Gaelic sells 4.58% stake to Desire to fund drilling

Gaelic Resources has sold 44 million shares at £1.25 sterling each to Desire Petroleum, a British company listed on the Alternative Investment Market in London. The placing of the shares with Desire will raise £550,000 sterling for Gaelic to use to meet expenses at its Aljubarrota No 2 well in Portugal. Following the placing, Desire will hold a 4.58 per cent stake in Gaelic. Drilling at the well had been slower than anticipated, said a company statement.