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

Glad you like it RF its how a feel at moment

http://www.proactiveinvestors.co.uk/companies/news/22528/desire-petroleum-denies-bid-rumours-22528.html

Have to hand it to Desire : they are not letting anything out by the look of it....you might as well throw a dice...at a guess, I'd say the well is a dud...but then again...who knows....I would jump out if I was a shareholder quicko....the sp might just have gone up on bid rumours and now is stuck around 100p.....this will drop to less than 50p on a bad result !.

90p....ouch....!...close..

sorry to be grinning chaps, though 65 would be nicer still

Can't resist writing this.... :
About the fox and hounds :
Fox : "what's all the fuss about ?"
Hound : "There's a fox on the loose"
Fox :"Oh !....what does a fox look like ?"
Hound :"Don't know !....never seen one before !...I'm just going where the others are going !"
Other Hound :"It's high on legs...and red haired.."
Fox :"It's nothing like that.....I was told that it's white and big with a long neck and fluffy ears"
Hound: "That's a lama"
Fox :"Where ??" (looking around)..."That one from Tibet ?"...
Other Hound : "Nooo....the one from the zoo round the corner you pelican !"...
Hound :"come to think of it...you remind me of somebody....but who...?
Fox :"I think that this is my stop....byeee..."

cynic well done on the short - must have made the golf even more enjoyable today

disappointed fall was not greater, but give it time ..... mind you, FOGL continues to defy gravity too

Should be an RNS tom, they will know if its any thing by now.

Good luck all those holding

rumours someone on board said they found hc's wednesday and were celebrating - only passing this on not from me - the sun seem to agree:
http://www.thesun.co.uk/sol/homepage/news/money/3201909/HOVIS-maker-Premier-Foods-warned-it-is-facing-the-toughest-conditions-for-years.html#ixzz13jDTyqdU

i have had another tickle this morning!!

i need help buying des again!! lol

you're right ..... certifiable
at best "traces" may have been found, but very obviously indeed nothing of significance - well 99% certain anyway, though it has yet to be confirmed as a(nother) disaster

Why has the sp gone up ?....nuts...

similarly, why did it not collapse to +/-60 yesterday and why does FOGL remain solid?
such as the mysteries of the market

just to rationalise, some of these oddities may be related to today being the last Friday of the month - i.e. perhaps books have to be squared away and tidied?

In auction - on the way up this time!

it's likely to gyrate like crazy yet again today ..... i'm happy to stay long with my modest short!

Perhaps they have discovered oil....there is always somebody in the know..the thing is to know that person.
required field 29/10/10

I'm Spartacus.

No I'm Spartacus

i am nuts buying des again - so i must be spartacus - lol

yet more news today:

The current exploration programme, closely watched not only by British investors but also by Argentina which claims sovereignty over the islands, has recently suffered a few knocks, however. [ID:nN22219606]

Rockhopper cast doubt over estimates of its oil reserves at Sea Lion citing a lack of geological data, while Desire said its Rachel well was dry but it would drill a sidetrack well from the original hole having identified a more prospective zone nearby. [ID:nLDE69E099] [ID:nLDE69C0FV]

Drilling of the sidetrack was completed on Wednesday, said Desire, adding that geological tests are underway to find out whether oil was found or not. The test results should be known in the next few days said analysts.

BUY

Some analysts are bullish on the upside still to come from Rockhopper and Desire given the size of Rockhopper's discovery and the geological potential of the Northern Falklands basin, on which both are focused.

Evolution Securities analyst David Farrell said that Sea Lion (Berlin: LOC.BE - news) could be a world-class oil field and that Rockhopper's current share price is underpinned by the value of the discovery, meaning the exploration portfolio comes for "free."

Rockhopper raised 206 million pounds ($325.1 million) in a placing in mid-October, easing analyst concerns over funding, to finance the drilling of appraisal wells and undertake further studies to help better understand its discovery. [ID:nLDE69H1ZY]

"The optimum time for Rockhopper to exit the Sea Lion project in terms of maximising shareholder value would be at the final investment decision point and this appears to be exactly where it is heading," Farrell said, referring to details it gave at the time of the placing.

Of the seven analysts covering Rockhopper on Thomson Reuters (TRI.TO - news) StarMine, all have a "strong buy" or a "buy" rating. Four analysts cover Desire on StarMine, with two of them on "buy" or "strong buy" and two on "hold".

"Desire's portfolio of prospects is extensive and does offer potentially huge upside," said Seymour Pierce analyst Alan Sinclair on Oct. 15 after the company said its Rachel well was dry. [ID:nLDE69E099]

CAUTIOUS

Other analysts, while not banging the table with "sell" ratings, are wary given that so far the drilling campaign has only yielded one commercial discovery and one that has been the subject of an implicit reserves downgrade due to lack of data.

"Sea Lion could end up being bigger, but it could also end up being smaller than the market was anticipating," said Mirabaud Securities analyst Richard Savage, who has a "hold" recommendation on the stock.

"Great discovery but let's see what the reservoir's like over the whole of the structure; drill the appraisal wells before anyone gets excited."

Oriel Securities analyst Richard Rose moved Desire to "hold" from "buy" after the disappointment of the initial Rachel well and based on a comparison with Rockhopper.

"I wouldn't say it [the sidetrack well] is completely make or break but...it looks to us like the best prospect they have in their inventory so if this doesn't work it will be a bit of a blow to the company," he said.

The risk that Sea Lion is a lone discovery, while unlikely, could not be ruled out, added Savage, meaning that due to the remoteness of the islands and objections from Argentina it could be difficult and very costly for Rockhopper to build the infrastructure needed to commercialise the oil. (Editing by David Cowell)

($1=.6336 Pound)

Looks like they will keep everybody sweating until monday morning....not in...just too risky....but will keep my RKH shares....