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

i think that categorises as whistling in the dark
will the fall be overdone? - quite possibly or even probably, but at what point would you determine fair value?

Anybody contacted Desire yet to find out if this is true ?.

DES isn't going to say anything!

A sp drop followed by recovery....if they have found oil....it's a vast area so chances are that there is a very very big chance of finding something worthwhile yet !.....

I just knew there was no oil in the first drill still another 12 more to go for.

as the article says, oil has been found but not in commercial quantities ..... for sure there are other wells to drill and equally certain is that DES will put on as positive a spin as possible ..... nevertheless, DES would have expected this well to be their best chance of scoring with their first hit

If this is correct I think (I'm not happy about this coming out before the company gives out a rns)....a drop to perhaps not as low as we think...perhaps only to 80p...not any lower because of finding hydrocarbons...so a recovery could also be on the cards with new money coming in on the pullback..

DES - my guess - 80p if you're lucky; 60p maybe
RKH - my guess - 40p

I agree 60/65p maybe.

Not as much.....that would be with a terrible rns....negative throughout.....with loads of wells to be drilled the sp could not possibly remain as low as that ; I would jump in again....

This is ridiculous...we all ahead of ourselves here until Desire issue the news....anybody with any more information ?....fed up with this coming out before they tell us....(:(((...

Just to update you, I have received all necessary receipts to my emails.

From the FSA market abuse section, from the AIM regulator and from Seymour Pierce, which kind of suggests for some reason all are working on Sunday, well this Sunday. First was the market abuse, some hours later the AIM regulator and finally now Seymours have opened the mails.

We await the RNS tomorrow, but for sure if this article is in anyway wrong and considered malicious then all the right people know fully about it prior to the market opening.

If its true 100%, then fine.......

I suspect that someone has played with words and the LIZ prospect has oil shows but not commercial and so they are drilling down further into BETH and as we all know, one or other could have lots of oil, but not both.

If that is the case then the article is misleading IMO and its lucky that all the regulatory bodies have been made aware of it.

Certain of a morning RNS now from DES.

From III.


Email from Buchanans Surf-Noodle 4

I sent an eMail to Tim at Buchanans saying:

"As a Private Investor and shareholder in Desire Petroleum, I was very disappointed to see this news in the public domain today, without any official communication from the company. The headline alone is bound to cause many investors to panic and sell shares which will doubtless have a negative effect on the share price, and my personal investment. Can you please provide me with an official comment to either confirm or deny this story before the market opens tomorrow morning?"

He replied (and good on him for doing so IMHO):

"Thank you for your letter. This article was not sourced from Desire - a RNS announcement in response to and to clarify the situation will be up at 07.00 tomorrow, 29 March 2010."

Can someone please post the article that appeared in the times?

Click the link in Post 4103 on page 206.

My guess is (having read a number of other BB's) that the article is essentially correct & the journalist in question has covered his back fairly well. I would now assume that the DES RNS will be issued tomorrow morning, ahead of the intended time. The problem is that the sp is likely to be gapped down, so pointless putting in a stop loss or limit sell now.
Win or lose, we all knew the risks which have been debated on this and other threads, so trading them along the way doesn't seem like such a bad idea after all.

With regard to RKH the share price will possibly fall to 40p on Monday which is a shame as it has nothing to do with DES.
How could this company be valued at 400m is a mystery to me better prospects at COV where they have found large gas.

I assume there is at least some truth to this story, if not nearly 100% accurate. Much will depend on tomorrow's RNS and the market reaction, I imagine 50p is on the cards, but this was and remains very speculative and the first drill isn't the be all and end all. I'll assess in the morning and decide whether to take my medicine or stick with it. Hope no one has got the town hall riding on this!

The well drilling isn't over so 50p seems incredibly harsh.....might not be as bad as it seems...another year's drilling ahead at least....on the pullback : there will be buyers...I won't be selling....in for the longterm...unless the rns is terrible which I doubt.

Just speculating RF, no-one knows what tomorrow morning will bring, many scenarios spring to mind, not least Liz is non-commercial, SP tanks, Beth proves a winner, SP rockets. Probably wishful thinking though :-)