MercoPress. South Atlantic News Agency

Desire Petroleum finds five more prospects

Following recent interpretation of 3D seismic data Desire Petroleum has found five more prospects in the South Atlantic North Falklands Basin, reported Thursday RNS, the London Stock Exchange news service.

This is in addition to the previously identified seven drilling locations on Tranches C and D, in the North Falklands Basin which Desire Petroleum had advanced.

At four of these locations, dual targets have been identified, resulting in eleven prospects in total. These prospects have a potential of over two billion barrels of recoverable oil.

Furthermore three of the five new prospects can be tested at the drilling locations already identified. In addition numerous less well defined leads have been identified which will require further work before they can be moves to prospect status.

Dr Ian Duncan, Desire CEO, commented 'The more we work on the 3D seismic data, the more prospectivity we see in this basin. The identification of these five new prospects means that in the planned three well drilling campaign, all of the wells will have dual objectives.'