Statement re: Chairmanship

3 Apr 2007 12:08

Desire Petroleum PLC03 April 2007 For immediate release 3 April 2007 Desire Petroleum plc ("Desire" or "the Company") Statement re Chairmanship The Board of Desire Petroleum plc is pleased to announce that Dr Colin Phippshas recovered well from his operation and has resumed the Chairmanship of theCompany as of 2 April 2007. For further information please contact: Desire Petroleum plc 020 7436 0423Dr Colin Phipps, ChairmanDr Ian Duncan, Chief ExecutiveOfficer Buchanan Communications 020 7466 5000Ben WilleyTim ThompsonBen Romney Notes to the Editors: Desire Petroleum plc (AIM:DES) is an oil and gas exploration company whollyfocused on the prospective North Falkland Basin. The Company holds large equitypositions in 5 tranches in the area. In 2004, Desire raised £4 million to finance a 3D seismic campaign over itsacreage, followed by a further £25 million in 2005, to finance a multi welldrilling campaign. The Company is presently seeking a rig for this programme. The North Falkland Basin is believed to hold in excess of 2 billion barrels ofoil in place and has an established working hydrocarbon system. Seismic workcompleted in the basin has identified many delta and fan trapping plays, wherehydrocarbons may be located. Desire was formed in 1997 to participate in the drilling campaign in theFalkland Islands with several other companies in 1998. During the campaign, 6wells were drilled, of which 5 wells encountered oil shows - and one wellrecovered live oil to the surface. This information is provided by RNS The company news service from the London Stock Exchange