Executive Summary
Desire Petroleum (LON:DES) is a gas and oil exploration business based in the UK. Its main geographical focus is the Falkland Islands, where it operates 5 licences for exploration. Through its exploration activities, Desire Petroleum has indentified the potential for a multi-million barrel oil recovery, and a large potential for gas recovery in the North Falklands region. It currently has licences to continue its activity until 2012 and 2013. The company recently announced disappointing results from the North Falklands Liz 14/19-1 well, with initial indications that reserves there may be low and of poor quality. [1] . Two other companies are also exploring this well, Rockhopper (RKH) and Falkland Oil and Gas (FOGL).
Company History
Desire was founded in 1996 and participated in the first round of drilling in the North Falkland Basin in 1998. Desire now operates 6 licences in the area, Tranches C, D, F, I, L and the recently awarded PL034.
Listed on AIM [2]
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Management
Stephen Lawrey Phipps Chairman
Aged 50, he is a non-executive Director of Mineral Securities Limited (formerly Scarborough Minerals PLC) and is also a director of Phipps & Company Limited. He worked for over 20 years as a stockbroker in London and New York.
- Responsible for shareholder liaison, lead board, public relations and governance
Dr Ian Gordon Duncan Chief Executive
Aged 59, he is a petroleum geologist with over 30 years experience in the oil-exploration industry. He began his career with ESSO before joining Clyde Petroleum PLC where he was appointed a director in 1991; from 1990 to 1997 he was the Managing Director of Clyde's subsidiary in the Netherlands. He was appointed as an executive director of the company in March 2005.
- Responsible for all technical matters.
Darwin Lewis Clifton OBE Non-Executive Director
Aged 52, he is a Falkland Islander, and a former founding-director of Desire Petroleum. From 1987-90 he was the Falkland Islands Government London Representative and he was twice elected to the Legislative and Executive Councils (1985-87 and 1997-2001).
Currently Managing Director of Byron Marine Limited, a Falkland Islands incorporated, ship-owning and ship-managing company.
In 2006 he was elected Speaker of the Falkland Islands…
