MercoPress. South Atlantic News Agency

Offshore oil surveying concludes for this season.

Another stage in the search for hydrocarbons in the waters surrounding the Falkland Islands concluded last week when two vessels involved in surveying acreage licenced to Desire Petroleum in the North Falkland Basin left for the River Plate, reports the latest edition of Penguin News.

The 3D seismic survey this summer was carried out by the "Geo Pacific" survey vessel and her escort "Thor Supporter" working for Fugro Geoteam-A/S one of the world's principal seismic companies and contracted by Desire Petroleum.

According to PN Desire Petroleum is expected to make an announcement within the next few days about the result of the survey programme.

Earlier in the season Desire Petroleum Directors said that following on from the results of the initial drilling (1998) "a new geological model has been developed which had identified the areas within the North Falkland Basin, and the below source rock, most likely to contain substantial reservoir rocks and traps for oil".

"The new geological model has concentrated on identifying potential reservoirs and structures below and adjacent to the source rock and has identified a number of major prospects along the Basin margins. At least three of theses prospects have the potential to contain recoverable reserves of one billion barrels of oil should suitable reservoir rock be present. The geological model predicts the presence of suitable reservoirs and it is the purpose of the 3D seismic survey to define them as precisely as possible prior to the next drilling campaign".

"It is expected that the 3D survey will have been completed and interpreted by the late summer of 2004, at which time Desire Petroleum will seek partners to initiate a second drilling campaign, possibly in the austral summer of 2004/05".