Desire Petroleum

<>Desire Petroleum plc (Desire) is a UK company listed on the Alternative Investment Market (AIM) dedicated to exploring for oil and gas in the North Falkland Basin.

Desire has recently completed a 6 well exploration programme. The Liz well encountered dry gas and gas condensate at 2 separate levels while other wells recorded shows.
Together with the Rockhopper Exploration Sea Lion oil discovery in the licence to the north, these wells have provided significant encouragement for the potential of the North Falkland Basin. The oil at Sea Lion is of particular interest as this has demonstrated that oil is trapped in potentially significant quantities in a fan sandstone on the east flank of the basin. It is believed that over 50% of this east flank play fairway is on Desire operated acreage.

Desire has now completed new 3D seismic acquisition which provides coverage over the east flank play, Ann, Pam and Helen prospects. The results from fast-track processing of priority areas are provided in the 2011 CPR. A farm-out to Rockhopper has been announced. The revised equities are shown on the licence map (subject to regulatory approval and completion of the farm-in well). Desire Petroleum

Rockhopper Exploration

British Geological Survey

Argos Resources



Latest Press Realeses from Desire

Hello everybody. will anyone be attending the AGM for desire Petroleum. I have recived my Invite last Thursday 5th May. The meeting is at:
THE REFORM CLUB
104 PALL MALL
LONDON
SW1Y 5EW. at 5.30 P.M Tuesday 24th May 2005

Therefoe this will initially will be an ideal opportunity to ask, any indepth questions. When a rig is due to be booked. Amonst the present hype and rummors. Also If they have plans for drilling to commence in December 2005 or early January 2006 !. Is any one else attending, if so comments and feed back are appreachiated. Bye for now shadow....

BHunt, where did you come, how can you get out of here, you've never even arrived. You sound like a shorter who's hoping to shake a few weak holders. Just to let you know that most people on this board know the action doesn't start until drilling in 6 months time and so are happy to sit tight until at least then. If you are shorting then I hope you've done your homework and know that an RNS announcing the succesful contract for a rig is just around the corner and might have a rather dramatic effect on the price. One company run by a key player in the oil industry is so impressed with Desires 3D seismic they are happy to put up 30% of the drilling costs for just 15% of the oil. You (singular) may be out of here, we are very pleased to stay.

Hi all

Had a great time in Disney Land Paris. Good to be back though!

Thanks to lynnzal for updating the charts & all the other posters for keeping us informed.

DES is at 2nd place in the oil & gas sector, this is based on the % rise over last 250 days trading. Markymar could you put the sector list up that shows this please. The open 0.3675p, high 0.3675p, low 0.3575p, close 0.3600p, combined volume 819.0 K. At the of me going away there was a hammer formed. this was near the fibonacci retracement of about 0.3000p, the hammer & fibonacci retracements have so far given support. The falling window is still remains as resistance at 0.4150p. The support & resistance (as lynnzal has suggested) may become an area of consolidation. The buys vs sells (buys 525,908. sells 239,125.) 500,000 were broker to broker. The news of a rig being secured would be great news. DES is still looking good even after all the corrections.

(Most of the charts are showing corrections) Not just DES !





Good Luck All

Eddie

Cheers Eddie
Good to have you back
Regards
Berlingo

Having trouble putting the oil sector up so will try direct link and hope it works.It works for me but i will have the cookie on my computer so let me know.

Did you have good weather Eddie?

http://www.digitallook.com/cgi-bin/digital/security.cgi?csi=50064&action=performance&username=1033187&ac=

Welcome back Eddie, thanks for the update.

I've been sitting here going over my DES charts and have to confess that lack of upside progress is concerning/frustrating me. As this market is currently lacking press releases, we are more under the influence of technical (chart) issues. So I feel that I should re-iterate my posting from 28 Apr (#1147).

"If this market does continue to drift lower, I see longer-term downside risk to 30.5p (fibonacci retracement) and then I have a projected target at 26.5p."

The latter is an elliott wave projection and also ties in with the 'head & shoulders' objective 28p on closing basis and 26p on daily range basis. (Note my original posting had the reversal objective incorrectly stated at 20.5p).

Technically, I don't see DES getting anywhere below 26p and will be looking to add to my holding if we break below 30p. If this scenario plays true, then 26p should be the termination of a 'killer' C wave (elliott) and would then provide the base for a wave three rally. Note wave three rallies tend to be the biggest in any impulsive move. Above 48p confirms the corrective phase is over.

I hope this doesn't cast too much of a cloud, but I felt I should share my current thoughts....
Lynnzal

It is DESpressing and very unDESIREable but investors must remember that whatever the current share price oil does not disappear overnight and this share will go massive if the first wells hit the black stuff.

Hi guys. Its a waiting game from here on.Let the MM`s play their tricks.Signs of stop losses being triggered.Wait for a massive buy to trigger uptrend!
Kind regards
Berlingo
ps Eddie , look what happens when you come back,DES drops??? What you got to say for yourself? Actually nice to have you back !

Hi all

Hi markymar the weather was good just a few short showers.

Oily don't get depressed, most stocks are having corrections.

Lynnzal I'm not familiar with the elliott killer C wave, could we have some more on this please ?

Todays trading was pretty dismal for DES, but the same support & resistances apply. The rising window that took DES to its most recent highs started at 0.2800p date 08/11/04. The bottom of a rising window is said to be the most significant for support. Lets hope this is the case. We also have the recent hammer & fibonacci suggesting support at about 0.3000p. The open 0.3600p, high 0.3600p, low 0.3275p, close 0.3225p, combined volume 631.0 K.



Indices are all down, DES could be in for a rough ride tomorrow.


Good Luck All

Eddie

Cheers Eddie,

Glad you had a good time maybe USA this time next year me thinks.

Some good posts so keep up the hard work all.

Markymar

Hi Eddie, with regard to the 'killer' C wave...

Basically I am talking about an Elliott Wave, C wave correction (the killer bit is a phrase I picked up somewhere - I don't think it's a phrase I coined myself).
Anyway, very basically RN Elliott considered that markets moved impulsively in 5 waves and correctively in 3 waves. They are labelled 1,2,3,4,5 and a,b,c. C wave corrections are 'often' the most destructive (hence 'killer') because they tend to force out most participants due to the severity of the correction.

I started looking closely at DES back in February and had counted 5 waves up from the May 2004 'orthodox' low (6.5p). I had hoped that this Jan's top at 69.75p was not the termination and that we were going to see an extended 5th wave higher. But it doesn't seem to have worked out like that. I have labelled the 'a' wave termination at the 47.75p low (10 Feb), 'b'wave recovery top at 62p (14 Feb) - although the orthodox top for 'b' may actually be at 58.5p (9 Mar). Projecting wave 'c' gave 40p as equality, (ie. wave a = wave c in terms of size). As this level was breached we now must assume that wave c will extend 1.618 times that of 'a' to give an objective at 26.5p. That level also ties in with the head and shoulders target.
Note - if measured from orthodox 'b' at 58.5p, then 'c' could terminate at 23p.

If you or anyone wants any further clarification, then I will gladly accommodate.

Lastly, let me point out that this is currently a 'CORRECTIVE' phase and once it has all played out, we can sit back and enjoy all that comes from the next impulsive move. In terms of strength, it will be 'at least' as large in magnitude as the rally to 69.75p!
Regards
Lynnzal

lynnzal

Thank you for that keep your input coming as most Interesting

lynnzal

this all sounds fantastic, however, my heads now hurting.

lets hope the rally to 69p and above is not to far away.

kind regards

marrow

http://www.elliottwave.com/education/welcome/5.htm

Today a White Opening Marubozu was formed. This shows that the day opened and then the prices continued to go up all day long without coming below the opening level thus forming a long white body, however prices did not close at the high of the day and thus they created an upper shadow.

A buy signal Eddy or lynnzal me thinks

Hi all

Thanks lynnzal for your explanation on the elliott wave.

Thanks aur for the link.

Marrow hope your head gets better.

berlingo you'll just have to put up with me. Joke.... squelch button is handy.

Markymar yes it is a buy signal, but as with all signals you need confirmation on the next days trading. Look at the intraday charts to see which direction DES is heading before making a decision. If you see a gap up this would be good, but you must make sure DES continues in the up direction during the day.
Having read about the elliott wave, it looks like lynnzal is suggesting the next move will take DES to about 1.11p. Could you confirm this please lynnzal ? If so it would also be confirmed by fibonacci retracement at about 1.07p. The open 0.3325p, high 0.3550p, low 0.3325p, close 0.3475p, combined volume 1.118m. Des was the highest mover in the oil & gas sector by % move on the day. The oil & gas sector was down today, so it looks like DES was in favor. Most UK indices were down also.




Good Luck all

Eddie

Hi all

Looking good ! First buy at 07:26 (25000) !


Desire Petroleum PLC
12 May 2005


Desire Petroleum plc

('Desire Petroleum')

3D Seismic Data Update

As previously announced, Desire Petroleum, has identified seven drilling
locations on Tranches C and D , in the North Falkland Basin. At four of these
locations, dual targets have been identified, resulting in eleven prospects in
total. These prospects have a potential of over two billion barrels of
recoverable oil.

Further recent interpretation of the 3D seismic data has yielded a further five
prospects. Three of these can be tested at the drilling locations already
identified. In addition, numerous less well defined leads have been identified
which will require further work before they can be moved to prospect status.

Dr Ian Duncan, Desire CEO, commented 'The more we work on the 3D seismic data,
the more prospectivity we see in this basin. The identification of these five
new prospects means that in the planned three well drilling campaign, all of the
wells will have dual objectives.'

Enquiries:

Dr. Ian Duncan, CEO, Desire Petroleum plc: 01684 568 993
Richard Redmayne, Seymour Pierce Limited: 020 7107 8000
Ewan Leggat




This information is provided by RNS
The company news service from the London Stock Exchange


Good Luck All

Eddie

Blue sky i hope Eddie all is going well