Desire Petroleum plc - Drilling Update

Friday, April 2nd 2010 - 00:04 UTC

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Desire Petroleum Plc (AIM:DES) the oil and gas exploration company, wholly focused on the North Falkland Basin, wishes to provide a further drilling update on the Liz 14/19-1 Exploration well, where wireline operations are continuing.

From the interpretation of the logs received to date, it appears that the deepest play type is still undrilled and Desire's intention is to drill around a further 200 metres to test this play subject to operational constraints.

Wireline logging and sampling have been completed on the lower section of the well, primarily below 3,400 metres where the deeper gas shows were encountered. Petrophysical interpretation indicates that gas pay has been penetrated but that the reservoir quality in this section is poor.

Wireline sampling and pressure recording has still to be carried out on the primary Liz target and a number of other zones where hydrocarbon shows were encountered.

Final completion of the well is expected late next week.

For further information please contact:
Desire Petroleum plc 020 7436 0423 020 7436 0423
Stephen Phipps, Chairman
Dr Ian Duncan, Chief Executive Officer

NB: This statement has been approved by Dr Ian Duncan of Desire Petroleum plc, who is a Fellow of the Geological Society, a member of the Petroleum Society of Great Britain and a member of the American Association of Petroleum Geologists, with over thirty-five years experience in petroleum exploration and management.

Categories: Energy & Oil, Investments, Falkland Islands.

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Hoytred
Not finished till the fat lady sings ....
Apr 02nd, 2010 - 06:24 am 0
ed
Desire Petrolum !? the pravane company of BP !
Apr 02nd, 2010 - 10:05 am 0
Rhaurie-Craughwell
Hardly ed, it had to hire that Rig from another company, although I think BP like any typical business is waiting on the sidelines, if desire and the others are succesful (which they probably will be) it will rush in and exploit the riches as well, and probably buy out the smaller companies, which is what the smaller companies are hoping.

Who knows, rumours say that the Chinese are interested in any potential Falklands oil, when the international companies start rolling in Argentina's going to look daft at having missed out.

Argentina had the oppurtunity to cash in on the deal, by the Jerkners concluded that any deal should be scrapped to shore up the nationalist vote and placate various trade unions, misguided beleif that was no oil there.

How foolish the ruling oligarchy felt when this lump of metal starts testing for oil!
Ouch is all I can say!
Apr 06th, 2010 - 10:17 am 0

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