28th Nov 2013 14:52
LONDON (Alliance News) - Falkland Oil and Gas Ltd Thursday said that it has received approval from the Falkland Islands government for its proposed joint venture with Desire Petroleum.
The oil and gas exploration company, which operates in the South and East Falkland basins, said that the joint venture still remains subject to remaining conditions, including a court hearing by the High Court of Justice in England and Wales to sanction the scheme and confirm the reduction of capital of Desire Petroleum. This is expected to take place on December 5.
Shares in Falkland Oil and Gas were up 1.9% at 27.00 pence per share Thursday afternoon, while Desire Petroleum shares were trading 0.2% higher at 16.27 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
DES.LFOGL.L