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Falklands: Desire still upbeat on prospects

Friday, April 23rd 2010 - 23:06 UTC
Full article 97 comments

DESIRE Petroleum, the oil exploration company in which many Falkland Islanders are shareholders, has said it is hopeful of making a discovery, despite posting a £2.5 million pre-tax loss for the year ending December 31 2009.

The company still has a strong cash position, with some £57 million remaining of the £62 million raised to fund its oil drilling programme.

Share prices in Desire Petroleum, which had peaked earlier this year at 134p, plummeted after disappointing results from a first round of drilling. They currently stand at around 47p.

However, as well as locating some oil, there was an as yet unquantified and untested natural gas discovery at the Liz well.

Stephen Phipps, chairman of Desire, said: “It has been an exciting year for Desire and the company has made much progress in the period.

“Further detailed analysis on the Liz well is currently being carried out and we look forward to updating shareholders on the results when the analysis is completed within the next couple of months.

“We remain upbeat about the resource potential within the North Falkland Basin and look forward to recommencing drilling later this year.”

As a cost-cutting measure, but also to allow them more time to consider the data from the first well before proceeding, Desire has subcontracted the Ocean Guardian rig, first to Rockhopper Exploration and later to FOGL and global exploration giant BHP Billiton.

Penguin News.

Financial Tags: BHP, DSPMF, RKH.

Top Comments

Disclaimer & comment rules
  • gdr

    while some Brits chattering here in believing bogus news,Malvinas
    Guest Settlers makes “ ESCAPING PRACTICES ”... also in winter !!

    click : shops
    click : falkland photos
    click : midwinter swims 2006
    click : view collection
    click : pages 1,2,3,4

    of course they understand that Malvinas ' experienced reality !!

    Apr 24th, 2010 - 07:22 am 0
  • gdr

    in the near future ;

    we'll give all Malvinas to our Welsh origin citizens as a free gift !!
    which they deserve !

    Apr 24th, 2010 - 07:30 am 0
  • gdr

    #2 in Welsh language ;

    Yn fuan ,ynysoedd y Malvinas dras Cymreig i'n dinasyddion
    byddwn yn rhoi fel rhoodd...Maent yn haeddu !

    Apr 24th, 2010 - 07:46 am 0
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