Skip to content
Subscriber Only

Falkland Oil $99 Million Bid for Desire to Speed Up Drilling

Falkland Oil & Gas Ltd.’s 61 million-pound ($99 million) bid for Desire Petroleum Plc will accelerate exploration off the Atlantic archipelago, said Falkland Oil Chief Executive Officer Tim Bushell.

The company will offer 0.6233 shares for each Desire share, valuing it at 17.76 pence with a premium of about 45 percent to yesterday’s closing price, Falkland Oil said today in a statement. It also signed partnerships with Premier Oil Plc and Rockhopper Exploration Plc to share costs for two exploration wells in Desire licenses to the north of the Falkland Islands.