Desire drilling another well on its Rachel prospect
Shares in Falkland Islands exploration company Desire Petroleum (DES.L) more than doubled on Wednesday following internet bulletin board speculation of a bid approach for the Falklands focused explorer and an oil find, traders said.
An approach at two pounds per share was being talked about, one unnamed trader told Reuters.
Desire shares later pared earlier gains to trade up 50% at 99 pence.
Desire said earlier in October it would drill a sidetrack well on its Rachel prospect in the North Falklands basin after the original well failed to find oil. It said on Oct. 15 the sidetrack would take 20 days to drill.
“I would expect a statement from the company very soon because the share price has just rocketed and that indicates that there is some leakage somewhere as far as the news goes, and given the direction it's gone, it would indicate it's positive,” said Westhouse Securities analyst David Hart.
Desire drilling another well on its Rachel prospect 
Top Comments
Disclaimer & comment rules-
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Read all commentsThe drinks are on Beef ... eh, Think ??
Oct 28th, 2010 - 06:27 am 0Go easy on Think,its been a bad week :-)
Oct 28th, 2010 - 07:29 am 0Welll…. I could certainly use a drink but……………….
Oct 28th, 2010 - 07:39 am 0Not because of the BSAPOA
(Britisht South Atlantic Pirate Oil Adventure:-)
Looks as those oil ”Cowboys” are messing it up pretty nicely by themselves….
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8090989/Internet-talk-of-Falkland-oil-discovery-ramps-Desire.html
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