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{{Short description|English oil and gas exploration company}} |
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{{Use dmy dates|date=April 2022}} |
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{{Infobox company |
{{Infobox company |
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| name = Desire Petroleum plc |
| name = Desire Petroleum plc |
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| logo = Desire Petroleum logo.png |
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| logo_size = 160px |
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| type = [[Public limited company]] <br> ([[London Stock Exchange|LSE]]:[http://www.londonstockexchange.com/exchange/prices-and-news/stocks/exchange-insight/company-fundamentals.html?fourWayKey=GB0002689494GBGBXAMSM DES]) |
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| type = [[Public limited company]] |
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| traded_as = |
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| predecessor = |
| predecessor = |
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| successor = |
| successor = |
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| foundation = 1996 |
| foundation = 1996 |
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| founder = [[Colin Phipps]] |
| founder = [[Colin Phipps]] |
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| location |
| location = [[Malvern, Worcestershire|Malvern]], [[England]] |
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| locations = |
| locations = |
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| key_people = Dr Ian Duncan< |
| key_people = Dr Ian Duncan<br /><small>(Chief Executive)</small> |
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| area_served = |
| area_served = |
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| industry = [[Hydrocarbon exploration]] |
| industry = [[Hydrocarbon exploration]] |
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| products = |
| products = |
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| services = Oil exploration and production |
| services = Oil exploration and production |
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| revenue = |
| revenue = |
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| parent = |
| parent = |
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| slogan = |
| slogan = |
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| homepage = |
| homepage = |
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| intl = |
| intl = |
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}} |
}} |
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'''Desire Petroleum plc''' |
'''Desire Petroleum plc''' was an [[petroleum|oil]] and [[natural gas|gas]] [[Hydrocarbon exploration|exploration]] company headquartered in [[Malvern, Worcestershire|Malvern]], [[England]]. It owned offshore exploration and production licences in the [[Geology of the Falkland Islands#Petroleum exploration and reserves|North Falkland Basin]] in the waters north of the [[Falkland Islands]] and its core focus was to develop the basin into a major new hydrocarbon province. |
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Desire Petroleum was acquired by [[Falkland Oil and Gas]]<ref>{{cite web| url= http://LSE.co.UK/AllNews.asp?code=vkxkavgj| title= Falkland Oil & Gas Acquisition Of Desire Petroleum Now Effective| date= 5 December 2013| author= Tom McIvor| website= [[LSE.co.UK]]| access-date= 16 December 2013}}</ref> for £61million on 5 December 2013. Falkland Oil & Gas was itself acquired by [[Rockhopper Exploration]] plc in November 2015.<ref>{{cite web| url= https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/12013305/Rockhopper-to-buy-Falkland-Oil-and-Gas-in-57m-deal.html| title= Rockhopper to buy Falkland Oil and Gas in £57m deal| date= 24 November 2015| author= Jon Yeomans| website= The Daily Telegraph| access-date= 7 December 2016}}</ref> |
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It is listed on the [[Alternative Investment Market]] of the [[London Stock Exchange]]. |
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==History== |
==History== |
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Desire Petroleum was founded in 1996 by Dr Colin Phipps, a former geologist for [[Royal Dutch Shell]] |
Desire Petroleum was founded in 1996 by [[Colin Phipps|Dr Colin Phipps]], a former geologist for [[Royal Dutch Shell]]. The company was named after ''[[Coat of arms of the Falkland Islands|Desire]]'', the ship, captained by [[John Davis (English explorer)|John Davis]], which discovered the Falkland Islands in 1592. In 1998 the company was floated on the [[Alternative Investment Market]]. |
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| ⚫ | Desire Petroleum were awarded licences for drilling in the Falklands in 1997, and test drilling was carried out in 1998. Oil was not found in commercial quantities, and the [[price of oil]], until 2007-8 was not high enough to make it viable, and exploration companies left the area. A [[Reflection seismology|3D seismic survey]] was acquired in 2004 which showed great oil potential. |
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In 1973 Phipps set up [[Clyde Petroleum]], based in [[Coddington, Herefordshire]]. Phipps represented the Labour Party for [[Dudley West (UK Parliament constituency)|Dudley West]] from 1974-9, and was later involved in the SDP. He lived in the Malvern area, and was Chairman of the company until he died in January 2009. |
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===Falkland Islands=== |
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| ⚫ | |||
===2010-11 drilling programme=== |
===2010-11 drilling programme=== |
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In February 2010 Desire began a programme of exploratory drilling, with costs shared by farming out drilling slots to [[Rockhopper Exploration]] (of [[Salisbury]], [[Wiltshire]]) and Falkland Oil & Gas Ltd, in the North Falkland Basin. In the northern section of the basin this covers the [[Hydrocarbon exploration#Terms used in petroleum evaluation|prospects]] of Rachel, Kath, Pam, Ann, Anna, Liz, South Orca, Ninky, Beth, Jayne and Helen. In the southern section are Dawn, Alpha, Kate, Ruth and Barbara. |
In February 2010 Desire began a programme of exploratory drilling, with costs shared by farming out drilling slots to [[Rockhopper Exploration]] (of [[Salisbury]], [[Wiltshire]]) and Falkland Oil & Gas Ltd, in the North Falkland Basin. In the northern section of the basin this covers the [[Hydrocarbon exploration#Terms used in petroleum evaluation|prospects]] of Rachel, Kath, Pam, Ann, Anna, Liz, South Orca, Ninky, Beth, Jayne and Helen. In the southern section are Dawn, Alpha, Kate, Ruth and Barbara. |
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[[Image:Western Gates to Mathon Court - geograph.org.uk - 33450.jpg|thumb|right|Entrance to Mathon Court, headquarters of Desire Petroleum]] |
[[Image:Western Gates to Mathon Court - geograph.org.uk - 33450.jpg|thumb|right|Entrance to Mathon Court, headquarters of Desire Petroleum]] |
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The first well was categorised as a gas discovery |
The first well was categorised as a gas discovery, with one other gas event and two sets of oil shows encountered. Stock market disappointment that the first well was not an immediate commercial discovery of oil led to an immediate slump in share price, though Desire continue to analyse the data gathered in order to assist with the remainder of the drilling programme. |
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The second well, drilling for partner company Rockhopper Exploration, was an oil discovery which further confirmed the geological model for the North Falkland Basin for Desire and Rockhopper's remaining prospects.<ref> |
The second well, drilling for partner company [[Rockhopper Exploration]], was an oil discovery which further confirmed the geological model for the North Falkland Basin for Desire and Rockhopper's remaining prospects.<ref>{{Cite web |url=http://www.rockhopperexploration.co.uk/pdf/Sea+Lion_Discovery_FINAL.pdf |title=Archived copy |access-date=2010-05-06 |archive-url=https://web.archive.org/web/20100601234550/http://www.rockhopperexploration.co.uk/pdf/Sea+Lion_Discovery_FINAL.pdf |archive-date=2010-06-01 |url-status=dead }}</ref> |
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==Acquisition== |
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The drilling programme is anticipated to run to ten exploration wells. |
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The company was sold in December 2013 to [[Falkland Oil and Gas]]<ref>{{cite web| url= http://LSE.co.UK/AllNews.asp?code=vkxkavgj| title= Falkland Oil & Gas Acquisition Of Desire Petroleum Now Effective| date= 5 December 2013| author= Tom McIvor| website= [[LSE.co.UK]]| access-date= 16 December 2013}}</ref> for £61million. |
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==See also== |
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* [[Falkland Oil and Gas]], which also explores off the coast of the Falklands |
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==References== |
==References== |
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==External links== |
==External links== |
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* [http://www. |
* [http://www.financial-spread-betting.com/community/aim/desire-petroleum.html Obituary of Desire Petroleum] |
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{{Energy in the United Kingdom|companies}} |
{{Energy in the United Kingdom|companies}} |
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[[Category:Oil and gas companies of the United Kingdom]] |
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[[Category:Companies based in Herefordshire]] |
[[Category:Companies based in Herefordshire]] |
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[[Category: |
[[Category:Energy companies established in 1996]] |
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[[Category: |
[[Category:Non-renewable resource companies established in 1996]] |
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[[Category: |
[[Category:1996 establishments in England]] |
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[[Category:Economy of the Falkland Islands]] |
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[[no:Desire Petroleum]] |
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Latest revision as of 19:12, 8 August 2023
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| Company type | Public limited company |
|---|---|
| Industry | Hydrocarbon exploration |
| Founded | 1996 |
| Founder | Colin Phipps |
| Headquarters | Malvern, England |
Key people | Dr Ian Duncan (Chief Executive) |
| Services | Oil exploration and production |
| -£1.47m (2008) | |
Desire Petroleum plc was an oil and gas exploration company headquartered in Malvern, England. It owned offshore exploration and production licences in the North Falkland Basin in the waters north of the Falkland Islands and its core focus was to develop the basin into a major new hydrocarbon province.
Desire Petroleum was acquired by Falkland Oil and Gas[1] for £61million on 5 December 2013. Falkland Oil & Gas was itself acquired by Rockhopper Exploration plc in November 2015.[2]
History[edit]
Desire Petroleum was founded in 1996 by Dr Colin Phipps, a former geologist for Royal Dutch Shell. The company was named after Desire, the ship, captained by John Davis, which discovered the Falkland Islands in 1592. In 1998 the company was floated on the Alternative Investment Market.
Desire Petroleum were awarded licences for drilling in the Falklands in 1997, and test drilling was carried out in 1998. Oil was not found in commercial quantities, and the price of oil, until 2007-8 was not high enough to make it viable, and exploration companies left the area. A 3D seismic survey was acquired in 2004 which showed great oil potential.
2010-11 drilling programme[edit]
In February 2010 Desire began a programme of exploratory drilling, with costs shared by farming out drilling slots to Rockhopper Exploration (of Salisbury, Wiltshire) and Falkland Oil & Gas Ltd, in the North Falkland Basin. In the northern section of the basin this covers the prospects of Rachel, Kath, Pam, Ann, Anna, Liz, South Orca, Ninky, Beth, Jayne and Helen. In the southern section are Dawn, Alpha, Kate, Ruth and Barbara.
The first well was categorised as a gas discovery, with one other gas event and two sets of oil shows encountered. Stock market disappointment that the first well was not an immediate commercial discovery of oil led to an immediate slump in share price, though Desire continue to analyse the data gathered in order to assist with the remainder of the drilling programme.
The second well, drilling for partner company Rockhopper Exploration, was an oil discovery which further confirmed the geological model for the North Falkland Basin for Desire and Rockhopper's remaining prospects.[3]
Acquisition[edit]
The company was sold in December 2013 to Falkland Oil and Gas[4] for £61million.
References[edit]
- ^ Tom McIvor (5 December 2013). "Falkland Oil & Gas Acquisition Of Desire Petroleum Now Effective". LSE.co.UK. Retrieved 16 December 2013.
- ^ Jon Yeomans (24 November 2015). "Rockhopper to buy Falkland Oil and Gas in £57m deal". The Daily Telegraph. Retrieved 7 December 2016.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 1 June 2010. Retrieved 6 May 2010.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ Tom McIvor (5 December 2013). "Falkland Oil & Gas Acquisition Of Desire Petroleum Now Effective". LSE.co.UK. Retrieved 16 December 2013.
