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

http://www.bgs.ac.uk/falklands-oil/download/download_files/news.pdf

Snip.

Desire's EIA approved by EXCO
Desire Petroleums EIA was approved at the May
Executive Council Meeting. The Falkland Islands
Government had the EIA reviewed by the Centre
for Environmental Assessment and Management,
part of the Institute of Environmental Management
& Assessment. The review was generally positive.
The EIA is still awaiting the addition of information
specific to the drilling rig that will be used to drill
wells.
Desire are experiencing delays in acquiring a
drilling rig. On 26 May world-wide there were a
total of 140 semi-submersible drilling rigs and 33
drill ships. Of these 121 semi-subs and 28
drillships were drilling. A further 16 semi-subs were
under contract. There are currently 23 semi-subs
under construction, 23 being modified (some of
which are under contract), 1 ready-stacked and 7
cold-stacked. Off Brazil, 38 of the 39 rigs available
are currently under contract. The rig that is not
under contract is being modified and is contracted
from August until January 2007. There are no drill
ships available off Brazil. Another potential source
of rigs is West Africa, but a tow from West Africa
would probably take twice the time from Brazil and
the mobilisation to the Falklands would increase
the cost of the wells.(Source rigzone.com)
The rig market may slacken as new rigs are built
and the cold-stacked rigs are reactivated. Once
these rigs are commissioned they will need to be
crewed. The availability of qualified crews is also a
problem as world wide there is currently a shortage
of personnel. (Offshore Magazine)

There was apparently a meeting today between DES and a Nrowegian Rig Owner. This meeting was held at DES Offices and not in Norway.

Also today there was a 1Million Buy of DES shares.

Don't think this 1M buy has anything directly to do with the meeting, I think this buy was worked over the last week or say. Just a coincidence?

Correct me if I'm wrong but an X trade is a riskless tracation between 2 parties at the same price, so a broker was hoovering up shares at 39p and then sold them on to the client at 39p?

If the meeting did go ahead today there would unlikely to be an leaks until after the meeting had ended. Not sure whether it was a one day meeting or will it continue? Lets see if tomorrow morning there are more buys ...

Disregarding rumours there has been several chunky buys over the last few weeks of 1.3M, 1M, 550K, etc ... With only the largest sell, by recollection, of 100K. Some party or parties are definetly accumulating ... I've only been watching the trades over the last few months, is this kind of trading pattern usual for DES?

Dana spuds Mauritania deep-water probe

By Upstream staff


UK-based Dana Petroleum has spudded a deep-water Mauritania well that is the first of a well programme off Mauritania and Kenya.

The Flamant-1 probe, which targets potential gas resources of about 5 trillion cubic feet, is being drilled by the semi-submersible Atwood Hunter to a total depth of 3370 metres


The prospect in Block 8 is located in water depths of about 1414 metres about 340 kilometres north-west of the Chinguetti field.


It will be followed by the Aigrette-1 well in Block 7 before the rig returns to Woodside.


Partners in Block 8 are operated Dana (24%), Gaz de France (31%), Wintershall (25%), Hardman Resources (18%) and Roc Oil (2%).

mpls
I have seen no unusual trading patterns. The cross was likely to have been between two nominee holders within the same family or institutional holding so as to establish a price, possibly for tax purposes. With nearly 300m shares in issue that's hardly surprising now and again.

The rest of the remarks are just idle unfounded speculation as I expect you know.

Interesting piece about rig availability on Harts e&pnet.com especially as it involves Peak Management.

As time moves on the share price has been stuck in a fairly narrow trading range for quite a while. People may be getting bored waiting and causing the price to drift off the last couple of weeks. The upcoming interims are hopefully going to give a boost with some information on the discussions about a rig and/or rig sharing. No point being too optimistic on that front but it would be helpful if there has been some progress.

Looking interesting again

The Chairman of FIH (Falkland Islands Holdings) reported at their AGM that FOGL's objective was to commence drilling in 2008 and rig options are being looked at.This is a clear indicator of the most likely time that any of the players,including Desire, in the region will drill depending still on rig availability and cost at that time.
DES meanwhile are slowly sliding backwards along with FOGL and are not likely to do a get deal untill closer to this time frame.

DES, FOGL & RKH all sem to be following a similar chart pattern over the last 3 months.
It will be interesting to see if this is repeated in an upwards direction when the first one strikes oil.

It would be interesting if it did'nt!

Always LOOKS interesting.

Time needs to pass.

Good board and good stalwarts posting, one day it will all be worth while I would expect.

Not holding currently.

I'm with you chav, I sold at 40p and waiting to get back in. I think the US and the world economy will slow next year and oil prices will fall. Some analysts think oil will drop to -$50. Maybe then there will be a rig available.

I sold same and likewise shall get back in maybe towards back end of 2007 when hopefully the price will be alot lower.$50 a barrel is still a very good price and only seems low because of the crazy high's of recent times,certainly still makes the FI'S an attractive prospect.Rig's will still be tight at that price unless new builds relieve the pressure.

Hopefully the latest positive share price moves herald a positive interim statement next week.

des is hovering around the 40p mark, nothing in any RNS that a rig is available or booked, and no drilling dates have been mentioned. Therefore since march 2005 a rights issue, and there holding your cash and return to share holders. we await for posative news but to no avail nothing will emerge this year, so i am out untill next year 2007.

http://www.falklandnews.com/public/story.cfm?get=4157&source=3

Desire Petroleum according to a report by Mrs. Phyl Rendell at the Mineral Resources Committee meeting held this afternoon, remains in readiness to drill and continues to work hard to secure a suitable platform to spud the three wells in their work programme. She added that they also continue to work closely with the Department of Mineral Resources and the Falkland Islands Government consultants, British Geological Survey (BGS) in preparation for drilling. Desire Petroleums consultants, one of which is Peak Well Management, are giving their attention to work needed before the first well is drilled.

Rockhopper Exploration has contracted a French company, CGG to carry out a 3D seismic survey starting in October. This will be carried out by a six-streamer seismic survey vessel and a chase boat. The area of survey will be in the north of the North Falkland Basin well north of the Illex fishery in the old Shell acreage. It is expected to take several months to complete the survey.

Phil Rendell is also Director of Agriculture which runs more on optimism than reality!

the deal is going down................we see

Still no rig available according to the update today...not for the foreseeable future.

No no rig and intrims indicte a loss,thus price of Des down by 3.5p. no surprise there, or untill 2007 if your lucky.