RNS No 3055q
GAELIC RESOURCES PLC
19 October 1999


INTERIM REPORT 1999

It was announced on 27 August, 1999 that Gaelic Resources plc ("Gaelic") and
Desire Petroleum plc ("Desire") had agreed the terms of a proposed merger
between the two groups.  In my letter to you of 11 September, 1999 contained
in the document entitled "Recommended merger of Desire Petroleum plc and
Gaelic Resources Public Limited Company", and in other sections of that
document, the rationale for the merger was given.  This rationale has not
changed.

It was announced on 5 October, 1999 that as at 3.00 p.m. on 4 October, 1999,
the first closing date of the merger offer, that Desire had received valid
acceptances for 54.56% of the issued share capital of Gaelic and 67.44% of the
Gaelic warrants and that the offer had been extended to 3.00 p.m. on 25
October, 1999.

I, and the other independent directors (that is the directors of Gaelic other
than Dr. Colin Phipps), continue to unanimously recommend that Gaelic
Shareholders and Gaelic Warrantholders accept the merger offer and encourage
you to post your acceptance forms if you have not already done so.

Gaelic is currently involved in the appraisal of the gas discovery made in
exploration well, Aljubarrota No. 2, which was drilled in the Lusitanian Basin
in Portugal between December 1998 and March 1999.  Completion of the merger
between Gaelic and Desire will mean that Gaelic Shareholders will have a
majority position in the merged group, which will maintain its existing
interest in Portugal, have cash to pursue the Portuguese appraisal programme
and also have the potential of the exploration acreage offshore the Falkland
Islands currently held by Desire.


IAN FORREST
Chairman


19 October, 1999
 

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 June, 1999


                                               6 mths to   6 mths to
                                                 30/6/99     30/6/98
                                                     IR#         IR#

Turnover                                              -           -

Cost of Sales                                         -           -
                                             -------------------------
Gross Profit                                          -           -
                                             -------------------------
Administration expenses                        (179,652)   (158,683)
Amortisation of Goodwill                       (122,802)   (122,806)
                                             -------------------------
Operating Loss - Continuing Operations         (302,454)   (281,489)

Interest Receivable & Similar Income             12,461      39,973

Interest Payable & Similar Charges                 (788)     (1,355)

Foreign Exchange gains - net                     25,399      25,375
                                             -------------------------
Loss on ordinary activities before taxation    (265,382)    217,496)
Tax on Ordinary Activities                       (1,301)        (21)
                                             -------------------------
Loss for the financial period                  (266,683)   (217,517)
                                             -------------------------
Loss per Ordinary Share                         IR(0.03)p   IR(0.03)p
                                             =========================

Copies of this report are being sent to shareholders and are available to the
public at the Company's registered office: 103 Rathfarnham Wood, Rathfarnham,
Dublin 14.

For further information please contact:

Pat Mahony
Gaelic Resources plc
Tel:  353 1 494 7630

END

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