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

Sorry for the delay in updates. I was out of the office at the back end of last week and with a lack of change in the sp, there didnt seem much point in commenting.

Traditional analysis highlights this mornings gap lower (after last Fridays bearish candle). This action breached the 20-day moving average at 42p and rising trendline support at 41.25p (off the 28.5p/33.75p lows). 41.25p now acts as resistance.
The market is currently underpinned by the 60-day moving average at 40.2p, but needs to close the 41.25p/42p window to prompt further bullish action towards a succession of lower highs (43.25p, 44.75p & 45.25p). Note the 200-day moving average has edged down to 45.76p. Loss of support at 40p would risk further slippage towards 38.25p (1 Aug higher low).
I'll update the Elliott analysis a bit later.
Regards
Lynnzal

Hi all

Thanks for the update Lynnzal. Support is still at 0.4025p, This may be tested again. Hope the weather isnt to bad at home.

Good Luck All

Eddie

"These indicators along with DES being above the risisng support line, suggest the market is still intending to move DES up. "

As I said, typical example of a chart used to tell a fairytale, the SP moves against the prediction but with the chart if you know how to read it.

driftwood1, I know that you are not criticising something that I have written, but that person is not around to defend his comments. Perhaps you could give us some "more education here", in the form of your opinion. It would be more usefull than you other comments.
Regards
Lynnzal

3 lots of 100k buys, that's more like it.

The pullback off the 44.75p high (15 Aug) appears to have satisfied a three legged corrective target at 38.75p (my system shows todays low at 38.5p), so we could be in for a bit of a recovery towards the 44.75p/45.25p highs.
My only concern however, is over the wave structure between the 33.75p low (6 Jun) and the 44.75p high. The best fit that I can currently see is a double zig-zag (consisting of 7 waves). This implies that the entire sequence from the 45.25p high has thus far been corrective and we are still due to complete the final leg lower (which started at 44.75p). Under this scenario the risk is that the overall correction either terminates in the 37.5p area (as a contracting triangle correction) or in the 33.25p area (as a flat correction). Either way, my previous analysis regarding the impulsive structure of the move up from the 28.5p low is still valid and I will address my topside projections as the market confirms resumption of the bull move.
Regards
Lynnzal

When is Desire going to hit oil?

When is Desire going to hit oil?

Cheers for up date Lynnzal and just looking at trades not a bad day and thought it should of gone up more than it did.

Eddie the weathers red hot back here we have a heat wave its in the 80s

Bear pressure since breaching the 20-day moving average extended through the 60-day moving average to test support at 38.25p (1 Aug higher low). This has held and prompted a recovery rally to Tuesdays 41.5p high. The resulting daily candle is a piercing pattern and suggests a potential turning point in the recent downtrend. Closure of the 41.25p/42p window is now needed to prompt further bullish action towards a succession of lower highs (43.25p, 44.75p & 45.25p). Note the 200-day moving average is now at 45.66p.
To the downside we have several supports under the 38.25p higher low, notably 38p (Fibonacci retracement of the 33.75p/44.75p up-move), 37.5p (Elliott projection) and the 36.75p higher low (19 Jul).
Regards all
Lynnzal

Thanks Lynnzal

...

Hopefully desire petroleum will exclaim to us all in the very near future.

Put an order in at 39 until end of next trading day.
F

Where are the lines going to be drawn now on the chart?

Looks to me like it's getting harder to find an upward trend line to base the "opinion" on.

driftwood1, is your question supposed to be directed to anyone in particular? Generally I do not use trendlines for my analysis. You appear unaware that they are not the only form of chart analysis that can be used to define trend or to formulate an opinion.
Also may I say that I find your attitude towards contributors to this BB very offensive. You have only critised peoples work and never offered up anything constructive (eg. a bullish or bearish viewpoint with sound reasoning). By all means question peoples analysis, but cut the sarcasm.

Hi Lynnzal
you do a good job and is much appriciated by followers
ignore the wood knomes who hide behind the screen,
have no worthy imput and just try to stir it up.
All the best
HUSTLER

Driftwood known as KO so put him on your squelch button with the rest of the names he has.

Heads high for Monday

Not today or this week but the wait could be worth it!