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

Basically Prose. thats part of my very point...Long term -This is merely the start of what is a pretty intensive drilling programme scheduled for drilling a number of leads , so why would anyone sell now ? .lts like leaving the match after your team goes down by a goal after 10 minutes / l believe that each,and every time, a well is on the cusp of a result the s/p will rise to about the same levels as now anyway . But we live in an age of Jam today.So short term - lf news is to be believed the s/p will be adversely affected - the damage is done. Even shorters will find margins on premiums restrictive .With not having held stock for over 4 years and having not properly researched DES during that time i am left pondering what would be a good trading entry point ....gut instinct says 50/55p ..but something tells me it will bounce before that level...and as drilling continues it will slowly creep back up to current level,,,,,,,,,,,,,,,,,

FC - agreed.

The Times article is in fact quite clever to only mention LIZ and reference everything to LIZ whilst avoiding any mention of BETH.

Desire shareholders will know that BETH is the lower target and would be drilled into if LIZ fails to hold large charges of oil (we might find LIZ contains gas).

So the Times writer has perhaps deliberately avoided mentioning BETH so as to attempt to write "failure" all over the 1st drill, even though we all know that BETH would be drilled into if LIZ fails, as the company stated that it expected either LIZ or BETH to hold oil, but not both of them. He can hide behind only LIZ being the 1st target and avoid mention of BETH.

So from a technical standpoint, the writer could claim that LIZ (and not BETH) was the 1st drill/target and therefore his "flop" claim is correct, even if they are now drilling down into BETH (as he only mentions LIZ being a flop).

A bit crude and perhaps the mention of stock price falls later in the article gives the game away as to the desired effect of this kind of reporting and ignoring of the details and the lower BETH prospect.

I would laugh if this is the case, and all that has happened is that they are now drilling into BETH as LIZ contains gas or not enough oil.

BETH is a bit smaller than LIZ but still could be very large upside.

Stop speculating and wait for the RNS........ tells to self ;)

For immediate release 29 March 2010

Desire Petroleum plc

("Desire" or "the Company")

Drilling Update


Due to recent press speculation, Desire Petroleum wishes to announce that the Liz 14/19-1 well, in the North Falkland Basin, has reached a depth of 3570 metres and logging is underway.

The primary Liz target was encountered at around 2550 metres with indications of hydrocarbons while drilling. Subsequent logging operations have shown that oil may be present in thin intervals but that reservoir quality is poor. Wireline sampling is still to be carried out. Deeper gas shows have also been encountered while drilling, particularly below 3400 metres and these have still to be evaluated by wireline logging and sampling.

Until the logging is complete and the results analysed it will not be possible to determine the significance of the hydrocarbons encountered and whether the well will need to be drilled deeper, suspended for testing or plugged and abandoned.

Operations are expected to be completed later this week when a full announcement will be made.
For further information please contact:

Desire Petroleum plc

020 7436 0423

Stephen Phipps, Chairman



Dr Ian Duncan, Chief Executive Officer







Seymour Pierce Limited

020 7107 8000

Jonathan Wright



Christopher Wren







Buchanan Communications

020 7466 5000

Tim Thompson


Chris McMahon


Is this good or bad? and if bad how bad? anyone any ideas on SP at 0800?

Not too great for this well, but they are still evaluating and drilling possibly sounds like there may be better gas than oil if anything commercially.

As far as other prospects, the chances are increased as this well proves working petroleum systems do exist in the South Falklands basin.

So, this news is pretty good overall.

Rose tinted specs poo...

No because I don't hold but I can read.

Just like all football supporters there are those who do and those who don't and won't under any circumstances view anything positive about a team they decide to dislike or just be jealous of.

Before we know it there will be violence on the streets as rival supporters meet and decide to settle their differences in the usual primeval fashion.

As said they are still testing and you dont test dusters.....

Actually Mark, they do!

For testing when they have other prospects to drill in the same geological environment.

well that price is a joke am buying

strewth ..... you could genuinely have bought at about 43 before shares were suspended again .... did not expect that bad a hammering

I agree with you TheFrenchConnection 4135 let the rollercoaster carry on. I maybe one of the buyers if the price is right. Never risk what you can not afford to lose that's my strategy. just tried to get a price from my broker and they say sorry not at this time try agian later .

markymar,
i agree just trying to decide on which to buy RKH or DES?

God......agghhh !....what a drop...

DES is still suspended, but RKH tradeable and offered at 31

whats happened to des? why the drop?

we're all doomed, doomed I say....... RKH best bet now..

des is trading i have just topped up, and Beth they are still testing....tum tum tum

acw

Is that a sick joke ?

80p I said and it drops to below 40p...hell....