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

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....

rkh and des both good bets once the bandwagon joins in at the low price

Am glad am off to work as the drop is over done and glad i have topped up and news of Beth to come very soon.

Market Maker LIBC being quite aggressive on the Bid (L2) which seems to indicate that 40 (ish) is the low for now. A little more bloody than I anticipated, but the RNS is hardly encouraging and I expect this well to be P&A, hopefully, today's fall ahs already factored that possibility in the SP.

From a charting perspective, this has been screaming short since the spike to 134p, I know it's hindsight (a wonderful thing) a classic Descending Triangle, but I chose to ignore what I could see, simply because on this occasion I considered charting inappropriate, silly me.

i have also bought a few more at 41.5 .... it's a bit brave, but for sure there will be a lot of forced closings and also perhaps some bear closing later on .... for all that, i sure wasn't prepared to stick my neck out even further

surprised at you cynic,, you sold a good portion last week because you had doubts AND you didn't short it Friday....your slipping, getting to that age i suppose..

In @ 38.95 , worth a small punt at these prices.

Ptholden,

Like you say 'hindsight' is a wonderful thing.
As to Charting, I agree it is inappropriate in the case of Des, as the sp (as is now being shown) is sole dependent on oil being found or not.

Not directly in Des (in via RKH) but the following applies.

Don't panic Mr Mannering,

Investing in any Oil discovery companies is and has always been high risk, especially so in areas where 'no oil in significant amounts' has been found.
All this RNS gives is known facts, without the hype, that has understandably crept into the equation.
The sp will no doubt drop on opening, and yet with the high risk high reward possibilities still being about the same as about a month ago, the closing sp on Friday is about right.
Too many people were caught up in the growing euphoria that was gaining strength almost daily. Not saying I was one of those staying totally calm and level headed, we are all human (well most of us) and I admit to allowing dreams of untold wealth to creep in, before head once again took control of heart.

So the sp will drop due to those who had a punt over the last month or two with the sole intention of the result on LIZ coming in big time and will now panic.

Personally I will wait before I consider selling, still biting nails for a bit longer till we 'KNOW the full results on Liz, Sea Lion and a couple of others.

Yes, till big gamble but hopefully the right one. Just watch the day traders go on this one.

Back in Auction. Although fairly academic after a 60% fall, LIBC are buying chunks of stock (100,000) at a time and are quite happily supporting the Bid at these levels, buyers are returning and mostly just the MMs on the Offer.

Gutted.....just gutted....

do you need a shirt to borrow RF??

I'm now pissed off for the rest of the week....I don't like losing...

Anyway...Always look on the bright side of life (humming this to myself...agggghhh).....

RF dont forget Beth news in a couple od days they are still testing, early days we have at least 8 months of drilling and this is one of the lows.

Still going through the motions. 8.50 RNS
Business Financial Newswire
Logging is under way at the Liz 14/19-1 well in the North Falkland Basin which has reached a depth of 3570 metres, Desire Petroleum said today (29 March).

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.

Desire said: "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."

anyone get in at 42 just tried tou buy now offer price is 53

Point being Greek, you either believe in TA or you don't and as a believer it was all in the chart, hence my chagrin this morning. Having said that, anyone short was leaving themselves wide open to unlimited losses, being long is containable, you can only lose a quantifiable amount!

Don't get caught up in the short-term rf. These are traders stocks and will run for some time. Just keep your head, buy at low levels and over a 6 mnth period you should at least break even. Motto is don't panic!