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

Oriel brokers note

10 May 2010
Oil & Gas

Desire Petroleum
Implications of Sea Lion

Summary
Last week Rockhopper Exploration announced that it made an oil discovery with the Sea Lion exploration well. Whilst Desire does not hold an interest in Sea Lion, the well result appears to help de-risk three prospects on Desires acreage and makes the chance of success identified in the CPR appear to be much more realistic. Given Desire looks funded for 4-5 further wells which we estimate will target prospects worth 153p/sh on a risked basis (1400p/sh unrisked) we retain our BUY recommendation.

Sea Lion analogues
The most obvious Sea Lion analogue is Rachel, which we estimate is worth 56p/sh on a risked basis (assuming the 15% CoS identified in the CPR). Rachel now appears likely to be on Desires drilling programme and could be worth 373p/sh if successful. The Anna prospect also appears to be analogous to Sea Lion, but was not assessed in Desires CPR.
Ninky also appears lower risk following Sea Lion as it is also a Barremian prospect that could contain 94mmb on a P50 basis across four intervals. The CPR estimates the CoS at 27% implying a risked value of 36p/sh (146p/sh). Ninky looks lower risk as it is a structural prospect.

Other likely firm wells
We also expect wells on the Alpha and Ann prospects, where the wells are carried by Arcadia. The CPR estimates that Alpha could contain 1104mmb with a 6%, worth 33p/sh risked (or 557p/sh unrisked) net to Desire. Alpha is seen as very high risk as it is located away from the proven source, but it is supported by a very clear amplitude anomaly that switches off at the structural spill point. There are two targets at Ann
which combined could hold 96mmb with a 16% CoS, worth 15p/sh risked (or 93p/sh unrisked).

Wells in the Southern part of the basin?
The final well may target one of the prospects in the Southern part of the North Basin, although the final prospect selection is likely to be driven by the success or failure of Rockhoppers Ernest prospect which will be drilled ahead of Desires next well. It is currently unclear if an active source is present in the Southern part of the basin, although the wet gas encountered in the deeper section of Liz does give some encouragement. These prospects, Kate, Ruth and Barbara, were not assessed in the CPR, but we assume they are c150mmb with a 5% CoS, worth 13p/sh risked
(252p/sh unrisked). Depending on the results of Ernest the CoS may improve considerably.

Michael Savage writing in yesterdays FT that DES was a "strong sell" perhaps led to a little selling pressure friday/ a bad day for oilees generally ..On occassion Financial journalists are the rampers/ derampers of the worst kind ; and this is one of those occassions. - But on this occassion you have to question this very integrity of the FT for allowing such ignorant partisan advice at such a critical time in the companys corporate history when in a few months it sould be worth 500p+ ,,,,,im not saying it for sure but to classify it as a strong sell now seems inane-unless he believes to take a strike an improved position at a later date ........................As regards recent momentum l now wish rather than banking 35k id sold the neccassay percentage percenage to allow me a free ride ......

TFC, DES is probably "fair value" now are around 75p, so at the the present price.. well.....

The one to buy is RKH of course, buy the ones with oil, speculate and play on the ones still looking (FOGL / DES)

Simple really.

i was out all of yesterday, but having called in a couple of times, i had the impression that both DES and RKH stood up very well until, as far as i can tell, very late in the day, when everything seemingly collapsed in a heap

with the w/e ahead and good profits already made, a pullback in general as well as in particular was always strongly on the cards
however, i have noticed over the last few days that the sell book was consistently double the buy, which did not exactly gladden the heart

The action will switch to FOGL shortly.....in fact most people are forgetting that elsewhere in the world, things could be hotting up for a couple of big oil or gas strikes !....

hence still worth keeping your eye on the likes of AFR and TLW ..... more speculatively, GPX has been in the doldrums for a while and of course XEL should be a better bet still

Check out SQZ....on home ground and there is always a risky punt on SEY....I'm still holding and that could imitate GKP !...or crash...

SQZ i have never looked at before
still would prefer XEL for safe home territory with high chance of success in the imminent future - i.e. well before year end

not a time to start risking new money in the markets i feel

Check it out...2 very high impact wells at no cost to the company...the first one just spudded off Blackpool...yes Blackpool....the other in the north sea with Premier oil.

For me AEX more exciting and worth a punt at current undervalued price

Retracement is taking place and after today's news for RKH is looking more deeper than it should be

http://en.mercopress.com/2010/05/20/uk-rejects-argentine-decision-regarding-falklands-shipping

UK rejects Argentine decision regarding Falklands shipping

http://www.bgs.ac.uk/falklands-oil/download/news.pdf

Falkland Islands Government
Department of Mineral Resources
Newsletter May

One thing we are going to need is some new maps, the others at the top must be a little out of date....with some of the wells indicated would be nice....cannot see DES drilling before October at the earliest...perhaps even as late as November which is a shame...

For Immediate Release
8 June 2010
Desire Petroleum
'Desire' or 'The Company'
AGM Statement
Result of AGM

Rachel Prospect Next to be Drilled


Update on Liz well results


Desire Petroleum plc (AIM:DES) the exploration company focusing on the North Falkland Basin is pleased to announce that, at the Annual General Meeting of the Company held today, all resolutions were passed.

Desire is very encouraged by the two wells of the current North Falkland Basin campaign drilled to date, with Liz (Desire operated) resulting in the discovery of gas and gas condensate and Sea Lion (Rockhopper operated) resulting in an oil discovery. Both of these wells have yielded much new information leading to a much greater understanding of the hydrocarbon potential of the North Falkland Basin. A great deal of work is now underway analysing all these new data to identify the prime targets for drilling later in the campaign. These wells represent a milestone in the North Falkland Basin exploration proving that hydrocarbons (oil and gas) have been generated and trapped.

The Sea Lion discovery is very exciting, discovering oil in a good quality sandstone reservoir. This has significantly de-risked oil exploration, particularly on the eastern flank of the basin where Desire has a strong acreage position. Desire has identified a number of potential sandstone fans of the same play type as Sea Lion including the Rachel, Ninky and Anna prospects. The Competent Persons Report produced for Desire by Senergy (UK) Limited in October last year shows gross mean unrisked prospective recoverable resources of 318 MMbo and 122 MMbo for the Rachel and Ninky prospects respectively. It is now Desire's intention to drill the Rachel prospect as its next well, subject to all the necessary approvals, when the rig returns to Desire later in the year. Extensive studies are now being carried out on the 3D seismic data, mapping the distribution of potential sandstone fans on the eastern flank, and further drilling in this area is likely early in the campaign.

The Liz well, which was drilled on the western flank of the basin discovered gas in two zones and analysis of the samples has confirmed the lower zone as dry gas (high methane and low liquid content) and the upper zone as gas condensate with a condensate/gas ratio of 95 barrels/MMscf and condensate of 49.5 API. Work is now concentrating on mapping the size of these accumulations and obtaining a better understanding of the reservoir quality. Given the complexity of this work, which involves seismic re-processing and modelling, it will take a number of months to complete. The results of the oil indications in the Liz and Beth fans are also being followed up to determine if better quality sandstone reservoir may be present updip. Only when all this work is finished will it be possible to decide on how best to proceed with the evaluation of this area.

The technical presentation given at the Annual General Meeting is available on the Company's website: www.desireplc.co.uk

AGM PRESENTATION

Annual General Meeting June 8 2010

OK,

A bit more colour on the AGM.

They went through this presentation:

http://www.desireplc.co.uk/pdfs/AGM_final_june_2010.pdf

They went through their exploration philosophy. They explained that the acreage is large, on a par with the central graben in the North Sea. The good news is both gas and oil have been discovered already. Hydrocarbon discoveries don't come along in single fields - there are usually (always?) clusters of fields. But we are at the early stages of exploration so there is a lot of work to do and a lot of lessons to learn before they fully understand the basin.

The other good news is that the oil kitchen is mature for oil at shallower depths than they had assumed pre-drill. My interpretation of this is that it is likely that more oil has been created and expelled into the basin than they thought before.

Liz has demonstrated that the deeper sand fan is not a good reservoir. There is a permeability problem caused by cementation, although they are still working on whether they think they might be able to find areas of the fans that have better properties.
However, the shallower fans (e.g. Sea Lion) have much better reservoir characteristics. This may have implications for where they eventually drill Ann - they are now thinking about a more southerly location. Indeed the shallower (uncharged) fans they drilled through to get to Liz were ~20% porosity.

The Eastern flank is less well covered with 3-D seismic than the Western flank. So, they are considering (I take it they are actually going to do it) run more 3-D seismic over the Eastern flank (and maybe other areas) to better examine the larger number of sand entry points on the eastern side.

After the meeting, I asked why DES had chosen to drill the west first. The answer was a bit obscure, but from what I can tell there were two reasons. One, they wanted to get data about the western side, as they knew RKH were drilling the eastern side, and they were going to share data anyway. Plus, DES thought there was a "risk" on the eastern side that led them to favour the west. Bob was a bit coy on what the perceived risk was, but Sea Lion has essentially mitigated that risk, so DES are now very excited by the eastern flank. They will definitely drill Rachel next.

The deeper gas was a big surprise to them. They were not expecting over-pressured zones. And in particular, there's a 20' clay seal above the wet gas (means gas + condensate, not, repeat not, water they haven't found any water at all which is a big puzzle for them). They are surprised that such a relatively thin formation has provided the seal for the wet gas, and this may have positive implications for deeper exploration elsewhere in the acreage.

The deeper dry gas is also a bit of a puzzle, in that they described it as "volcanics" and also as sandstone. I've never heard of volcanic sandstone. So, lots of work to do evaluate what they have found.

They believe they have found 2, and possibly 3 source rocks.

They are carefully considering the well location for Rachel (see slide 19, bottom right picture). They are considering designing the well so it can target the main Rachel fan, and also be sidetracked to test the slightly deeper fans to the west. Possibly Ninky after Rachel. But afterwards, Bob was more circumspect about the drilling programme after Rachel: it could be an appraisal on Rachel, it could be Ninky, or indeed I guess if they wanted more time to evaluate the results they could use Arcadia's money to drill Ann and/or Alpha. No doubt Ernest will tell them something about the southern areas. Maybe they 3-D seismic this area in the winter (north hemisphere winter).

They are funded for 4 more wells plus the two Arcadia wells. However, the 4 more wells are perhaps a bit variable, in that if they drill a deep zone again to test the wet gas then that well would be more expensive. Similarly, if they sidetrack Rachel, that could also be more expensive than a simple vertical.

They aren't worried by Argentina at all.

They need 3-3.5tcf of gas for it to be commercial.

Overall, I think it is a matter of time before they make a discovery now. Traders may exit for a while. But that will give investors the chance to load up at bargain prices. Each to their own.

That's about it.

http://www.iii.co.uk/articles/articledisplay.jsp?section=Markets&article_id=10097725

It was all about positive spin on a disappointing performance of late at the annual general meeting of Desire Petroleum (DES).


Chief executive Dr Ian Duncan opened the London-based meeting with the words: "We've had a great start to our Falklands drilling campaign"


It was a brave phrase given that the company's shares plunged by as much as 60% at the end of March when it admitted disappointing results at its hotly watched Liz well on the North Falkland Basin.


Although it found gas, the well failed to come up trumps after encountering poor quality reservoir and was subsequently plugged and abandoned.


But as scores of shareholders filled every crevice of the room and anticipation mounted, Desire Petroleum was in no mood to dwell on the past.


"This has been an exciting time for Desire. However, I must stress that we're at a very early stage in our campaign and there is still a great deal to do," Dr Ian declared.


With the likes of rival Rockhopper currently celebrating its Sea Lion oil discovery, Desire does indeed have its work cut out.


"The issue with the deeper plays such as Liz is the poor quality reservoir. Our focus must now be on looking at how we can access better quality, shallow reservoirs," he continued, before assuring his captive audience that it's number one priority was to "establish commerciality as soon as possible."


How it plans to do this, however, was the million dollar question.


However, if management felt the pressure of living up to the success of its fellow oil explorer, they certainly weren't showing it.


Chairman Stephen Phipps laughed off one shareholder's suggestion that it might consider a merger with Rockhopper Exploration (RKH), claiming that Desire was a strong, attractive company and claimed that "the thought had not even entered my head".


As hard as another private shareholder tried to entice the board into making comments on its rival's discovery and subsequent share price volatility, they would not be drawn.


All Dr Duncan would say was that Sea Lion had "significantly de-risked projects on the Eastern margin".


It was very much a matter of onwards and upwards for Desire, which now operates six licences in the region, as it announced that it was on track to drill its Rachel well in the third quarter of this year.


The group, which raised 42 million through a share placement in October to fund its four-well drilling programme, estimated that Rachel will take 25 days to drill, after which time it hopes to announce a discovery.


"We want to establish commerciality as soon as possible and we are lucky to have the flexibility to change our programme as we wish depending on the information we receive on wells and their success," Dr Duncan assured investors.


One shareholder was keen to know whether all this talk of commerciality and success might attract the attentions of the bigger players. After all, FTSE 100 giant Shell had once held a firm presence in the very same block Desire was now describing as possessing "much potential.".


"Not that I've heard of," came Dr Duncan's swift response, before raising sniggers and applause with his quip; "After all, Shell has a reputation of leaving oil behind."


It wasn't hungry oil majors that some shareholders were worried about, but rather its belligerent next door neighbour Argentina.


The Latin American country, headed by the formidable Cristina Kirchner, sparked a diplomatic row after announcing that all ships making their ways from its ports to the Falklands would need to be in possession of a government permit as it sought to exercise its sovereignty over the islands.


"From day one we operated completed independently of South America because we knew there would be issues. Today we just get on with our business and do what we do," Dr Duncan candidly answered.


Shareholders will now be hoping the Rachel well delivers the goods, before they lose all desire to invest their money in this particular oil player.

From iii excellent post from eagerbeaver04

Desire Petroleum Plc, AGM Notes 8th June 2010

Apologies in advance for any errors/omissions/duplications.

Attendance was lower than I expected albeit there was approx 100 seated with a few people standing at the back and the sides.

Introductions were made, and the meeting began. Resolutions 1-6 were duly passed without incident save for the cup juggling/smashing Norseman.

On to the more interesting part of the AGM Ian Duncan (ID) was delighted that thus far, 2 wells have been drilled resulting in 1 gas discovery and 1 oil discovery. ID was at pains to remind investors that exploration in the NFB is at a very early stage and the aim is to start to understand the basin.
ID stated that there are currently 5 plays being worked up on the East Margin.
The basin is 4500km2 and is a failed rift which has already demonstrated prolific resources, oil, dry gas and condensate.
The source rock has been found to be more mature than previously thought. Sea Lion (SL) has proven good quality reservoir at shallow rocks however Liz has shown that the deeper reservoir rocks on the Western flank in the drilled location are not very good sands.
ID went on to say that the East flank sand entry points are good for our Rachel and Anna prospects and there is a high possibility that there will be many more prospects of the same play type to come.
ID described that there are currently gaps in the 3d seismic on the Eastern Margin which the company, in conjunction with RKH, intend to fill by shooting new 3d over the winter.
ID described the many ongoing studies with the new information from the NNFB but regarding the SNFB source and reservoir were still the principle risks.

Liz well results. Well defined fans in the West margin with better than expected shallow sands above the source rock (20%-30% porosity). Base sand below the source is poor. The 20m shale seal was surprisingly good in that it held back significant pressure. It was when drilling through this seal that we encountered the gas kick and lost time. The gas condensate encountered was from a 17m net pay with an API of 49. Lower down in the well was over pressure. Its thought that the rock is volcanic albeit not definite. We encountered no water contact. Overall more work required. We found a good column of dry gas and ID did remind us that it is indeed possible to get good reservoir in volcanics and referred projects in Argentina. 2 probably 3 hydrocarbon systems have been identified and are in play. ID confirmed that Liz was chosen because it was the only prospect which got them into the pre-rift which they wanted an early look at. Reprocessing of the seismic data is ongoing.

Sea Lion Very exciting. DES have a shared data policy with RKH. We now know that the top of the oil window is much shallower than previously thought and the clay stone acts as a seal between play types.

Rachel Has many fans and as such optimal location will be a difficult choice. Rachel will be our next well and the option to side track this well is being persued.

Ninky This prospect is more basinal and as such probably has less reservoir quality. It is likely to have structural closure and will be an early well.

Anna Not originally a top 10 prospect however with SL that has now changed. We are currently looking at fans to target.

Alpha I missed these comments

Ann Looking at a new and more optimal position to drill.

General ID was clear that due to SL success the CoS for Rachel and Ninky were greatly increased, although no figres were given. It was confirmed that at $50 oil a 55m find was commercial. ID confirmed that we get the rig back in the 3rd quarter and our first targets were to follow the SL play type.

Questions were then invited.

Q1. When would seismic be shot?
A1. Nov10-Feb11

Q2. Are additional site surveys reqd?
A2. Not if covered by 3d.

Q3. Rig program?
A3. Toroa / Ernest / Well test SL / Rachel early Sept 10 however expect delays.

Q4. What does the SL well result mean to DES?
A4. Better than expected shallow sands this is positive for Jacinta and Alpha but the focus is on an oil strike (not gas).

Q5. Will there be more rigs?
A5. Not yet as there is no requirement. If an extra rig was required it would be considered.

Q6. What prospect is next for DES?
A6. Drill Rachel early September Then Ninky.

Q7. How many prospects does DES have?
A7. Lots more than the10 high grade prospects but will not be drawn to a number.

Q8. What is the minimum size required for a commercial gas find?
A8. We think maybe 3-3.5tcf but oil is our target and that is what we are pursuing.

Q9. What was the API of the Liz oil?
A9. There was no oil sample recovered from Liz.

Q10. What was the problem with the Liz reservoir?
A10. Cementation is an issue in the deeper reservoirs. Its early days and as such there is much to learn about the basin.

Q11. Have we had any interest from major oil companies?
A11. No interest whatsoever yet but nor would we expect any its too early.

Q12. What size of oil fields are DES looking for?
A.12 Any size, Fields come in clusters they are never stand alone.

Q13. Explain what fairway means?
A13. It means a playtype for example the eastern flank fans.

Q14. How does the BP issue impact DES operations?
A.14 Not relevant because DES is not deep-sea.

Q15. What possible news flow can we expect before September?
A15. Depends on Liz, however that would be at least another 2 months away. Possibly more prospects.

Q16. Will DES be producing any more well plans?
A16. No, the deeper prospects are over pressure and the shallower fans are normal pressure.

Q17. How many wells can we drill with our current budget?
A17. We can drill 4 on our own account plus 2 wells paid for by our partners.

Q18. What is needed for a play type to be successful?
Q18. Reservoir/Source/Seal/Trap

Q19. This was a question on RKH which I missed?
A19.

Q20. This questioned the Danny Fortson episode.
A20. DES will stick to RNS at spud and completion of well. This was challenged vehemently by the questioner who suggested that as changes became apparent they should be notifying the market. SP was adamant that there will always be only 2 RNS per well whilst drilling because all data is required before release. SP went on to confirm that the company had not been approached by the FSA and that the matter was closed.

Q21. The allegation was made that the company did not go far enough and its response to the Sunday Times article on the Monday morning was inadequate?
A21. The company did not have enough information to hand at that time to make an announcement to the market.

Q22. This was a question on share price manipulation at RKH re the heavy oil. Share price dropped like a stone then rebounded when company issued statement.
A22. No comment not DES.

Q23. This was a question from me regarding clarification on best case number of wells we could drill.
A23. (refer A17)

Q24. How long will it take to drill Rachel?
A24. 25 days.

Q25. Do we need to raise money for the proposed 3d survey?
A25. This will probably be result dependant.

Q26. RKH have detailed build-ups as to how raised capital will be spent. Why have DES never provided such build-ups?
A26. By not assigning sums of money for specific tasks we remain flexible to act on information as it comes in.

Q27. What was the cost to DES of the Liz well?
A27. There was a real reluctance to answer with a number only offering lame excuses such as depends on total number of wells etc. Reluctantly they said perhaps 15m-20m. (Not sure whether or $. My feeling was sterling)

Q28. Is it possible that a deal with RKH could happen?
A28. No. No benefit for either party.

Q29. What effect were the Argentineans having?
A29. None. Operations have been planed independent of all South American countries.

Q30. What part are Arcadia playing?
A30. They are down to drill Alpha and Ann. They will contribute to the OG cost after drilling.

Q31. Is it possible that Arcadia will not drill?
A31. Yes but we think this unlikely. Ultimately we will present Arcadia with a drilling budget with approximate costs and they have to agree it.

Q32. How will future fundraising be funded?
A32. <5% Institutions for speed and convenience. >5% shareholders will be involved.

Q33. What about production?
A33. Any production would be years away. BL stated that fast tracked production would be a minimum of 3-5 years away at best.

Q34. How many options does DES have on the Ocean Guardian?
A34. There are a total of 6 fixed firm price options over and above the 4 contract wells. Any wells thereafter would be by mutual agreement and be subject to financial agreement.

Q35. What would the share price be on a find?
A35. Not prepared to comment, it would be guesswork.

Q36. This was a question regarding the deeper part of Liz.
A36. The deeper source is very likely to be gas. This could be ok.

Q37. If a find is made is a production license required?
A37. Yes, good question, a production license will be required.

Q38. Is it possible that both Alpha and Jacinta can work?
A38. Yes. Alpha is likely to be gas and Jacinta to be oil.

Q39. Are we still going to drill Ann?
A39. Yes but we may have to look at a more optimum location to drill in light of the Liz results.

Q40. The company only has 1 directly employed geologist, is this sufficient?
A40. We have 5 geologists working up DES data at Senergy. 4 are working up the Eastern flank and 1 is still working on the lower priority Liz prospect. We are actively looking for another board level geologist.

Q41. What is the revised CoS figures for Rachel in light of Sea Lion?
A41. No revised figures have or will be done albeit SL does significantly reduce the risk on the Eastern flank.

Q42. When will Arcadia drill?
A42 Now the SL play type is successful we need to target that first. When RKH drill Ernest it will tell us more about the SNFB.

Q43. What is DES end game?
A43. Prove as much oil as possible then sell out, but things can change.

Q44. Is it possible that 2 rigs can drill at the same time?
A44. Yes, its not a problem to the FIG.

Q45. What effect will FOGL have if successful?
Q45. No effect successful or otherwise, its a different basin.

Q46. What slot have RKH been given for the SL appraisal?
A46. No slot has yet been allocated.

Q47. Liz at first was bad news but now its much better?
A47. No change, the reservoir quality is poor.

Q48. Will wellheads be refurbished?
A48. No.


Points of interest from one to one discussions with directors after the meeting.

1. SP confirmed that the FIG require a $12m deposit as a contingency against any well that is drilled. This means that regardless of results DES will be returning home following the drilling program with $12m in cash.
2. Dawn/Jacinta prospects very likely to be drilled prior to drilling Alpha.
3. ID confirmed that when comparing DES prospects on the Eastern flank with the Sea Lion discovery that there was a 90% similarity.
4. Diamond Drilling are looking for work for the OG April/May 2011 hopefully in Brazilian waters. DES are not currently in a position to open negotiations for an extended OG stay but hope that if required the OG will still be available. Other rigs are now becoming available on the open market.
5. SP suggested that the market would play games throughout the campaign. He said he would not be surprised to have a repeat of the RKH situation on every well drilled.
6. SP agreed with me when questioned on dilution. I suggested to him that any further dilution at current levels or below would kill investor confidence and dilute most shareholders out of sight. It was agreed we must find commercial oil before any further monies are raised.
7. ID confirmed that it is possible that the whole of the East flank could potentially be one prospect and that the infill 3d will reveal more prospects.

My thoughts.

i. I was less than impressed at the lack of transparency regarding anything of a financial nature. I cannot see any positive connotations here whatsoever.
ii. I am quite sure we will find oil on the Eastern flank in one or both of our next wells.

It was particularly nice this year to meet up with many other posters after the AGM (you know who you are). Lets hope next year when we meet we have found commercial oil.

kind regards

eb

and i thought that the above told us bugger all, but then that is to be expected and actually not unreasonable