MercoPress. South Atlantic News Agency
Falkland Islands: Desire drilling update
Desire Petroleum plc (AIM:DES) the oil and gas company wholly focussed on the North Falkland Basin, today provides the following update on the latest logging results from the 14/15-2 Rachel North well which, following additional wireline data, will be plugged and abandoned with oil shows . Read full article
Comments
Disclaimer & comment rulesBugger. Turning oil to water is something only the DES bod can do. Think - Do you like pressurized mineral water? Looks like I have plenty to sell!
Dec 06th, 2010 - 07:49 am - Link - Report abuse 0Oh well it is only money. Hi ho, hi ho it's off to work I go!
(1)Beef
Dec 06th, 2010 - 08:10 am - Link - Report abuse 0“Oh well it is only money”.....................
Yes........... For you, investors from the Northern Hemisphere, it is only money.............
But for the settlers in Malvinas it is quite a “little bit more”......
When (and if) this British induced “Oil Bobble” bursts, they will be left quite alone in an transformed hostile South American environment.
I would expect now some serious questions to be asked about the authenticity of Rockhopper’s “Oil discovery” claim.
Their last CPR was, in my humble opinion, just the beginning………………..
oops! lol
Dec 06th, 2010 - 08:26 am - Link - Report abuse 0“ ... they will be left quite alone in an transformed hostile South American environment.....”
Dec 06th, 2010 - 08:26 am - Link - Report abuse 0They'll still be British, and the locals don't seem to be any more (or less) hostile than they've always been.
If the oil thing goes away, there'll just be less for Argentina to whinge about and the islanders will probably enjoy the peace and quiet.
It will not make any difference at all to the political status quo!
(5) Hoyt
Dec 06th, 2010 - 08:31 am - Link - Report abuse 0I normally do not use profanities but........................
Who the f*** do you “Think” you are bulsh***** ?
Well I know who you're bull sh*tt*ng ........... yourself!
Dec 06th, 2010 - 08:35 am - Link - Report abuse 0(5) Hoyt
Dec 06th, 2010 - 09:15 am - Link - Report abuse 0In the eventuality of the burst of the South Atlantic “Oil Bubble”, the Malvinas and it's settlers will find themselves in a completely different situation.
Our regional diplomatic and political offensive gaining momentum by the day….
Our renewed focus against the Islands two main areas of revenue: Fisheries and tourism…
The financial crisis in Great Britain certainly will “difficult a trad” the investment in megalomaniac projects like a Deep Sea Harbor, Dry Docks or a fully- fledged Fish Processing Industry on one of the most isolated and disputed Archipelagos on the face of the Earth, inhabited by 2.500 souls and “protected” by 2.500 soldiers.
What “Status Quo” are you talking about?
By God you are deluding yourself.
Dec 06th, 2010 - 09:35 am - Link - Report abuse 0For a start off, let me say what I've said before ... the oil industry in the North Sea took 10 years to reach its potential, so this is very early days for the Falkland islands. Time will tell.
As for your 'completely different situation' ..... don't give me the bull sh*t about “ regional diplomatic and political offensive gaining momentum by the day”, that just politicospeak. Get into detail. What has Argentina gained, that it did not have before the oil exploration started? Exactly.
Greater unity amongst its neighbours! Pull the other one, each of the old boys clubs merely repeats what it said last year, and the year before. Chile says one thing and then invites the RN to its boat show. Brazil says many things but then is very careful about what it actually signs, and continues to support the oil ships anyway.
Who else ... that actually matters in any real sense? Venezuela? lol
The C-24? Well all the shouting about unilateral oil exploration hasn't gone anywhere. The C-24's proposed Resolutions fail to get passed the Fourth Committee and the C-24 itself is now under attack as being a costly irrelevance!
The UN? Please detail your gains there ..... I'll be fascinated to know.
What else? Oh yes, the fishing industry ... well? They are still fishing, they are still buying licences. Many of them are Spanish boats. Can someone from the islands please tell me how the fishing industry is suffereing under the Argentine (not) blockade!
Tourism ...? Have the cruise vessels stopped?
Our financial crisis will continue to have an effect on the way we spend money Think, but if you think that we'll abandon the islanders then you've way misunderstood the British mentality.
The status quo before the oil company got interested was that Argentina whinged, her neighbours offered minimum verbal support and the international community did nothing. That's the status quo I'm talking about ..... it may be along again right shortly :-)
Keep tuned to this Channel lad......
Dec 06th, 2010 - 09:46 am - Link - Report abuse 0Most of your questions are already answered (or will be soon enough) in here....
Courtesy of MercoPress, the “Independent” South American Newsagency :-)
I agree with Think. Mercopress previous headline :
Dec 06th, 2010 - 10:53 am - Link - Report abuse 0“Falklands: Rachel North Exploration Well 14/15-2 Oil Discovery”
Now:
“Falkland Islands: Desire drilling update”
Seems to be not very partial.
In regards to DP, I don't understand what it is the proper process to comunicate an oil decovery. Is it possible to confuse water with oil?
Of course not JB.
Dec 06th, 2010 - 11:07 am - Link - Report abuse 0Thursday there was a leak, a desyleak, with no news the shares dropped 30%, smart investors selling (Goldman among others).
Friday they announced oil discovery; no change because foolish buying and smarties selling.
Today, the truth and corruption discovered.
Tree shaking Beef? Please mate, don´t get married with those types of shares and situations; don´t mix nationalism with business.
Crystal HAze.
Dec 06th, 2010 - 11:39 am - Link - Report abuse 0“Today, the truth and corruption discovered”
What odd circles of thought your mind processes? How is it corrupt to say:
“After wire logging of what appeared to be an oil find, we find that most of it is residual oil in water”
My God its Iran-Contra over again!
”When (and if) this British induced “Oil Bobble” bursts, they will be left quite alone in an transformed hostile South American environment.”
Dec 06th, 2010 - 11:40 am - Link - Report abuse 0Got anything in writing regarding that yet think? Your 'ally' Brazil is still being most obliging in assisting in Falklands oil exploration.
:-)
Rhaurie-Craughwell, corruption in the market is when a stock is manipulated as Desire was during last week and today. Foolish buying smartie´s dog.
Dec 06th, 2010 - 12:20 pm - Link - Report abuse 0It's quite amusing that think seems to assume that this so called political support is going to change the British government's mind on the situation.
Dec 06th, 2010 - 01:33 pm - Link - Report abuse 0For one, any PM who did so...Would be commiting political suicide.
I'm a firm believer that actions speak louder than words. And let's look at whats been going on over the last couple years.
Argentina complains about everything we do, get's verbal support from other nations, complains about rocket resting, complains about oil, sets up a verbal blockade of the islands.
It's all verbal, No actions...Argentina has done nothing physical.
What have we done? Well...We haven't said anything apart from our standard responce to the Argentinians. But our actions speak louder, they're searching for oil, tourism is still going, the royal navy held there operation.
Argentina is being ignored.
Our renewed focus against the Islands two main areas of revenue: Fisheries and tourism…
Dec 06th, 2010 - 02:27 pm - Link - Report abuse 014 Days Coastal Cruises Seabourn-Seabourn Sojourn
Buenos Aires, Montevideo, Cruising Atlantic Ocean, Stanley/Falklands, Cruising Atlantic Ocean, Ushuaia, Cape Horn, Punta Arenas, Chilean Fjords, Puerto Chacabuco, Puerto Montt, Cruise Pacific Ocean, Valparaiso
1 departure date: January 17 2012
Prices from:
Suite $7335
Think talking bollox :-)
Blue Haze....
Dec 06th, 2010 - 02:43 pm - Link - Report abuse 0Making an announcement and then announcing further information when it becomes available is not stock market manipulation, and hence not corruption.
They announced an oil discovery last week, and then stated they would conduct further wireline logging, they conducted this and then released a statement saying oil was present.
You really now very little about how markets work don't you?
One of the “Old serious investors” at iii that does know.....
Dec 06th, 2010 - 07:20 pm - Link - Report abuse 0“And RKH haven't proven a commercial oilfield either..thats a fact....there's alot of flannel about Sea Lion and it's ”reserves” currently estimated at what a paltry 170M (work out the possible recovered reserves for heavy oil with low pressure lowish permeability) which is not a basin opener for FI.
They'll need 500M stand alone in a new frontier basin of good quality liquids.
Not to mention the price poor quality 26-28API oil would fetch...all those ignorant posters valuing the hyped “reserves” with standard BRENT or WTI benchmark values, ignorance is bliss until you lose your money... then its lessons learnt.
About time people had a reality check....today was partly there.
Amazed this share is still 66p.....lots more to drop yet me thinks.
Fool(s) and money easily parted...ho hum.
Desire still have £75M of investors money on paper sales when they spun news earlier and soaked up the gullible.
Beware
IMHO
COS is ~1:20 for next well and the DES track record is now emerging for all to see.
They're a weak G&G company in a poor geological basin with minor prospects with marginal reserves to “discover” at best.
Shell and Exxon know this....as do many other oilies.
As you've all said when warned before...your money your choice.
KJR59
Think, one for you
Dec 06th, 2010 - 07:39 pm - Link - Report abuse 0ax2+bx+c=0+=+x + y = 25x = 21, y = 4 If L1 ≺ L2 and L2 ∈ P, then L1 ∈ P. =the Falklands are still British
Recalls back to the NUMBEROUS islands/nations that UK was determined to keep.......and lost, lol.
Dec 06th, 2010 - 09:59 pm - Link - Report abuse 0I think we've been over this millions of times before Thunk, does the term medium grade automobile crude suggest anything about the Sea Lion well?
Dec 06th, 2010 - 10:06 pm - Link - Report abuse 0I think yes, otherwise they wouldn't use the term “commercial” in the same sentence.
Even your batshits crazy president rants about the looting of hydrocarbons :)
remind me again the price of oil? $80 per barrel I last looked, whats 400 million times that figure?
hmmm $32 billion is alot of money to share between 3,500 islanders and small scale oil companies.
Argies so desperate, they simply must beleive!
Amazing, but the fag was right, just Think about it, he said it before. There's oil in the Falklands. Not haha
Dec 06th, 2010 - 10:33 pm - Link - Report abuse 0Zethee, what does PM stands for?
Dec 06th, 2010 - 10:42 pm - Link - Report abuse 0In last days i have read press articles from british media in which they claim that the recently cuts to UK defense might lead to an argentine invasion in Malvinas/Falklands. This thesis does not have any support.
1)Cuts have not reached to South Atlantic. This was confirmed by their assembly
2)Argentine military froces are in their worst shape ever. The many advances made during the kirchner governmnet(s) are a few year from yielding good results. For example, the State with the army have re-launch the civil nuclear power or the new missil program GRADICOM. They have also reopened Fabricas Militares and FÁBRICA DE AVIONES DE CÓRDOBA, and in the last month they have ordered 22 militar radars from INVAP. For further reading go to http://www.citedef.gob.ar/ and read TEC2 magazine.
But none of these measurse justify what was shared by the media, teh army, and navy are short in men and weapons, so i dont understand why if this is a commmon knowlege they say we have the capability to attack? it is impossible and super mega archi unpopular.
Prime minister.
Dec 06th, 2010 - 11:12 pm - Link - Report abuse 0Also, we know that Argentina is in no shape or has no will to attack the islands. It's just a debate about “what if”.
Think - I write comments at iii .... this hardly makes me a knowledgable investor lol
Dec 06th, 2010 - 11:27 pm - Link - Report abuse 0Personally I prefer gold shares, but the whole thing about share buying is that it's a form of gambling. Last week up, this week down. Those folks are betting it'll rise again, those folks that it'll fall. It's just the nature of the game ...
It's only money .... :-)
Classified
Dec 07th, 2010 - 05:48 am - Link - Report abuse 0“This in spite of the fact that a telegram from the US embassy in London, February 2010, includes the opinion of Exxon-Mobil CEO Brad Corson who believes there is not enough oil in the Falklands continental platform to make it commercially viable”.
Then why was the sea lion find classified as commercial Morecrap?
Dec 07th, 2010 - 08:05 am - Link - Report abuse 0400 million barrels X $80=ooh yet hit with that 32 billion baby!
Seems to be that it is not the first time Desire Petroleum does it…..:-)
Dec 07th, 2010 - 08:21 am - Link - Report abuse 0“Undesirable oil finds
May 1998: In one of the earliest false dawns, Desire's shares soared from 174p to 440p in a matter of days as the explorer said it had encountered ”minor hydrocarbon shows“ in one of its wells.
But shares promptly fell back as partner Amerada said on May 28 that it had found traces of hydrocarbons, but not enough for commercial use. It announced it would abandon the oil well in the British colony.
Shares in Desire collapsed 31pc on the news, to 117.5p. ”
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8184486/Falkland-Islands-oil-false-dawns-and-rollercoaster-share-rides.html
My comment about Desire Petroleum on the 01 November 2010 :
(1) 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
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8184486/Falkland-Islands-oil-false-dawns-and-rollercoaster-share-rides.html
DYOR
PS:
Rockhoppers Sea Lion “discovery” has NOT been classified comecial yet and.......The “discovery” has been recently downgraded by their own “Competent Person Raport” with at least 30% to 170 mbb
“ ... the best ally Argentina could dream to have in the South Atlantic........”
Dec 07th, 2010 - 08:32 am - Link - Report abuse 0“ ... will leave around 20.000 British private investors with a “very bad taste in their mouths ...”
Quite how you think that these two statements are connected is beyond me. I can guarantee that no more than 3,000 Falkland Islanders will suffer any kind in fall in their investments. I am also willing to bet that the remaining 17,000 of your suggested 'upset' British investors are unlikely to call for the abandonment of the Falkland Islands on the basis of their poor investment (if that in fact is what it turns out to be).
From today's Independent newspaper (Russian owned!) - “ ... David Farrell, an oil analyst at Evolution Securities, said the outcome at Rachel North was ”exceptionally unfortunate“ for Desire but had little immediate impact on the credibility of the Falklands as a putative oil province. ”In 99 cases out of 100 the indications of the preliminary tests are validated, but this was the one in 100 where that didn't happen,“ Mr Farrell added. ”The stock market is looking for instant gratification when it comes to drilling oil wells but the geologists will see this as a learning experience... ”
Early days :-)
Aparently I´m not the only one thinking that this dog is a foolish trap.
Dec 07th, 2010 - 01:57 pm - Link - Report abuse 0http://www.dailymail.co.uk/money/article-1336432/AIM-probe-Desire-Petroleums-Falkland-Islands-oil-strike-claim.html?ito=feeds-newsxml
But it's not a large crowd Billious, the Daily mail is not renowned for the quality of its reporting.
Dec 07th, 2010 - 02:12 pm - Link - Report abuse 0” ... according to the LSE (and Seymour Pierce, the company's well-paid advisers) who insist that Desire made the right disclosures at the right time...”
http://www.telegraph.co.uk/finance/comment/richardfletcher/8185196/Beware-dreams-of-gushing-Falklands-oil-after-Desires-flop.html
Still early days.
Remember Billy....
Dec 07th, 2010 - 02:17 pm - Link - Report abuse 0Mr. Fawlty-Craughwell & Co. always say ....: “You Know Nothing” ;-)
http://www.youtube.com/watch?v=s6EaoPMANQM
Still early days??
Dec 07th, 2010 - 02:29 pm - Link - Report abuse 0You said something about 10 years and bla bla bla and north sea; but I remember you that oil explration began in south atlantic in 1995; 15 years from now!!
Today are not early days mate.
“You know nothing”?? well, bad taste tactic working:
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8184587/Falkland-Islands-oil-Who-are-Desire-Petroleums-shareholders-and-what-are-they-saying.html
A disgrace really...
Dec 07th, 2010 - 02:41 pm - Link - Report abuse 0London suits robbing Falkland veterans!
the Law m72 should be applied th those “City parasites”....
If you get my hint..........
OPPPSS!!!
Dec 07th, 2010 - 03:23 pm - Link - Report abuse 0http://www.infobae.com/economia/550708-101275-0-Anunciaran-hoy-el-hallazgo-un-megayacimiento-gas
Despair Petroleum down 13% to 61p. today.
Dec 07th, 2010 - 05:15 pm - Link - Report abuse 0I really dont understand the market anymore .......
With a TV (trade volume ) over £ 280 lakh , NN (no news), SBS (sore British sentiment) etc., I was dead certain that SP would end under the magical 57 p.
Which variable am I missing???
Somebody ... help....
You are missing the 'early days' variable, Think. Shareholders are optimists after all, impossible to play the stock market (notice the word 'play') without being something of a gambler!
Dec 07th, 2010 - 11:35 pm - Link - Report abuse 0Besides, a number of newspapers have reported that the sands that were discovered had had oil pass through them, and the job now was to find where it ended up.
Early days!
Billious - 10 years from the start of serious exploration i.e. drilling!
Early days variable... Hmmmmm
Dec 08th, 2010 - 12:32 am - Link - Report abuse 0“May 1998:
In one of the earliest false dawns, Desire's shares soared from 174p to 440p in a matter of days as the explorer said it had encountered ”minor hydrocarbon shows“ in one of its wells.
But shares promptly fell back as partner Amerada said on May 28 that it had found traces of hydrocarbons, but not enough for commercial use. It announced it would abandon the oil well in the British colony.
Shares in Desire collapsed 31pc on the news, to 117.5p. ”
www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8184486/Falkland-Islands-oil-false-dawns-and-rollercoaster-share-rides.html
This was more than 12 years ago.....
They drilled six holes in 1998....
They found hydrocarbon” traces“ in five of them....
Nope... it can't be ”early days”
Other suggestions?
perhaps if we wait another week the water might transform back to oil
Dec 08th, 2010 - 12:37 am - Link - Report abuse 0Calm down people .... these things take time :-)
Dec 08th, 2010 - 01:44 am - Link - Report abuse 0Reality first as always,1998- first ever wells drilled - 6 - oil to surface in one and traces in the others. hat was a damn good average result - and drilling would have continued but for one factor - oil prices collapsed and better cheaper drilling elsewhere. 2010 Oil and Gas shoes in one,oil strike in another, one dry and the latest group shows good traces of. Again- corect me if wrong - but a pretty good result so far for a frontier area - a long way to go yet before anyone can say with surety - yes we have it - or no we dont.
Dec 08th, 2010 - 02:41 am - Link - Report abuse 0Stock Exchange investigations in London - basic routine in these cases I hope - it shows UK checks for any possible corruption - would the same happen on the Bolsa?
Islander, the price argument for 98 failure is crap.
Dec 08th, 2010 - 04:30 am - Link - Report abuse 0If it were true shell would have been the first corp to drill in this new oil era and not these ultra-risky and suspicious little familiar companies. There is no oil mate; at least not to be free from dispute.
What dispute ?
Dec 08th, 2010 - 04:52 am - Link - Report abuse 0Billy, Falklands Offshore-like many remote offshore places- has always inevitablly had a high price tag for exploitation-IF any commercial oil. 1998 it went crashing well below $28 a barrel - costs here anticipated at $30-50 a barrel to extract - that is very simply why further exploration stopped.Nothing to do with politics - at that time we even had a zone agreement with Argentina!
Dec 08th, 2010 - 04:40 pm - Link - Report abuse 0“Redhoyt said” “Our financial crisis will continue to have an effect on the way we spend money Think, but if you think that we'll abandon the islanders then you've way misunderstood the British mentality.”
Dec 08th, 2010 - 05:35 pm - Link - Report abuse 0England has abandoned big countries(Singapur, India, etc.) , and I have not doubt you will abandon an small island.
By the way.. most of the “English” people writing here are really islanders(malvinas) not from the continent(England) “that for sure”.
If I want to know English people opinion I ask my grand father he was born there.
Islander, as I told you before, price argument is a fallacy, a lie for bennies and foolish investor consuption.
Dec 08th, 2010 - 08:19 pm - Link - Report abuse 0In the ´90 with poor prices Shell started the exploratory rounds and ended not because of the price, because there is no enough oil.
It´s true the oil price crashed; but it crashed everywhere in the world. If Shell discovered oil they would have stayed in the region waiting for better prices and adding this oil to their reserves; but no, they left and they didn´t return in this better price era.
However, perhaps there is some oil and these companies can find some pockets with oil and gas, but please, don´t swallow market lie saying that them could be commercials in this dispute enviroment.
Billy, guess we can agree to differ on 1998, but oil companies like a broad porfolio worldwide and keep changing it- price dropped so Falklands fell off Shell,s - then they got busier elsewhere at less cost in the lower price markets and not interested in returning as better work elsewhere but in future who knows?- you and I dont!
Dec 08th, 2010 - 09:16 pm - Link - Report abuse 0I dont swallow any lies - there MAY be oil/gas offshore here in Commercial quantities - there may NOT be - only time and a lot more work will tell .
If there is commercially extractable oil here the dispute you refer to has no effective relevance. Companies work offshore here in a secure legal framework to European type saftey standards in a secure stable political system.
An oil field offshore here could be developed with backup logistics shipped to the Islands from Argentina or Brazil or Western Africa - or Europe, it would not make much real difference.
Time will tell.
Guano - we didn't 'abandon' Singapore or India ... they were negotaited to independence. After WWII we couldn't aford to keep them and we'd made promises. We kept them, even though we knew that in the case of India and Pakistan there was no easy solution. We'll keep our promise to the Falkland Islanders too ..... the choice is theirs. Not our, not yours!
Dec 08th, 2010 - 11:12 pm - Link - Report abuse 0Billious - the price of oil always figures in any calculation about potential. Profit is, after all, the bottom line. Therefore you are wrong if you say that the oil price in the 1990's did not play any part. It will determine the viability of any oil industry in the future!
#47Juan01 ...
Dec 09th, 2010 - 11:24 am - Link - Report abuse 0my vaioso mate !
your third paragraph is wrong !...according to my friend report;
there are no (Malvinas Islands) any telephone,internet..they have
communicate by only spesific wireless devices..
security..security..just security !...the security is more
important than bread for them....
@51 Juano1, of course, with neighbours like you, Johnny...........
Dec 10th, 2010 - 10:34 am - Link - Report abuse 0http://af.reuters.com/article/energyOilNews/idAFLDE6B917Y20101210
Dec 11th, 2010 - 01:34 am - Link - Report abuse 0One to assist you Think in your evaluation of the stock market :-)
” ... Desire Petroleum announced oil find, then backtracked
* 2010 drilling results encouraging, says former top exec
* Oil find of 200 million barrels would be commercial - WoodMac
By Alex Lawler
LONDON, Dec 10 (Reuters) - The Falkland Islands could yet prove to hold oil resources worth developing, although a setback for Desire Petroleum there this week reminded investors of the risks of exploration drilling.
Desire said on Monday it did not make a Falklands oil find after previously saying it had, a blow to hopes that the British-ruled islands, over which Argentina claims sovereignty, will become a major new oil province.
Oil drilling resumed in February in the South Atlantic islands after a more than 10-year break. So far, British oil explorer Rockhopper Exploration is the only company to have announced a find it believes to be commercial, Sea Lion.
“The companies have drilled six wells so far. One potentially commercial discovery out of six is not particularly bad,” said Scott Pearson of Wood Mackenzie, a consultant to the energy and mining industries .......... “It's still relatively early days and the companies are still learning,” said Evolution Securities analyst David Farrell. “It's too early to write it off, especially when we have had a discovery......”
”there are no (Malvinas Islands) any telephone,internet..they have
Dec 12th, 2010 - 02:55 am - Link - Report abuse 0communicate by only spesific wireless devices..”
Because if the internet is wireless, its not the internet!
funny how people from the islands can communicate with us..on the internet.
Sir Timothy John “Tim” Berners-Lee, OM, KBE, FRS, FREng, FRSA (born 8 June 1955,[1] also known as “TimBL”), is a British engineer and computer scientist and MIT professor credited with inventing the World Wide Web, making the first proposal for it in March 1989.[2] On 25 December 1990, with the help of Robert Cailliau and a young student at CERN, he implemented the first successful communication between an HTTP client and server via the Internet.
Dec 12th, 2010 - 08:41 am - Link - Report abuse 0Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!