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Falklands’ exploration company Desire unable to reach drilling target depth

Monday, November 1st 2010 - 16:39 UTC
Full article 31 comments

Falkland Islands oil explorer Desire Petroleum (DES.L) said a closely-watched sidetrack well on its Rachel prospect in the Falkland Islands was unable to reach target depth and it would clean the hole out before trying again. Read full article

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  • Think

    After the news today,this “Company” seems to be the best ally Argentina could dream to have in the South Atlantic........

    If things end as I “Think” they will ....., they will leave around 20.000 British private investors with a “very bad taste in their mouths”....

    Go Go Go.... DESPAIR PETROLEUM

    Nov 02nd, 2010 - 07:30 am - Link - Report abuse 0
  • Alexei

    If Argentina expended a fraction of the time and energy it does whining and bitching, on exploring for oil in its own territorial waters; maybe Argentines might have something to be happy about, in thier apparently miserable, joyless lives.

    Nov 02nd, 2010 - 10:15 am - Link - Report abuse 0
  • Beef

    Think - Just arrived back in Blighty. Take a look at the market reaction before giving a knee jerk response. From what they have seen they are convinced enough to re-locate the OG on a more optimum position over Rachel. In other words the indications show this has the potential to be a significant oil find. Time will tell but there is oil there. Is it commercial? Neither you or I know, yet!

    Nov 02nd, 2010 - 12:59 pm - Link - Report abuse 0
  • Marcos Alejandro

    Oil exploration in Argentinian waters by UK is not only an illegal act but only a disaster waiting to happen.

    Nov 02nd, 2010 - 03:16 pm - Link - Report abuse 0
  • Beef

    Thank you for your pointless comment Marcos. I guess the ICJ will have to rule on the legal status of the exploration. Wake me up when your politicians have grown a spine!

    Nov 02nd, 2010 - 04:11 pm - Link - Report abuse 0
  • Think

    (3) Beef
    I am far from impartial but…………… a relative long life where a small amount of dishonest persons, unfaithful women, lying teenagers, double crossing friends, corrupt authorities and cheating business partners have crossed my path, has taught me that, when somebody stalls and avoid, he is usually lying.

    And ..... You keep mentioning the “market reaction” about Desire Petroleum as an universal self-explanatory “Panacea”…….
    At the beginning I couldn’t understand it……
    They must have something, I thought….
    The Market is not sooooo stupid…..
    But then I slowly understood that there is no normal “Market” around FI Oil…….
    A large bunch of British private investors guided more by gut feeling than logic………
    Easy prey for the “Real” Market….

    I hope I’m right and hope too that all your investments outside our “Backyard” will succeed for you :-)

    Take care… It’s a jungle out there………….

    Nov 02nd, 2010 - 04:28 pm - Link - Report abuse 0
  • Beef

    Think - This is frontier oil exploration and as a result there is huge risk and a large degree of speculation. That is life, that is AIM and that is the market. Read the news for yourself. DES are going to use this data to re-drill Rachel. There is oil there so it is now a question of finding the sweet spot.

    If Rachel does eventually emerge as a commercial oil discovery (I said if) then this will be huge as it will be the second such discovery in the NEFB. With the addition of further data from these drills and the upcoming seismic then more discoveries will be added over the coming years.

    It is just getting started.

    Nov 02nd, 2010 - 06:09 pm - Link - Report abuse 0
  • J.A. Roberts

    When are you going to give Port Desire back to us Marco? You know, that stolen British territory occupied illegally by Argentina...

    Nov 02nd, 2010 - 06:33 pm - Link - Report abuse 0
  • yaghan

    Maybe you should start by claiming Hurlingham, Claypole and other areas around Buenos Aires. Their english names are a clear sign of illegal occupation. What a glorious task for the RN boys!

    Nov 02nd, 2010 - 08:44 pm - Link - Report abuse 0
  • Marcos Alejandro

    yaghan, You forgat Banfield and Temperley.

    J.A. Roberts , UK is just a big bully using brute force to illegaly ocupied Malvinas and steal the national resources around it.

    Nov 02nd, 2010 - 10:20 pm - Link - Report abuse 0
  • Wireless

    So what are you gonna do about it Marpuff?

    Nov 03rd, 2010 - 01:26 am - Link - Report abuse 0
  • WestisBest

    “UK is just a big bully using brute force to illegaly ocupied Malvinas and steal the national resources around it.”

    Yawn......

    Nov 03rd, 2010 - 10:05 am - Link - Report abuse 0
  • J.A. Roberts

    Oh, Marcos, and what do you call a invasion force of thousands vs about 20 marines? Is that not also bullying? The Falklands have been British for the best part of 200 years, so get over it Marcos. Move on.

    Nov 03rd, 2010 - 11:39 am - Link - Report abuse 0
  • Marcos Alejandro

    Witless, “So what are you gonna do about it”
    I'am going to relax in my recliner and watch your failures.

    “Desire drops 5% after new Falklands disappointment”

    http://www.guardian.co.uk/business/marketforceslive/2010/nov/01/desire-falklands-disappointment

    Nov 04th, 2010 - 05:00 am - Link - Report abuse 0
  • WestisBest

    Failure?? did you read the link you posted about it?....or anything else for that matter? this is a minor setback for Desire and they're confident enough with what they have found in Rachel to finance the drilling of a new well, if they were abandoning the prospect you might have something to gloat about.

    Nov 04th, 2010 - 10:22 am - Link - Report abuse 0
  • M_of_FI

    @Marcos (4)
    The UK is not acting illegally as the UK Government has very little, if not anything, to do with the current hydrocarbons exploration in the Falkland Islands. The exploration companies involved are private enterprises (yes PRIVATE not PIRATE), who have been awarded oil licences by the Falkland Islands Government. Where does the UK Government come into all of that Marcos? The truth is that it doesnt. Your statement that the UK is involved in the current hydrocarbons exploration around the Falklands is something fabricated by you and your Government, as it is conveniant to your illegitmate claim over the Falkland Islands. All revenues generated from the current round of oil exploration in the Falklands and any potential licence fees or royalties from oil production will go to the Falkland Islands Government. This is a fact. You only discredit yourself when you state the lies that your Government has fed you.

    Nov 04th, 2010 - 11:29 am - Link - Report abuse 0
  • Cadfael

    Des is currently trading at 106, 1.4% up on the previous close.
    Big bully?
    UK, 94,060 sq miles .. Arg,1068302 sq miles
    rg=big flabby bully

    Nov 04th, 2010 - 02:11 pm - Link - Report abuse 0
  • Wireless

    MarDuff can't even make up his own derogatory nicknames in response, the saddo.

    What a surprise though, he's going to do nothing about his perceived 'injustice' and watch stocks and shares for light relief. Well, whatever gets your rocks off, as long as you keep such details to yourself we're all happy.

    Nov 04th, 2010 - 05:13 pm - Link - Report abuse 0
  • Marcos Alejandro

    Witless, Next time you should try for gold.
    November 04, 2010 “ Desire Petroleum Plunges on Dry Falkland Islands Well”
    http://news.businessweek.com/article.asp?documentKey=1376-LABM800YHQ0X01-2QP7P0SFOLCEOT9RJEH3P5JPLS

    “BHP Billiton Ltd. said Sept. 28 that it would exit an exploration project with Falkland Oil.”

    Nov 04th, 2010 - 06:51 pm - Link - Report abuse 0
  • Wireless

    MarDuff old fella, I don't actually hold and stocks or shares in any company, you keep posting links which make no difference to me either way.
    Yet I ask you a direct question, 'What are you going to do about it?' and you indicate the usual, which is nothing.

    For the cheap seats I reiterate that I have no financial interest in the Falkland Islands or their resources, you sit there and read what you like pal, but effectively you and your country are doing nothing are you?

    Nov 04th, 2010 - 11:36 pm - Link - Report abuse 0
  • WestisBest

    From your link Marcos:

    “The dry well “would appear to be the major risk now associated with exploration in the area,” Peter Hitchens, an analyst at Panmure Gordon & Co., wrote in an e-mailed report.”

    Wow.......a dry well is the major risk in oil exploration, who'd have thought it eh?

    Ministry of the bleeding obvious or what, did anyone pay good money for that report?

    Nov 05th, 2010 - 09:25 am - Link - Report abuse 0
  • Cadfael

    old news rgs, do try to keep up!
    The Falklands are still British, the rigs are still drilling and the rgs are still whining and whinging and doing nowt
    Groundhog day?

    Nov 05th, 2010 - 10:04 am - Link - Report abuse 0
  • M_of_FI

    I am taking great pleasure from the fact that Marcos hasnt even tried to respond to or acknowledge my post's existence. I wonder why?

    Nov 05th, 2010 - 02:45 pm - Link - Report abuse 0
  • WestisBest

    He'll get round to it, something along the lines of “EEENGLISH PIRATES GO HOME!!” I'll be bound. That'll learn us.

    Nov 05th, 2010 - 03:01 pm - Link - Report abuse 0
  • Zethee

    usually he just posts a link sprouts something random, can't back it up with facts so does not reply, unless it's another link with a random pirate quote.

    Nov 05th, 2010 - 06:36 pm - Link - Report abuse 0
  • Marcos Alejandro

    16 M_of_FI
    To all my “fans” in here thank you for waiting.

    M_of_FI “UK Government has very little, if not anything, to do with the current hydrocarbons exploration” Really?

    Let's see, Rockhopper, based in Salisbury, England;
    Desire Petroleum Plc, of Malvern, England
    They are drilling in Argentine waters or at least you can deny in a disputed area recognized for the United Nations.
    And they are drilling under the protection of UK's Royal Navy.
    Britain had broken a UN resolution forbidding unilateral development in disputed waters.

    “royalties from oil production will go to the Falkland Islands Government”
    Sure.
    http://www.thesun.co.uk/sol/homepage/news/money/city/3145751/3billion-Falkland-Islands-oil-boost.html

    Nov 05th, 2010 - 08:47 pm - Link - Report abuse 0
  • WestisBest

    When granting exploration licences the FIG favours UK companies and FI/UK consortiums Marcos, tough luck everyone else eh?

    ...and regarding what you read in the Sun......get a grip man, it's a TABLOID, if you want factual reporting you don't read a tabloid...Durrrr!

    Nov 05th, 2010 - 10:55 pm - Link - Report abuse 0
  • Marcos Alejandro

    WestisBest , I know is a tabloid but knowing your cousins from Europe is a strong possibility.

    Nov 05th, 2010 - 11:32 pm - Link - Report abuse 0
  • WestisBest

    I'm not going to lose too much sleep over it Marcos, anyway many Falkland Islanders believe that if the oil industry takes off we should find a way to remunerate the UK for all the support they've given us ove the years.

    Nov 06th, 2010 - 09:46 am - Link - Report abuse 0
  • Marcos Alejandro

    “we should find a way to remunerate the UK for all the support they've given us ove the years”

    With sheeps? Poor animals.

    Nov 06th, 2010 - 05:22 pm - Link - Report abuse 0
  • stick up your junta

    With sheeps? Poor animals

    Badish!!!!!

    Marcos, the King of the one liners

    Nov 07th, 2010 - 07:41 pm - Link - Report abuse 0

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