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

rns tomorrow (morning?), so where are we to bet sp? ...... 30/35 or 65/70? or just plain yawn?

May not be tom Cynic as they are running MDT at moment, depends on how many locations they use it in the well.tick tock tick tock!!!

I think end of week and could be a surprise in there (I hope)

How'd you know they are running MDT, Marky ?, or is that a guess ?

No Guess Oily came from a good source..........we will find out in the next couple of days either way.As said you dont sit around at 400,000 a day plus unless something is of great intrest.

Fingers crossed

late night working but checked other boards and no word of any thing........still no word on the rig moving......waiting for results will they drill deeper or have they already or are they finished.



we may have a runner? oily?

Hals valuation at 70p is with a P&A at Liz/Beth and no commercial gas in the SynRift.


Therefore the price is presently cheap and there is upside to the 70p valuation IF the SynRift gas down deep below LIZ turns out to be in large quantity and can flow.

So DES might surprise yet, but even if the well is P&A its still well below fair value for the other assets the company has.

Off subject guys...get into ITL...profit warning (not that bad)..sp down by 40%...ridiculous drop... watch the rebound...

http://www.fox-davies.com/media/143845/fdcdesiremar292010.pdf

Brokers note

Hi Markymar

Any thoughts on which prospect des will target next?

I'm expecting a P+A rns this week with positive spin about data.

marrow

Hi Marrow hope your keeping well, not sure which prospects they will drill next I would think with all the data and core samples they are taking will help them fine tune the map and determine which prospect look more favourable to drill and where.

I see RKH is on the way back up as next to drill and as long as I am aware the OG is still sitting over Liz the longer she sits there the more positive I get.

Come on Desire!!!!!

I have a huge holding of DES and although feeling a little off colour at the mo still have faith that they will strike it rich this yr so have to sit and wait. The last thing i'm going to do is sell now and then the next well turn up trumps. Have held 12-13yrs so can wait a little longer. Keep the faith!! best things come to those who wait. The data has not been fully analysed yet and the rig hasn't moved so the first drill may not be a write off. Beth could prove to be profitable and this should be known shortly - Marky when can we expect news of Beth?

ITL still down 40%

no bounce coming....just a hop then down again...

Rob.. you must be well endowed (is that the word I'm looking for??) to have your cash tied up for 12 - 13 yrs in DES.. been a long wait.

and also a damn fool (a donkey perhaps?) if no profits were banked en route

there have been no profits cynic - just expectation..

in 12/13 years you are still not showing profits of considerable magnitude??????

Not likely to holding DES am I

Markmar, I'm good thanks I trust you're ok despite Mondays bombshell.

I only hope rig is over Liz testing rather than operational problems. This first well has taken way longer than anybody expected. Cost overruns may cost us a well if we are not careful.

Marrow