The Financial Times on Wednesday quoted traders as saying Desire Petroleum was looking to raise 50 million pounds ($79.96 million) by selling new shares at 75 pence each, while Rockhopper was planning to raise up to 50 million pounds by selling shares at a price yet to be determined, to help finance their drilling programmes in the Falkland Islands.` On Sept. 10, Desire Petroleum signed a contract with Diamond Offshore Drilling (UK) Ltd to secure a rig to drill a minimum of four wells in the Falklands Islands, starting February 2010. Rockhopper shares were down 4 percent at 82 pence, while Desire Petroleum was down 1.8 percent at 98 pence at 0754 GMT on the London Stock Exchange. ($1=.6253 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott) Keywords: ROCKHOPPER/ (kumar.alagappan@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: kumar.alagappan@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
08-10-09	Rockhopper Exp plc - Media Speculation	RNS
RNS Number : 4331A Rockhopper Exploration plc 08 October 2009 Rockhopper Exploration plc ("Rockhopper" or "the Company") Statement Regarding Media Speculation Rockhopper, the North Falkland Basin oil and gas explorer, notes the recent media speculation that the Company is actively pursuing an equity financing. Rockhopper today confirms, as previously announced on 11 September, 2009, that it hopes to drill a minimum of two wells on its operated acreage (owned 100%) as part of a larger campaign with Desire Petroleum PLC. The Company further confirms that management are considering a variety of options to finance the cost of the drilling campaign, including a placing of equity. For further information, please contact: Rockhopper Exploration plc www.rockhopperexploration.co.uk Sam Moody - Managing Director 01722 414419 `Aquila Financial Limited www.aquila-financial.com` `Peter Reilly 0118 979 4100` Canaccord Adams Limited `Jeffrey Auld/Elijah Colby/ 020 7050 6500` Henry Fitzgerald O'Connor Notes to editors www.rockhopperexploration.co.uk The Rockhopper Group started trading in February 2004 to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. The Group, floated on AIM in August 2005, is currently the largest licence holder in the North Falkland Basin and has a 100 per cent. interest in four offshore production licences which cover approximately 3,800 sq. km. These licences have been granted by the Falkland Islands government. This information is provided by RNS The company news service from the London Stock Exchange END SPCFDLLBKBBXFBQ More
05-10-09	Desire Petroleum PLC - Publication of Competent Person's Report	RNS
RNS Number : 1944A Desire Petroleum PLC 05 October 2009 For immediate release 5 October 2009 Desire Petroleum plc ("Desire" or "the Company") Publication of Competent Person's Report Over 3 billion barrels of unrisked prospective recoverable resources net to Desire in top ten prospects. Desire Petroleum (AIM:DES) the exploration company focusing on the North Falkland Basin is pleased to announce the conclusions of a recently completed Competent Person's Report (CPR) on the Company's prospects. The CPR was prepared by Senergy (GB) Limited, a major independent consultancy specialising in reservoir engineering, geology, geophysics and petroleum economics. Desire commissioned Senergy (GB) Limited to produce the CPR to confirm Desire's firmly held belief in both the prospectivity of the North Falkland Basin and particularly the robustness of the Company's oil and gas prospects. Senergy evaluated Desire's top ten prospects namely the Liz, Ann, Alpha, Dawn, Jacinta, Beth, Ninky, Rachel, Helen and Pam prospects. The key conclusions are as follows: THE MEAN, NET TO DESIRE, UNRISKED, PROSPECTIVE RECOVERABLE RESOURCES IN THESE TEN PROSPECTS IS OVER 3 BILLION BARRELS. THE MEAN, GROSS, UNRISKED PROSPECTIVE RECOVERABLE RESOURCES IN THESE TEN PROSPECTS IS OVER 4.6 BILLION BARRELS. THE MEAN, GROSS, UNRISKED PROSPECT SIZE RANGES FROM 122 MILLION BARRELS RECOVERABLE (NINKY) TO 1,631 MILLION BARRELS RECOVERABLE (ALPHA). THE HYDROCARBON TYPE IN THE SOUTHERN PROSPECTS COULD BE OIL OR GAS BUT ON BALANCE ARE CONSIDERED MORE LIKELY TO BE OIL. FOURTEEN DIFFERENT PLAY TYPES HAVE BEEN IDENTIFIED, EIGHT IN THE NORTH AND SIX IN THE SOUTH, OF WHICH, ONLY THREE WERE PARTIALLY TESTED IN THE 1998 DRILLING CAMPAIGN. AT US $ 50/BARREL OIL PRICE, THE MINIMUM ECONOMIC THRESHOLD IS A 56 MILLION BARREL RECOVERABLE FIELD. The CPR summary is attached to this announcement. A full copy of the CPR report, with all the associated figures and tables that are referred to in the summary, can be found on the Desire website : www.desireplc.co.uk. Commenting on the CPR, Stephen Phipps, Chairman of Desire said: "It is particularly pleasing to have our own work on the prospectivity of the North Falklands Basin, and of our own prospects, endorsed by a well respected independent energy consultant. We look forward with great excitement to the forthcoming drilling campaign." For further information please contact: Desire Petroleum plc `Stephen Phipps, Chairman 020 7436 0423` Ian Duncan, Chief Executive Officer `Seymour Pierce Limited 020 7107 8000` Jonathan Wright Richard Redmayne `Buchanan Communications 020 7466 5000` Ben Willey Ben Romney Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/1944A_1-2009-10-2.pdf</fi pP> This information is provided by RNS The company news service from the London Stock Exchange END MSCMTBPTMMBMBPL More
02-10-09	BRIEF-Desire Petroleum signs drill rig contract	AFX UK Focus
LONDON, Oct 2 (Reuters) - Desire Petroleum Plc: SIGNS RIG CONTRACT WITH DIAMOND OFFSHORE PLANS TO RAISE ADDITIONAL FUNDS TO DRILL MORE WELLS ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
02-10-09	Desire Petroleum PLC - Drilling Rig Contract Update	RNS
RNS Number : 1044A Desire Petroleum PLC 02 October 2009 For Immediate Release 2 October 2009 Desire Petroleum plc ("Desire" or "the Company") Drilling Rig Contract Update Desire Petroleum (AIM:DES) the exploration company focusing on the North Falkland Basin, is pleased to announce the formal signing of a rig contract with Diamond Offshore Drilling (UK) Ltd for the use of the drilling unit the Ocean Guardian. The terms of the contract are for a four well, minimum eighty day campaign, under which the Guardian could earn maximum total revenue of US$19.6 million. Mobilisation and demobilization fees are estimated to be US$16 million dollars. Desire has secured options to drill a further six wells for itself or its partners. Following a programme of scheduled shipyard work the rig will mobilise from North Sea waters in late November 2009 and the first well is expected to spud in the North Falkland basin in early February 2009. Desire has retained the services of AGR Petroleum Services for the provision of well construction technical work and operations management. All associated service contracting is underway as is the necessary addendum to the Company's EIAs to include the relevant details of the Ocean Guardian. In conjunction, detailed drilling budgets which will include the additional costs of associated services necessary for drilling are being prepared for the formal approval of the Company's partners. Desire has waited a number of years to secure a rig at competitive rates to drill in the North Falkland Basin. The Company believes that it should take this opportunity to have the flexibility to drill more wells and/or potentially test successful wells. It is the Company's intention to raise additional funds to enable it to do so. Commenting on the signing of the rig contract, Stephen Phipps, Chairman of Desire, said: "We are delighted to be able to announce the formal rig contract with Diamond Offshore Drilling. We intend to maximize our chances of success with our firm four well programme, with additional wells being likely, subject to further agreements with partners and additional funding." For further information please contact: Desire Petroleum plc `Stephen Phipps, Chairman 020 7436 0423` Ian Duncan, Chief Executive Officer `Seymour Pierce Limited 020 7107 8000` Jonathan Wright Richard Redmayne `Buchanan Communications 020 7466 5000` Ben Willey Ben Romney This information is provided by RNS The company news service from the London Stock Exchange END CNTUUGAGUUPBGQG More
29-09-09	Desire Petroleum PLC - Interim Results	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 8079Z Desire Petroleum PLC 29 September 2009 For immediate release 29 September 2009 Desire Petroleum plc ("Desire" or "the Company") Interim Results Desire Petroleum plc (AIM:DES) the exploration company focusing on the North Falkland Basin, today announces its Interim Results for the six months ended 30 June 2009. Highlights: * Signed Letter of Intent with Diamond Offshore Drilling (UK) * Minimum four well drilling campaign in the North Falkland Basin * Options to drill up to a further four wells for itself and or its partners * First well in the campaign due to spud in February 2010 * Intention to raise additional funds to fund drilling of more wells * Senergy Ltd to undertake a full Competent Persons Report on its prospects * Loss for period was $265,000 (2008 H1: loss of $513,000) Mr Stephen Phipps (Chairman of Desire) commented: "The past six months has seen Desire making progress towards drilling in the Falklands. We have now secured a rig and expect to commence drilling the first well of the programme in February next year. We intend to take every advantage of the rig being in Falkland waters to drill as many different play types as possible. " For further information please contact: Desire Petroleum plc Stephen Phipps, Chairman 020 7436 0423 Dr Ian Duncan, Chief Executive Officer 01684 568 993 Seymour Pierce Limited 020 7107 8000 Jonathan Wright Richard Redmayne Buchanan Communications 020 7466 5000 Ben Willey Ben Romney Dear Shareholder, I am pleased to report to you at a time of great excitement for Desire. As many of you will be aware, on 10 September we announced that the Company had signed a Letter of Intent with Diamond Offshore Drilling (UK) for the drilling unit the Ocean Guardian. This is for a minimum four well drilling campaign in the North Falkland Basin. Desire has also secured options to drill up to a further four wells for itself and or its partners. The Ocean Guardian is expected to be mobilised from the North Sea shipyard, where it is currently undergoing work, in late November 2009 with the first well in the campaign due to spud in February 2010. Work on the final contract is ongoing and a further and more detailed announcement will be forthcoming in due course. Our disappointments at not being able to secure a suitable rig since our last fundraising in 2005 have been widely chronicled in previous Annual and Interim Statements. The securing of the Ocean Guardian on competitive terms leads us to believe that we should take every advantage of the rig being in Falkland waters to drill as many different play types as possible. Fourteen different play types have been identified in the North Falkland Basin of which only three have been drilled to date. Prudent exploration dictates that as many of these plays as possible should be drilled to help unlock the potential of the basin. To this end it is also our intention to raise additional funds shortly to enable us to drill more wells and it is our intention that shareholders will have the opportunity to participate in this exercise. In anticipation of a fundraising Desire commissioned Senergy Ltd to undertake a full Competent Persons Report on its prospects, the results of which will be released soon. The loss for the half-year ended 30 June 2009 was $265,000, compared with a loss for the corresponding period of $513,000. Administrative expenses of $589,000 were much lower than the previous half-year, partly due to a weakening of the US dollar, and to a reduction in directors' and management fees. The majority of administrative expenses are incurred in sterling, so exchange rate movements will influence the dollar presentation. The translated sterling equivalent charge for the half-year of �391,000 compares with �445,000 in 2008. The non-cash charge for share-based payments at $54,000 is significantly less than the equivalent period last year as the economic cost of share-based compensation plans is now largely expensed. The exchange gain for the year of $293,000 largely arises on sterling balances held to meet administrative expenses, and follows a strengthening of the pound against the dollar since the year-end, from $1.44/� at 31 December 2008 to $1.65/� at 30 June 2009. Investment revenues of $85,000 are appreciably lower than the corresponding period, with both US dollar and sterling interest rates at historically low levels. Yours sincerely, Stephen L. Phipps Chairman Consolidated Income Statement For the 6 months ended 30 June 2009 6 months 6 months Year ended ended ended 30.06.09 30.06.08 31.12.08 $000 $000 $000 Administrative expenses (589) (877) (1,461) Share-based payment expense (54) (251) (498) Foreign exchange gain/(loss) 293 (4) (937) Operating loss (350) (1,132) (2,896) Finance expense - (12) (13) Investment revenues 85 631 1,135 Loss before tax (265) (513) (1,774) Tax - (173) 302 Loss for the period (265) (686) (1,472) Earnings per share Loss per share (pence): Basic (0.16) (0.30) (0.61) Loss per share (pence): Diluted n/a n/a n/a Consolidated Balance Sheet As at 30 June 2009 As at As at As at 30.06.09 30.06.08 31.12.08 $000 $000 $000 Non-current assets 16,490 15,525 16,668 Intangible assets 4,559 4,559 4,561 Property, plant & equipment 21,049 20,084 21,229 Current assets Trade and other receivables 510 111 386 Cash and cash equivalents 40,688 42,931 40,690 41,198 43,042 41,076 Total assets 62,247 63,126 62,305 Current Liabilities Trade and other payables (201) (180) (444) Current tax liabilities - (673) - Bank overdrafts (80) (141) (59) Total liabilities (281) (994) (503) Net assets 61,966 62,132 61,802 Equity Share capital 4,567 4,540 4,549 Share premium account 93,694 93,137 93,337 Retained earnings (36,295) (35,545) (36,084) Total equity 61,966 62,132 61,802 Consolidated Statement of Changes in Equity For the 6 months ended 30 June 6 months ended 6 months Year 2009 30.06.09 ended ended $000 30.06.08 31.12.08 $000 $000 Opening balance 61,802 62,186 62,186 Loss for the financial period (265) (686) (1,472) Shares issued in the period 375 381 590 Share-based payment charge 54 251 498 Closing balance 61,966 62,132 61,802 Consolidated Cash Flow Statement For the 6 months ended 30 June 6 months ended 6 months Year 2009 30.06.09 ended ended $000 30.06.08 31.12.08 $000 $000 Net cash from operating (600) (993) (2,065) activities Investing activities Interest paid - (12) (13) Interest received 85 631 1,135 Purchase of tangible and (135) (260) (1,040) intangible assets Net cash from/(invested in) (50) 359 82 investing activities Financing activities Proceeds on issue of shares 375 381 590 Net cash from financing 375 381 590 activities Net decrease in cash and cash (275) (253) (1,393) equivalents Cash and cash equivalents at the 40,631 43,042 43,042 beginning of the period Effect of foreign exchange rate 252 1 (1,018) changes Cash and cash equivalents at the 40,608 42,790 40,631 end of the period Consolidated Cash Flow Statement For the 6 months ended 30 June 6 months 6 months Year 2009 ended ended ended 30.06.09 30.06.08 31.12.08 $000 $000 $000 Reconciliation of operating loss to net cash from operating activities Operating loss for the period (350) (1,132) (2,896) Foreign exchange (252) (1) 1,018 Depreciation on property, plant & 3 6 7 equipment Share-based payment charge 54 251 498 Operating cash flows before (545) (876) (1,373) movement in working capital (Increase)/decrease in (30) 25 29 receivables Decrease in payables (25) (142) (321) Cash outflow from operations (600) (993) (1,665) Income tax paid - - (400) Net cash from operating (600) (993) (2,065) activities Notes to the Interim Financial Statements for the six months ended 30 June 2009 1 Basis of preparation and accounting policies The results for the six months to 30 June 2009 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and International Accounting Standards Board. The financial information does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. Full accounts of the Company for the year ended 31 December 2008, on which the Auditors gave an unqualified report, have been delivered to the Registrar of Companies. 2 Segmental information Based on risks and returns, the Directors consider that the primary reporting format is by business segment. The Directors consider that there is only one business segment, being the exploration and production of oil and gas. 3 Loss per share The calculation of basic earnings per share is based upon the loss for the period and the weighted-average number of shares in issue during the period. 6 months 6 months Year ended ended ended 30.06.09 30.06.08 31.12.08 thousands thousands thousands Weighted-average number of 228,943 227,527 228,022 shares When the Group reports a loss for the period then, in accordance with International Accounting Standard 33, the share options are not considered dilutive. 4 Tax Current tax comprises a provision for tax on the interest receivable less any allowable expenses, and any adjustment for over or under provision in prior periods. 5 Copies of report Copies of this interim statement can be viewed on the Company's website and will be available to the public at the Registered Office, Mathon Court, Mathon, Malvern, Worcestershire WR13 5NZ. Independent Review Report to Desire Petroleum Plc Introduction We have reviewed the accompanying balance sheet of Desire Petroleum Plc as of 30 June 2009 and the related statements of income, changes in equity and cash flows for the six month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of this interim financial information in accordance with International Financial Reporting Standards. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information does not give a true and fair view of the financial position of the entity as at 30 June 2009, and of its financial performance and its cash flows for the six month period then ended in accordance with International Financial Reporting Standards as applicable in the United Kingdom. UHY Hacker Young Manchester LLP Manchester 29 September 2009 This information is provided by RNS The company news service from the London Stock Exchange END IR VVLFLKKBZBBK More
16-09-09	Desire Petroleum PLC - Holding(s) in Company	RNS
RNS Number : 1540Z Desire Petroleum PLC 16 September 2009 Desire Petroleum plc (the "Company") Holding in Company The Company was notified on 14 September 2009 that, following an acquisition of Ordinary Shares on 11 September 2009, Barclays PLC has a notifiable interest in 13,896,852 ordinary shares representing 6.05% of the issued share capital of the Company. This information is provided by RNS The company news service from the London Stock Exchange END HOLUNURRKSRKAAR More
11-09-09	Glance-PRESS DIGEST - British business - Sept 11	AFX UK Focus
The Times DESIRE'S PLAN TO TAP FALKLANDS WELLS FUELS OPTIMISM British energy firm Desire Petroleum unveiled plans on Thursday to launch a large drilling programme on the Falkland Islands next year. Desire will drill up to eight offshore wells from February, having agreed a deal with rig and equipment supplier Diamond Offshore Drilling to drill at least four wells with options on a further four. The move will mark the first time in more than a decade that any oil-drilling has been time in more than a decade that any oil-drilling has been carried out on the islands. The announcement sent Desire's share price up 25 pence to 90 pence. CARPETRIGHT'S CHAIRMAN STRIKES AN OPTIMISTIC NOTE Lord Harris of Peckham, founder, chief executive and chairman of Carpetright, said he was "cautiously optimistic" about the short-term future of the economy at the company's annual meeting. Sales in the 2008-09 financial year plummeted at Carpetright due to the collapse in the housing market and declining consumer confidence. Recent improving mortgage approval data has given the company reason to be optimistic, with much of its turnover generated from people moving house. The collapse of Allied Carpets, which went into administration in July, has left Carpetright the undisputed UK market leader. THOMAS COOK GETS AWAY IN STYLE AS SHARES ARE PLACED The placing of a 43.9 percent stake in Thomas Cook was completed on Thursday, making it a fully independent quoted company for the first time in its 168-year history. Most of the placing, which raised 904 million pounds, went to institutions based in the UK, returning the company to British majority ownership following 17 years of German control. The stake was placed on the market due to the recent collapse of Arcandor. TEMPUS Galliford Try Genus Hilton Food The Daily Telegraph ITV'S NEW CONTROLS ITV is to bring in a "double compliance" procedure to ensure its programmes do not breach Ofcom's broadcasting code. Ofcom has increased the financial penalties for breaches of the code and ITV said the move was in response to a lack of confidence in Channel Television's compliance process. The double compliance will not cost producers any extra. ITV said in a statement that: "ITV plc is today writing to Ofcom and PACT to alert them to these new arrangements". Channel TV said it was "dismayed" that ITV had questioned its record on this issue. BAA TRAFFIC DOWN DESPITE HEATHROW Record passenger numbers at Heathrow was not enough to prevent total traffic at BAA's seven airports falling by 3.1 percent in August. 6.4 million people travelled through Heathrow, a 0.3 per cent increase, but group-wide numbers fell to 14.4 million people. Colin Matthews, chief executive of BAA, said, "Industry conditions remain difficult. A continuation of the improving trend at Heathrow depends on business travellers re-establishing face-to-face contact with global markets." 94 million passengers have been handled by BAA so far this year, a fall of 6.1 percent. CO-OP PLANS TO EXPAND ITS BANKING PRESENCE The Co-operative Group has opened bank branches in two of its retail outlets in a pilot scheme which will draw comparisons with Tesco. Co-operative Bank, part of the Co-operative Financial Services division, is looking to exploit the problems experienced by its rivals by expanding its presence and filling a gap in the lending market. Neville Richardson, chief executive of CFS, said: "There will be a change in the landscape, which is an opportunity for an organisation like ours - strong in financial services and retail." QUESTOR BG Group Gulfsands Petroleum The Independent WAITROSE PAYS PRINCELY SUM FOR DUCHY DEAL Waitrose has bought the exclusive rights to make, license and sell the Prince of Wales' Duchy Originals range of organic food. When it was founded in 1990, Duchy Originals hoped to popularise organic food and support small farmers and manufacturers, but has recently run into trouble due to a steep rise in the cost of organic ingredients and a decline in demand for more expensive organic food during the recession. Waitrose intends to expand the Duchy range from 200 to 500 products. BOLLAND OF MORRISONS RULES OUT TOP M&S JOB Morrisons has recorded a 45 percent rise in pre-tax profits to 449 million pounds in the six months to August 2, and raised its interim dividend by 35 percent to 1.08 pence. "The profit momentum is somewhat stronger than what we anticipated at the start of the year," noted Richard Pennycook, the supermarket's finance director. Morrisons was also boosted by an announcement from the chief executive Marc Bolland that he was ruling himself out of the running for the job as chief executive of Marks & Spencer. HOMEBASE, COMET SIGNAL REVIVAL Further indications appeared on Thursday that UK consumer spending and the housing market are both returning to normal. Positive statements coming from Home Retail Group, Carpetright and Comet indicate that a recovery is taking place. The Kesa-owned electrical retailer Comet posted a like-for-like sales growth of 0.3 percent due to an increase in white goods sales, whilst Home Retail Group benefited from strong kitchen sales at its Homebase stores to record a 2.8 percent rise in like-for-like sales in the 26 weeks to 29 August. INVESTMENT COLUMN Royal Bank of Scotland Galliford Try Falkland Island Holdings The Guardian SHARES FALL AT JJB, SPORTS DIRECT AS FRAUD POLICE INVESTIGATE News of investigations by the SFO and OFT into price fixing and fraud allegations at JJB Sports and Sports Direct sent their shares tumbling 17.4 percent and 21.5 percent, respectively. The two companies, which are already embroiled in a Competition Commission inquiry over the transfer of stores, face scrutiny after JJB tipped off the OFT about potentially anti-competitive practices in January, in return for immunity. Price fixing is now a criminal offence and the OFT, which called in the SFO, has said it will use the agency as a back up. NATIONAL EXPRESS PREPARES TO ACCEPT 765 MILLION POUND BID Transport group National Express is close to accepting the 765 million pound ($1.27 billion) offer from the CVC-Cosmen consortium. The consortium, which must lodge a formal bid by today, is likely to sell the group's UK rail and bus operations. The Department for Transport has approved the transfer of the c2c and East Anglia rail franchise to the Stagecoach group in a 100 million pound deal. The Office of Rail Regulation said it would help the Office of Fair Trading scrutinise the deal if it goes ahead. MORRISONS RINGS UP 45 PERCENT RISE IN PROFITS Wm Morrison Supermarkets has reported a 45 percent increase in half-year profits as its recent move into smaller stores reaps rewards. The retailer had snapped up several dozen smaller sites from Somerfield and the Co-op and converted them into the Morrisons format. These sites have increased sales by 50 per cent. However, chief executive Marc Bolland warned that growth would slow in the second half of the year as commodity prices dip and inflation remains low. Prepared for Reuters by Durrants ($1=.6043 Pound) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
11-09-09	Glance-PRESS DIGEST - British business - Sept 11	AFX UK Focus
The Times DESIRE'S PLAN TO TAP FALKLANDS WELLS FUELS OPTIMISM British energy firm Desire Petroleum unveiled plans on Thursday to launch a large drilling programme on the Falkland Islands next year. Desire will drill up to eight offshore wells from February, having agreed a deal with rig and equipment supplier Diamond Offshore Drilling to drill at least four wells with options on a further four. The move will mark the first time in more than a decade that any oil-drilling has been time in more than a decade that any oil-drilling has been carried out on the islands. The announcement sent Desire's share price up 25 pence to 90 pence. CARPETRIGHT'S CHAIRMAN STRIKES AN OPTIMISTIC NOTE Lord Harris of Peckham, founder, chief executive and chairman of Carpetright, said he was "cautiously optimistic" about the short-term future of the economy at the company's annual meeting. Sales in the 2008-09 financial year plummeted at Carpetright due to the collapse in the housing market and declining consumer confidence. Recent improving mortgage approval data has given the company reason to be optimistic, with much of its turnover generated from people moving house. The collapse of Allied Carpets, which went into administration in July, has left Carpetright the undisputed UK market leader. THOMAS COOK GETS AWAY IN STYLE AS SHARES ARE PLACED The placing of a 43.9 percent stake in Thomas Cook was completed on Thursday, making it a fully independent quoted company for the first time in its 168-year history. Most of the placing, which raised 904 million pounds, went to institutions based in the UK, returning the company to British majority ownership following 17 years of German control. The stake was placed on the market due to the recent collapse of Arcandor. TEMPUS Galliford Try Genus Hilton Food The Daily Telegraph ITV'S NEW CONTROLS ITV is to bring in a "double compliance" procedure to ensure its programmes do not breach Ofcom's broadcasting code. Ofcom has increased the financial penalties for breaches of the code and ITV said the move was in response to a lack of confidence in Channel Television's compliance process. The double compliance will not cost producers any extra. ITV said in a statement that: "ITV plc is today writing to Ofcom and PACT to alert them to these new arrangements". Channel TV said it was "dismayed" that ITV had questioned its record on this issue. BAA TRAFFIC DOWN DESPITE HEATHROW Record passenger numbers at Heathrow was not enough to prevent total traffic at BAA's seven airports falling by 3.1 percent in August. 6.4 million people travelled through Heathrow, a 0.3 per cent increase, but group-wide numbers fell to 14.4 million people. Colin Matthews, chief executive of BAA, said, "Industry conditions remain difficult. A continuation of the improving trend at Heathrow depends on business travellers re-establishing face-to-face contact with global markets." 94 million passengers have been handled by BAA so far this year, a fall of 6.1 percent. CO-OP PLANS TO EXPAND ITS BANKING PRESENCE The Co-operative Group has opened bank branches in two of its retail outlets in a pilot scheme which will draw comparisons with Tesco. Co-operative Bank, part of the Co-operative Financial Services division, is looking to exploit the problems experienced by its rivals by expanding its presence and filling a gap in the lending market. Neville Richardson, chief executive of CFS, said: "There will be a change in the landscape, which is an opportunity for an organisation like ours - strong in financial services and retail." QUESTOR BG Group Gulfsands Petroleum The Independent WAITROSE PAYS PRINCELY SUM FOR DUCHY DEAL Waitrose has bought the exclusive rights to make, license and sell the Prince of Wales' Duchy Originals range of organic food. When it was founded in 1990, Duchy Originals hoped to popularise organic food and support small farmers and manufacturers, but has recently run into trouble due to a steep rise in the cost of organic ingredients and a decline in demand for more expensive organic food during the recession. Waitrose intends to expand the Duchy range from 200 to 500 products. BOLLAND OF MORRISONS RULES OUT TOP M&S JOB Morrisons has recorded a 45 percent rise in pre-tax profits to 449 million pounds in the six months to August 2, and raised its interim dividend by 35 percent to 1.08 pence. "The profit momentum is somewhat stronger than what we anticipated at the start of the year," noted Richard Pennycook, the supermarket's finance director. Morrisons was also boosted by an announcement from the chief executive Marc Bolland that he was ruling himself out of the running for the job as chief executive of Marks & Spencer. HOMEBASE, COMET SIGNAL REVIVAL Further indications appeared on Thursday that UK consumer spending and the housing market are both returning to normal. Positive statements coming from Home Retail Group, Carpetright and Comet indicate that a recovery is taking place. The Kesa-owned electrical retailer Comet posted a like-for-like sales growth of 0.3 percent due to an increase in white goods sales, whilst Home Retail Group benefited from strong kitchen sales at its Homebase stores to record a 2.8 percent rise in like-for-like sales in the 26 weeks to 29 August. INVESTMENT COLUMN Royal Bank of Scotland Galliford Try Falkland Island Holdings The Guardian SHARES FALL AT JJB, SPORTS DIRECT AS FRAUD POLICE INVESTIGATE News of investigations by the SFO and OFT into price fixing and fraud allegations at JJB Sports and Sports Direct sent their shares tumbling 17.4 percent and 21.5 percent, respectively. The two companies, which are already embroiled in a Competition Commission inquiry over the transfer of stores, face scrutiny after JJB tipped off the OFT about potentially anti-competitive practices in January, in return for immunity. Price fixing is now a criminal offence and the OFT, which called in the SFO, has said it will use the agency as a back up. NATIONAL EXPRESS PREPARES TO ACCEPT 765 MILLION POUND BID Transport group National Express is close to accepting the 765 million pound ($1.27 billion) offer from the CVC-Cosmen consortium. The consortium, which must lodge a formal bid by today, is likely to sell the group's UK rail and bus operations. The Department for Transport has approved the transfer of the c2c and East Anglia rail franchise to the Stagecoach group in a 100 million pound deal. The Office of Rail Regulation said it would help the Office of Fair Trading scrutinise the deal if it goes ahead. MORRISONS RINGS UP 45 PERCENT RISE IN PROFITS Wm Morrison Supermarkets has reported a 45 percent increase in half-year profits as its recent move into smaller stores reaps rewards. The retailer had snapped up several dozen smaller sites from Somerfield and the Co-op and converted them into the Morrisons format. These sites have increased sales by 50 per cent. However, chief executive Marc Bolland warned that growth would slow in the second half of the year as commodity prices dip and inflation remains low. Prepared for Reuters by Durrants ($1=.6043 Pound) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
10-09-09	STOCKS NEWS UK-Desire Petroleum soars on rig contract	AFX UK Focus
`STOCKS NEWS Reuters` Results diary `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `08:05GMT 10Sep2009-Desire Petroleum soars on rig contract` --------------------------------------------------------- `Shares in Desire Petroleum Plc soar as much as 34 percent after the oil and gas explorer secures a rig to drill in the Falklands Islands.` `"This is very positive news for Desire and its partners, Rockhopper and Arcadia, both of which have interests in the North Basin," Evolution Securities says, pointing out that this is the first rig that has gone to the south Atlantic islands since 1998.` `The broker adds that it would not be surprised if both Borders & Southern and Falkland Oil & Gas also seek to use the rig while it is in the area.` `Borders & Southern shares are up 12 percent, while Falkland Oil shares are up 7 percent.` `Seymour Pierce says: "Securing a rig has been the key to near-term share price performance and this is very good news."` `For more double click on` Reuters messaging rm://balachander.surianarayanan.reuters.com@reuters.net `07:46GMT 10Sep2009-UK small caps up 0.2 pct early on` ---------------------------------------------------- `The FTSE Small Cap index is up 0.2 percent in early trade, mirroring gains on the FTSE 100 index which consolidates above the 5,000 level, while the FTSE 250 index advances 0.6 percent.` `Miner Anglo Pacific is a good small cap gainer, up 7.8 percent after saying that initial coal resources at its Trefi coal project in British Columbia, Canada is 90.95 million tonnes.` `Construction firm Galliford Try sheds 8.6 percent as it announces a rights issue to raise 125.6 million pounds ($207.8 million) for land buys as it reports a swing to a full-year pretax loss.` `For more details on Galliford Try, double click on` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `07:45GMT 10Sep2009-Morrison dips on profit taking` ------------------------------------------------- `Shares in Wm Morrison Supermarkets fall as much as 4.6 percent to 271.4 pence as investors take profits following a strong, but as-expected, rise in first-half profits from Britain's fourth-biggest grocer.` "Certainly strong results have been anticipated given the share price performance over the last week. However, we think there is still plenty of operating upside and future cash flow/dividend opportunity," Credit Suisse analysts say in a research note, keeping an "outperform" rating on the shares. `"The figures were exceptional but in line with expectations," add Seymour Pierce analysts, keeping their "buy" rating on the stock.` `For more double click on` Reuters Messaging: rm://mark.potter.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
10-09-09	BRIEF-Desire Petroleum agrees N Falkland basin rig deal	AFX UK Focus
LONDON, Sept 10 (Reuters) - Desire Petroleum Plc: AGREES RIG DEAL WITH DIAMOND DRILLING FOR NORTH FALKLAND BASIN DESITRE SAYS EXCHANGED A LETTER OF INTENT WITH DIAMOND OFFSHORE DRILLING (UK) LTD FOR THE DRILLING UNIT THE OCEAN GUARDIAN TO UNDERTAKE A FOUR WELL MINIMUM DRILLING CAMPAIGN IN THE NORTH FALKLAND BASIN. ((LONDON EQUITIES NEWSROOM; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
10-09-09	Desire Petroleum PLC - Drilling Rig Contract - Letter of Intent	RNS
RNS Number : 8144Y Desire Petroleum PLC 10 September 2009 For immediate release 10 September 2009 Desire Petroleum plc ("Desire" or "the Company") Drilling Rig Contract - Letter of Intent Desire signs LOI for North Falkland Basin drilling campaign Desire Petroleum plc (AIM:DES) the exploration company focusing on the North Falkland Basin, is pleased to announce that it has exchanged a letter of intent with Diamond Offshore Drilling (UK) Ltd for the drilling unit the Ocean Guardian to undertake a four well minimum drilling campaign in the North Falkland Basin. The Ocean Guardian is currently in the North Sea and following a programme of shipyard work will mobilise in November 2009. Projected arrival in Falkland waters is early February 2010. Desire has options to drill a further four wells for itself and or its partners. Further details will be announced post contract completion which is subject to various approvals, including Desire Board, Partner and regulatory approvals. The Company believes that with a rig becoming active in the North Falkland Basin the Company should endeavour to drill as many wells as possible to test the full potential of this highly prospective area. To this end Desire is investigating with its advisors the best course of action to raise additional funds prior to mobilisation to ensure the area is appraised as widely as possible. It is Desire's intention that shareholders will have the opportunity to participate in the fund raising. Commenting on the development, Stephen Phipps, Chairman of Desire said: "The Board of Desire is delighted to be able to report today's news on securing a rig to drill our prospect inventory in the Falkland Islands. Subject to the anticipated timing, we will be commencing activity in early 2010, where we intend to explore as many play types as possible, thus maximising our chances of success." For further information please contact: Desire Petroleum plc `Stephen Phipps, Chairman 020 7436 0423` Ian Duncan, Chief Executive Officer `Seymour Pierce Limited 020 7107 8000` Jonathan Wright Richard Redmayne `Buchanan Communications 020 7466 5000` Ben Willey Ben Romney This information is provided by RNS The company news service from the London Stock Exchange END DRLLLMBTMMIMTBL More
25-08-09	Desire Petroleum PLC - EIA Update	RNS
RNS Number : 9518X Desire Petroleum PLC 25 August 2009 For immediate release 25 August 2009 Desire Petroleum plc ("Desire" or "the Company") EIA Update Desire Petroleum plc (AIM: DES) the exploration company focusing on the North Falkland Basin, is pleased to announce that the Governor of the Falkland Islands, acting on the advice of the Executive Council, has approved the Environmental Impact Statement for Licences PL 006 and PL 007. This approval is subject to the further approval by the Mineral Resources Committee of an Operational Addendum, to be submitted once the rig details are known. For further information please contact: Desire Petroleum plc `Stephen Phipps, Chairman 020 7436 0423` Ian Duncan, Chief Executive Officer `Seymour Pierce Limited 020 7107 8000` Jonathan Wright Richard Redmayne `Buchanan Communications 020 7466 5000` Ben Willey This information is provided by RNS The company news service from the London Stock Exchange END MSCPAMPTMMJTMML More

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