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

set a limit buy for 28p, as a holder of RKH i hope the well finds something, however if its a duster and the market over reacts then in a position to take advantage. [more a speculative punt as the sensible option would be to top up on the initial drop on RKH. might do that but harder to predict where the lower RKH limit will be.]if it doesnt go that far down then so be it. GLA

Alex

It won't drop as far as that.....2 more wells coming up...back to back...with 3 targets in all...

possibly not but also bear in mind that the two most likely sweets spots will have been played and surely this will have some bearing on the SP. like i said a speculative punt. nothing lost if it doesn't drop that far and will be of some comfort for those DES holders.

I'm in on DES....but not many.....just have to wait and see now....

Ouch!

nothing out from reuters that i have seen, but clearly the market is very twitchy indeed

I'm with the market!

cynic bad news travels fast but in this case good news should travel faster.

i'm neither but watching with interest ..... RKH falling a bit in sympathy, but then so is FOGL (the good news)

hi hali ..... i suspect that you and i think alike on DES - avoid; far too dangerous

DES is obviously a SELL, it will be 30-40p once news is out...

at that juncture, it would make an interesting buy for the nimble

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Tomorrow will be very interesting...

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no particular reason why; no news due to the best of my knowledge

well not even rumours worth listening to today ref des - this is a knee jerk reaction to past 'leaks' imo plus people moving to mxp, xel, afc etc etc - this was a 35 day drill - after 15 days announced what des did then allowed 20 days for side track - that to me = 35 days which to me = side track planned all along imo - not worried have a sneaky feeling des will strike - today was great news not for des but rkh - been waiting to get in cheaper at last and got in at what i consider a good sp - still in des but traded this to derisk my 108 buy!! gla

but sure is a flip of a coin - cynic can give you odds which i thought were generous lol!

well chuffed with me rkh buy today lol!

Can't say I like the look of the chart at all (nor RKH) from which I deduce there is no way I would touch DES with a bargepole right now. My instinct tells me 40p is on the cards when this side track comes up dry, but I'm often wrong and insufficiently confident to short - just for fun.

PTH,
set a limit buy for 28p. how do you rate my chances from a charting perspective?

Alex