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Colin Phipps to step down as chairman of Desire Petroleum

Wednesday, April 30, 2008

Dr Colin Phipps is set to step down from his role as chairman of Desire Petroleum with immediate effect because of ill health.

Colin Phipps, who founded the company in 1996, will be replaced by Stephen Phipps, presently a non-executive director of the company.

Colin Phipps led the company through the first exploration campaign to be completed in the Falkland Islands in 1998. That was followed by the building of an extensive acreage position in the North Falkland Basin.

Desire now has an exciting portfolio of 18 exploration prospects across five licences, most of which are drill-ready after significant technical work to delineate and derisk its prospect inventory.

In it results today the company reported that pre-tax losses had risen to £2.5 million from £0.3 million last year.






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