Falkland Oil & Gas snaps up Desire

Falkland Oil & Gas is to buy smaller Falklands-based firm Desire to create a company with licences to hunt for oil both to the north and south of the remote British territory in the south Atlantic. Falkland Oil & Gas said it had offered 0.6 of its “consideration” shares for each Desire share, in a deal valuing Desire at £61m. Desire had been seeking investment to be able to finance further exploration, nearby to the Sea Lion oil field – the only one to be discovered so far in the islands.