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

i'll take your word for the above - i saw that they had found only traces, but still
however, even if you are correct, DES will still have to find minimum recoverable >100 mb to give it even a chance of commerciality

as it stands, it is still blue sky and, if i am not much mistaken, they still need to get formal permission and then to get hold of a rig.
what timescale do you put on that?
i would say 12/18 months, by which time there will be a lot of stale and disillusioned bulls who will have sold out and thus, de facto, an sp reflecting a more realistic view

.

Very wrong cynic.

Sea Lion is only a few kilometres away and Sea Lion is potentially a giant. Even with its present estimated size its commercial.

What that means is that small size finds on the periphery (eg Rachel-2), if they hit 50 million barrels they will be commercial as its easy to tie back into Sea Lion production facilities later.

Therefore Rachel-2 only has to hit a modest sized deposit and its commercial on the back of Sea Lion being very close and tie back ability.


cynic - 03 Nov 2010 11:02 - 5449 of 5450
i'll take your word for the above - i saw that they had found only traces, but still
however, even if you are correct, DES will still have to find minimum recoverable >100 mb to give it even a chance of commerciality

DES would benefit by a modest find, and RKH would benefit as DES would be sharing costs.........

Win-Win all around if Rachel-2 hits a modest sized find.

you do talk a load of bollocks so often, but that's fine .... you're happy to be long, and i'm happy to be short ..... however, i note you do not dispute the timescale i mention nor even that it was only traces that were found per the latest info

cynic, your constant resort to petty abuse demonstrates you are a little too emotional with this one perhaps, I assume therefore your short is presently loss making ? ;)

"as it stands, it is still blue sky and, if i am not much mistaken, they still need to get formal permission and then to get hold of a rig. what timescale do you put on that?"

Cynic

I presume you have not read the RNS?

They still have the Rig!!!...providing FIG give the necessary permissions and permits then they will Spud within a week...if they don't get FIG approval in time then they will drill Dawn/Jacinta first and then go back to Rachel and drill rachel 2.

my running loss on DES is minimal and very significantly more than counterbalanced by my running profit on FOGL (short) ...... i respond to your posts because you persistently ramp, predominantly talk a load of rubbish and rarely answer questions raised - as in this instance

thanks chav ... at least a sensible answer from you ..... however, i would have thought that both Dawn and Jacinta were longshots indeed

Dawn/Jacinta have a COS of 6%

Rachel 1 had a COS of 15%.....Rachel 2 should have much higher COS based on findings of Rachel 1 + Sidetrack.

Sealion had a COS of 23%

There all have low COS when starting out ,because it's into the unknown ,however I would like to believe that they are learning with every Well drilled and the COS is improving with each Well.

i would definitely question the validity of your last phrase, though 6% and 15% look pretty realistic - i.e. extremely slim!

Sealion had a 73% chance of failure!

Is that like 77%

lol..correct skinny!

DAWN cos 8%...lol...does that make Dawn a 33% better chance than Jacinta at 6% COS?

its just a flip of a coin dudes & good sp timing - atb

personally stayed out today - had a bit of fun with gkp instead - feel its about time the 2 to 3 range became a permanent fixture there imminently - seem to remember a high of around 203 today now 188 ish i think
take another look at des tomorrow - think will end the day south

have checked papers .... 25m SAND with traces of oil and NOT 25m of oil!!

Thats what the blonde said when she was buried up to her neck on the beach and asked a chap for help.......he said "whats in it for me if I get you out"......"sand", she said.,.

chav - 03 Nov 2010 10:47 - 5448 of 5467
Rachel 2 has to have a much higher COS because it is going into a zone which the sidetrack has proved to contain at least 25m of HC's shows...