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Desire Petroleum Updates Falkland Islands Activities

Wednesday, January 24th 2007 - 20:00 UTC
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Desire Petroleum plc Desire Petroleum plc

Desire Petroleum plc, the oil and gas exploration company wholly focused on the North Falkland basin, today announces an update on its activities.

The Company has taken delivery, in Aberdeen, of long lead time items, including the casing, tubulars and wellheads required for the planned 3 well drilling programme in the Falkland Islands. This equipment, valued at around £2.75 million, represents a significant part of the down-hole materials required for the drilling operation. The equipment will be stored near Aberdeen until required for the drilling campaign. It should be noted that since the order was placed in early 2006 the cost of this equipment has risen significantly. The Company continues to pursue a number of avenues in seeking to obtain a rig for drilling in the North Falkland Basin. In addition to continuing discussions with rig owners and potential farm-in partners, Desire is investigating the option of joining with the other operators in the Falklands to conduct a joint drilling campaign along the lines of the 1998 drilling campaign. The Directors believe that a multi-well joint campaign is likely to be of much greater interest to rig owners than a Desire stand-alone 3 well programme. In December 2006 Dr Colin Phipps the Chairman of Desire underwent a successful operation and is currently convalescing prior to commencing a further course of treatment. Dr Phipps continues to keep up-to-date with the Company's progress but, pending his full recovery, his duties as Chairman will be undertaken by Stephen Phipps who has been appointed Acting Chairman by the Board.

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