20 Jan 2009 15:16
| For immediate release | 20 January 2009 |
Desire Petroleum plc
("Desire" or "the Company")
Director Shareholding
The Company wishes to make the following announcement in relation to shares in the Company held by Phipps & Company Limited and the Phipps & Company Retirement Benefit Scheme.
Both Stephen Phipps and Anna Neve, directors of Desire, are directors and shareholders of Phipps & Company Limited and are beneficiaries of the Phipps & Company Retirement Benefit Scheme.
As at the date of this document, Phipps & Company Limited owns 30,582,633 shares in Desire and the Phipps & Company Retirement Benefit Scheme owns 2,840,000 shares.
During 2008, Phipps and Company borrowed certain sums from the Phipps & Company Retirement Benefit Scheme and such loans have been secured on 10,887,500 Desire shares held by Phipps & Company Limited. The loans are in the course of being repaid according to their terms.
There are no changes to the beneficial or potential beneficial ownership of the shares in Desire held by Phipps & Company Limited as a consequence of the granting of the security since the beneficial owners of Phipps & Company Limited and the beneficiaries of the Phipps & Company Retirement Benefit Scheme are identical.
For further information please contact:
| Desire Petroleum plc | 020 7436 0423 |
| Stephen Phipps, Chairman | |
| Dr Ian Duncan, Chief Executive Officer | |
| Seymour Pierce | 020 7107 8000 |
| Jonathan Wright | |
| Buchanan Communications | 020 7466 5000 |
| Ben Willey Ben Romney |