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

U.S. Fed said that tough times are not over led Wall Street to its worst day since the 1987 stock market crash, wiping out earlier optimism fuelled by government steps to avert a financial meltdown. Japan's Nikkei index dived as much as 10 percent in Thursday trade.

U.S. crude for November delivery fell $1.26, or 1.7 percent, to $73.28 a barrel by 6:20 a.m. The front-month contract has lost nearly a third in value in three weeks, the steepest such decline since it began trading in 1983.

London Brent crude fell $1.17 to $69.63.

"The oil markets are now highly correlated to the stock markets. Everyone now uses the stock markets to gauge the health of the economy," said Clarence Chu at U.S.-based options trader Hudson Capital Energy.

Crude now stands more than 50 percent off its July peak above $147, and analysts have scaled back global demand growth estimates after a recent slew of gloomy data that has overshadowed OPEC's talk of possible production cuts and a hurricane that is disrupting Caribbean refining operations.

Japan's crude oil inventories hit a 14-month high last week as crude runs stayed low, in part due to slack domestic demand, industry data showed on Thursday.

JP Morgan cut its average oil price forecast for 2009 to $74.75 a barrel, and the Organisation of the Petroleum Exporting Countries also reduced its forecasts for world demand for crude next year in its latest monthly report.

Old news, justyi. See post 3007. Try & keep up! :o)

Some say it costs $70 per barrel to produce oil in the north sea, how much to produce in the Falklands?

$23 on a 100mill field so no problem there.

http://www.desireplc.co.uk/technical_economics.php

I personally think crude will go to $60 per barrel.

It does worry me when you start to think Hlyeo!

marky,its 23m economic recoverable reserves at $100 not $23 to produce on a 100m find!marrow

Oil bounces on Opec hopes

By Upstream staff


Oil rose more than $3 today, rebounding from a 15-month low below $70 on a late rally on Wall Street and growing expectations of an Opec production cut.

US equities, the oil market's leading barometer of global economic health, staged a late surge yesterday as investors snapped up battered shares a day before stock options expired.

The Dow Jones industrial average jumped 4.68% while the broader Standard & Poor's 500 Index climbed 4.24%.

US crude for November delivery rose $2.74 to $72.59 a barrel by 0159 GMT after climbing by more than $3 earlier. The contract settled $4.69 lower at $69.85, before the close of trade on Wall Street.

London Brent crude gained $2.54 to $70.38.

"This is all the oil market has been doing," said Tim Evans, energy analyst with Citi Futures Perspective. "Our short-term swings are all 'equities are up' and 'equities are down'."

Analysts said oil traders were also betting Opec would reduce supply to support prices when it meets next week.

The 13-member group said yesterday it had brought forward to Friday next week an emergency meeting to discuss the impact of global recession on oil markets.

Oil prices have fallen more than 50% from their peak above $147 a barrel hit in July, on demand worries amid the global economic downturn.

Qatar Oil Minister Abdullah al-Attiyah said he expected Opec to cut oil production by one million barrels per day or more at the meeting.

Nigerian Oil Minister Odein Ajumogobia said the meeting was an opportunity to consider options regarding the world oil price but that no course of action had yet been proposed.

"The only real news out there is the Opec meeting, so short-term, people will try to concentrate on that," said Gerard Rigby, an independent energy consultant based in Sydney. "If they actually cut production, that will put a floor to prices."

Longer term, analysts said softening demand and the economy were still the focus, with many of them having scaled back their global oil demand growth estimates after a recent slew of grim economic data.

Crude inventories in the US rose 5.6 million barrels last week, far exceeding analysts' expectation of a 1.9-million-barrel increase, as demand in the world's top consumer continued to fall, the US Energy Information Administration reported.

Gasoline inventories rose 7 million barrels, more than double analysts' forecast of a 2.9-million-barrel increase, as overall product demand over the past four weeks dropped 8.9% from year-ago levels.

Hurricane Omar weakened in the Atlantic yesterday after threading its way through the small islands of the north-eastern Caribbean, causing relatively little damage and posing no threat to the US or any other land area, the US National Hurricane Centre said.

BRUSSELS (Reuters) - Prime Minister Gordon Brown urged retailers Thursday to cut petrol prices to reflect the drop in the oil price.

Brown also said that, despite the halving of the oil price from a high of $147 a barrel in July to under $74 for U.S. crude Thursday, oil prices were "still too high."

Brown said he would like to see other retailers follow the lead of two supermarket chains which have cut the petrol price to just below one pound a litre, from a peak of 1.18 pounds.

"The public know that when oil prices go up, it's reflected very quickly in the petrol pump price. What they want to know is that when oil prices come down that is also reflected in the pump price," he told a news conference after a European Union summit.

"I want to see the competition between supermarkets and oil companies reflected in lower prices at the pumps," he said.

"Over these next few days we'll be monitoring what's happening but I expect other companies to follow the lead that has been taken by two supermarkets in the last days," he said.

High energy prices have fuelled inflation which hit a 16-year high of 5.2 percent in September. Many economists believe British inflation has now peaked.

BP and supermarket chains Asda, owned by Wal-Mart Stores, and WM Morrison have cut their petrol price to 99.9 pence a litre, according to press reports.

Voters' anger over high energy and food prices has cost Brown's government support, leaving it lagging the opposition Conservatives in the opinion polls.

http://www.mercopress.com/vernoticia.do?id=14917&formato=HTML

BHP Billiton visits Falklands to organize oil drilling program

does that show how cheap this share is.....given the year ahead

Or how expensive it was given that they have not produced anything & haven't yet proven that there is anything to produce.

Too much hype for an empty vessel.

School finished early today Justyi.

; ))

DES will go below 20p soon

you are up late for a school night, lol

It's already below 20p...yippee

School must of finished early today!!!

Do remember that the mosquito that buzzes the loudest is the first to get squashed.