Desire Petroleum plc Presentation to OilBarrel

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2. Agenda. Strategy and MissionManagementCompany historyBackground to the FalklandsDesire Petroleum Licences1998 drilling campaignLesson learned1998-2006Drilling optionsSummary. 3. Strategy.

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Desire Petroleum plc Presentation to OilBarrel

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1. 1 Desire Petroleum plc Presentation to OilBarrel

2. 2 Agenda Strategy and Mission Management Company history Background to the Falklands Desire Petroleum Licences 1998 drilling campaign Lesson learned 1998-2006 Drilling options Summary

3. 3 Strategy “Desire Petroleum’s mission is to explore and identify commercial hydrocarbon reserves in the North Falklands basin – where a known working hydrocarbon system exists.”

4. 4 Profile North Falkland Basin exploration play Large equity in 5 tranches (C, D, F, I, L) Circa. 4,000 km2 – equivalent to 14 North Sea Blocks 1998 drilling established world-class source rock Prospects ready to drill

5. 5 Business Model Clear Strategy Focussed on commercial hydrocarbons in North Falklands basin Attractive fiscal and political environment Concentrate on what you know: expertise and experience High risk-High reward: “maximum bang for buck” Low costs and minimal corporate infrastructure giving optimum choice of exit or continuation Professional Team People-right knowledge, experience (over 100 years in oil industry) Virtual company concept Outsourcing to high-calibre, experienced contractors (e.g. Peak, RPS, PGL) Core competencies amongst Executive Team: exploration project management, accountancy, legal and finance

6. 6 Management Dr Colin Barry Phipps - Chairman Aged 71, he is a petroleum geologist with over 30 years experience in oil exploration and production. From 1974-79 he was a Labour MP for Dudley West. He has wide industrial experience within the international natural-resources sector. He was, for ten years, Chairman of Clyde Petroleum plc. Dr Ian Gordon Duncan - Chief Executive Director Aged 56, he is a petroleum geologist with over 25 years experience in the oil exploration industry. He began his career with Esso before joining Clyde Petroleum plc where he was appointed a director in 1991; from 1990 to 1997 he was the Managing Director of Clyde's subsidiary in the Netherlands. He was appointed as an executive director of the company on 14 March 2005. Stephen Lawrey Phipps - Non-Executive Director Aged 47, he is a non-executive director of Scarborough Minerals plc and is also a director of Phipps & Company Limited. He worked for over 20 years as a stockbroker in London and New York. Darwin Lewis Clifton OBE - Non-Executive Director Aged 50, he is a Falkland Islander, and a founding director of Desire Petroleum. From 1987-90 he was the Falkland Islands Government London Representative and he was twice elected to the Legislative and Executive Councils (1985-87 and 1997-2001). Currently he is managing director of Byron Marine Limited, a Falkland Islands incorporated, ship owning and ship-managing company. In 2006 he was elected Speaker of the Falkland Islands Legislative Council. Andrew Guy Windham - Non-Executive Director Aged 56, he is a solicitor with over 20 years experience in the oil exploration industry. He began his career in the City before moving to Westland and then to Clyde Petroleum plc in 1983 where he was appointed a director in 1996. He joined Energy Africa Ltd. in 1998 and was appointed to its Board in 2001 as Commercial Director. He is also a non-executive director of Aminex plc Edward Wisniewski - Non-Executive Director Aged 45, he is a Chartered Accountant with 12 years experience in the oil exploration and production industry. After training with Touche Ross & Co he joined Clyde Petroleum plc in 1988; from 1995 to 2000 he was the Finance Manager of Clyde Petroleum's subsidiary in the Netherlands. He joined Alstec Ltd as Financial Controller in 2000.

7. 7 History Formed in 1996 to participate in 1st Falklands Licensing Round Floated on the AIM in 1998 after raising £15 million Participated in 6 well drilling campaign in 1998 alongside Shell, Amerada Hess – Desire had interests in 2 wells 6 wells drilled back to back – 5 of the 6 had hydrocarbon shows Company maintaining commitment to region and development of a new play model 2004 : £4 million raised to shoot 800 sq km 3D seismic 2005 : Data interpretation confirmed new model 2005 : £25 million raised for new 3 well drilling programme

8. 8 Corporate Profile LSE code : DES 221 million shares in issue (18 million management options outstanding) 12,500 shareholders £26 million cash Market Capitalisation £73 million (@33p/share)

9. 9 The Attraction of the North Falklands Basin

10. 10 What was found in 1998?

11. 11 Mapping the 1998 wells

12. 12 Lessons learned in 1998 Mature oil source rock, large volumes Working hydrocarbon system Source rock regional seal preventing upward migration of hydrocarbons Needed high quality seismic to define traps at deeper levels

13. 13 Desire Petroleum Interests Tranches C & D - Desire 92.5%, Rockhopper 7.5% (to fund 15% of 3 wells) 2nd exploration phase 2006-2013 2 well commitment Tranches F, I & L – Desire 100% Tranche A – Argos Evergreen 100% PL032/033 – Rockhopper 100%

14. 14 3D Seismic Data

15. 15 Untested play concepts

16. 16 Well 1 – ‘Liz Prospect’

17. 17 Liz Prospect – amplitude map

18. 18 Wells 2 & 3 – ‘Rachel’ and ‘Ninky’ prospects

19. 19 Summary of prospectivity

20. 20 Exploration Economics

21. 21 Summary Well placed AIM exploration investment play Proven working hydrocarbon system Potential to become major hydrocarbon province 3D seismic data confirms prospectivity – ready to drill 10 prospects identified – Large equity position 3 well programme in place Awaiting rig availability

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