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

eddie , look in your candlebook book for adam and eve

agree with everything you say , and your analysis valuable but after serious burns trading fundamentals and promises i am now a pure technical trader. Don't wish to say any more here about the pattern as i never give advice.
best wishes Doc

The chart might as well be blank if you can't read it, all I say is 3/4 into March last. Look and learn but it's no matter, the chart does not know about the next RNS. Tut tut.

Hi maddoctor

I have looked up the Adam Eve formation in Thomas N Bulkowski. The criteria seems to fit the Adam Eve. This also confirms Lynnzals finidngs, that DES may go lower. The confirmation was given on 22/09/05 close below the low of 0.3375p which was also a gap down with high volume. The patterns I have looked at suggest as you say, a bounce is needed here. Yes it's a critical time. As they say it's not over 'till the fat lady sings.

Kind Regards

Eddie

eddie, glad you found it - I did not want to comment because i have seen a number of failures of this pattern.
Doc

Hi maddoctor

I'm glad you have commented, It's only fair to the other board users. I would never be offended. Your comments have been constructive.


Kind Regards

Eddie

Hi all

Provided I've done my home work correctly. DES is already at the ultimate low for the Adam Eve chart.

To work out the target price, you take the higher of the highest price Adam or Eve.

I this case its Adam at 0.4525p We then subtract the minor low which is the low between Adam & Eve. In this case the minor low is 0.3375p. The difference is 0.115p. Then divide the difference by 2. 0.115p /2 = 0.0575p. Take this away from the minor low price. 0.3375p - 0.0575p = 0.2800p. This is the target price 0.2800p The doji on Thursday appears to confirm this. The method used to calculate this is said to only work 69% of the time.

After the target price is reached the, change in a bull market is 50% and 43% in a bear market. These are average changes and can vary. The pattern is reversal or continuation.

I hope it's reversal !


Good Luck All

Eddie

eddie if you want to see another one look at the 5min candles on prty

Hi all

DES took a little step backwards today, The open looked ok but the bears managed to push down to the close. Todays candle is a spinning top, the real body of the candle is small. When we get a spinning top in either an up or down trend, it usualy indicates the prior trend is coming to an end. As I said in my last post the target price is 0.2800p, the method used to calculate this has a 69% success rate. After the cofirmation price, there is said to be a definate move up between 14 - 21 days. Lets hope all of that is correct then.

Maddoctor I had a look at the chart PRTY, it seems to have gone way past the target price. I dont see any support either. I will look if your on PRTY thread.





Good Luck All

Eddie

eddie , only just got time to look at your calculation. Top of adam is 71 ,bottom of adam is 28.5 , top of eve is 44.75. never seen your calculation before but perhaps you might want to run it again or maybe not because of the figure it will turn up. Not a clear cut pattern unless you look at the longer view and particularly the weekly candlesticks when the pattern jumps out at you.as to prty(5min) i just thought it might be of interest because it seems the pattern is taking the forecast course and in addition this pattern appears in all timescales.
doc

Maddoctor, thanks for the insight into the adam and eve pattern. Similar to double tops and bottoms although the projections are measured somewhat differently. However, as a double top/bottom is invalidated if the price closes back above/below the pattern trigger level...is this the same with adam and eve? i.e. is the pattern negated on a close above 28.5p?
Thanks in advance and regards to all.
Lynnzal.

lynzal , yes and you would then have a 2b bottom and this is the problem with this pattern - not a good one for shorting at the 2b bottom , need to be certain of the break

so for des at the mo , no confirmation either way

Hi Maddoctor & Lynnzal

I have just gone over the criteria again. There is a suggested time between the peaks, 2 -7 weeks also the peaks should be close in price, it is said some place a 3 % limit between the peak prices.

The dates I have that fit the criteria are Adam peak 0.4525p (25/05/05). Eve peak 0.4475p (15/08/05). The minor low is between Adam & Eve at 0.3375p (06/07/05), this is said to be the confirmation price. Also the valey between Adam & Eve is usualy about 10 - 20% which also fits. The volume is generaly higher on the top left in this case Adam (3.158m) Eve is (1.876m). If all of this is correct then DES is at the target price.

Good Luck All

Eddie

eddie , more information in your book obviously. Mine just refers to this pattern as one which shows the gradual loss of confidence during the eve peak construction.

Hi Maddoctor

We will have to wait and see if it is correct yet. We are on day 14 since the confirmation and target price. It is said there should be a significant change around day 14 - 21. I have gone over the material a few times., just incase I got it wrong. Time will tell as they say.

Kind Regards

Eddie

eddie, if any of these patterns were certain we would not have to get up in the bl**dy dark like this morning and screen watch all day!!!!!!!!!!
good luck Doc

Agree Doc!

Hi all

Not many buyers for DES today, just a few which is reflected in the shadow at the bottom of the candle. DES has passed through the target price today. The next support area I can see is 0.2450p (02/11/04). Todays candle has bearish implications and is very close to the support. Another strong bearish day will probably break the support at this level. Support definatly needed !

DES has declined by 21.48% since the break out price. It is said 64% will fail to fall 25% & 78% will fail to fall by 30% in a bear market. The bottom of the support area is at 27%.




Good Luck All

Eddie

I know it's not as exciting as a long legged doji or an Adam and Eve but if the graph stays flat for much longer it starts to look like the end of May
flat bottom which signalled a strong rise. Any suggestions for a name that is a bit more interesting than a flat bottom.

"no news"

The big buggers have got a sniff, guess it's an RNS on Friday for you small fish.

But ! I can tell you it's not settled yet, 30/70 I would say so not all's lost yet.