GLR Galileo Resources Plc

RNS No 8133b
GAELIC RESOURCES PLC
28 October 1999


RECOMMENDED MERGER of DESIRE PETROLEUM PLC and GAELIC RESOURCES PUBLIC LIMITED
COMPANY

OFFERS DECLARED UNCONDITIONAL AS TO ACCEPTANCES

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

Desire Petroleum plc announces that the merger offer and the warrant offer,
which are being made by SG Securities (London) Ltd on behalf of Desire to
acquire the Gaelic Shares other than those already owned by Desire (the
'Merger Offer') and to acquire the Gaelic Warrants (the 'Warrant Offer'), have
been declared unconditional as to acceptances.

As at 3.00pm on 28 October 1999, Desire had received acceptances in respect of
a total of 734,354,286 Gaelic Shares (representing approximately 76.41 per
cent. of the issued ordinary share capital of Gaelic) and in respect of a
total of 134,256,811 Gaelic Warrants (representing approximately 95.32 per
cent. of the total number of Gaelic Warrants in issue).  Of these acceptances,
those in respect of a total of 121,975,000 Gaelic Shares (representing
approximately 12.69 per cent. of the issued ordinary share capital of Gaelic)
and in respect of a total of 60,000,000 Gaelic Warrants (representing
approximately 42.60 per cent. of the total number of Gaelic Warrants in issue)
have been received from persons deemed to be acting in concert with Desire.

The Merger Offer and the Warrant Offer will remain open for acceptance until
further notice.

All outstanding conditions of the Merger Offer and the Warrant Offer (with the
exception of admission of the New Desire Shares and re-admission of the
Existing Desire Shares to the Alternative Investment Market becoming
effective) have now been either satisfied or waived and, accordingly, the
Merger Offer and the Warrant Offer will become unconditional in all respects
upon Admission becoming effective.

The acceptances of the Merger Offer received represent approximately 80.08 per
cent. of the Gaelic Shares other than those already owned by Desire. 
Accordingly, as stated in paragraph 5(o) of Part B of Appendix I to the Merger
Offer Document, Desire intends to apply the provisions of section 204 of the
Companies Act, 1963 of Ireland to acquire compulsorily any outstanding Gaelic
Shares to which the Merger Offer relates and to apply for cancellation of
Gaelic's dealing facility on the Exploration Securities Market of the Irish
Stock Exchange.

Prior to 17 June 1999 (the commencement of the Merger Offer Period), Desire
held 44,000,000 Gaelic Shares (representing approximately 4.58 per cent. of
the issued ordinary share capital of Gaelic).  In addition, Mr Stephen Phipps,
a Desire Director, had a beneficial interest through his 25 per cent. holding
in Phipps & Company Limited in 96,975,000 Gaelic Shares (representing
approximately 10.09 per cent. of the issued ordinary share capital of Gaelic)
and 60,000,000 Gaelic Warrants (representing approximately 42.60 per cent. of
the total number of Gaelic Warrants in issue), Greenwich Resources
International BV, a wholly-owned subsidiary of Greenwich Resources plc (of
which Dr Colin Phipps, a Desire Director, and Mr Stephen Phipps are
directors), held 25,000,000 Gaelic Shares (representing approximately 2.60 per
cent. of the issued ordinary share capital of Gaelic) and Dr Colin Phipps held
options over 10,000,000 Gaelic Shares.

Save as disclosed herein, neither Desire nor any person deemed to be acting in
concert with Desire held any Gaelic Shares or rights over Gaelic Shares prior
to 17 June 1999 nor has any such person acquired or agreed to acquire any
Gaelic Shares or rights over Gaelic Shares during the Merger Offer Period and
no acceptances of the Merger Offer and/or of the Warrant Offer have been
received from any person deemed to be acting in concert with Desire.

Unless the context otherwise requires, the definitions contained in the Merger
Offer Document dated 11 September 1999 also apply in this announcement.

ENQUIRIES:

Desire Petroleum                (+44 1684 892242)
Dr John Martin
Dr Colin Phipps

SG Securities                   (+44 171 638 9000)
Luke Morton

Millham Communications          (+44 171 256 5756)
David Millham
Judith Parry


The Desire Directors accept responsibility for the information contained in
this announcement.  To the best of the knowledge and belief of the Desire
Directors (who have taken all reasonable care to ensure that such is the
case), the information contained in this announcement is in accordance with
the facts and does not omit anything likely to affect the import of such
information.

SG Securities (London) Ltd, which is regulated in the UK by The Securities and
Futures Authority Limited, is acting for Desire and no-one else in connection
with the Merger and will not be responsible to anyone other than Desire for
providing the protections afforded to customers of SG Securities (London) Ltd
or for providing advice in relation to the Merger.

Davy Corporate Finance Limited, which is regulated in Ireland by the Central
Bank of Ireland, is acting for Gaelic and no-one else in connection with the
Merger and will not be responsible to anyone other than Gaelic for providing
the protections afforded to customers of Davy Corporate Finance Limited or for
providing advice in relation to the Merger.

This announcement has been approved by SG Securities (London) Ltd for the
purposes of Section 57 of the Financial Services Act 1986.

END

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