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

Just posting this for continuity (bit late on parade this morning):
StockMarketWire.com
North Falkland Basin-focussed oil and gas firm Desire Petroleum has plugged and abandoned the 14/15-2 Rachel North well.

Preliminary results from initial log data indicated that the well had encountered a 349m gross interval of sands and shales with hydrocarbons, of which 57m was net pay in multiple zones.

But sampling of the main sand has shown that the hydrocarbons are residual and that the mobile fluid is water.

Chairman Stephen Phipps said: "Having seen the highly encouraging results from the first logs, the LWD, PEX and CMR, on this well, plus accompanying oil shows, it is extremely disappointing that the subsequent wireline logs and fluids sampling have dashed all the earlier promise of this being Desire's first oil discovery in the North Falkland Basin.

"Despite this setback, the presence of hydrocarbons and good reservoir development have been identified in a number of the Rachel fan sands and we therefore continue to believe in the prospectivity of the East Flank Play fairway for future oil discoveries."

http://news.bbc.co.uk/weather/forecast/302

Balerboy just taken kids to school its -11 here in sunny Northumberland........a lot better weather in Falklands but very windy.......Roll on RKH getting the rig the star of 2011 on the AIM is XEL 2010 star then RKH fingers crossed for news on XEL.

I'm starting to think that one day Desire Petroleum will hit the jackpot !....

where have i heard that in the recent past?
i'm out and am certainly happy to be so

They are not going to stop drilling now....one well after another.....you do short term trades.....I cannot do that very much so have to look at the longer term.....but this was unexpected this morning...I have to say...wish I took some more profits when I could have.....

No Falklands oil find..

The Telegraph.

just because you are buying for "longer term" whatever that may mean, does not give you any greater protection ..... in honesty, i think DES is nearing the end of the line

That's cheered me up no end, thanks....

cold light of reality is rarely jolly ...... hanging on in blind hope is a lousy strategy

Its dog eat dog out there.

No, because if you were following the thread you will see I sold the lot at 150p on Friday.

RF questioned why I sold, well, perhaps its vindicated now that I did dump the lot at 150p :)


blackdown - 06 Dec 2010 07:48 - 5760 of 5781
Is this going to affect P's 6 figure profits?

It goes with sentiment this share....when they spud the next one should climb a little...

It's all very well after the event coming out with that .....I shold have done the same but was too slow....

RF, I never like an RNS where they do not say "Please to announce".... last Friday they did not say that.......

Anyway, glad I sold out at 150p.

RKH looks good, all the oil is in the North East :) !!

of course you did Mr P ..... with unerring accuracy at the top of the market (or near enough) ..... i'm amazed GS are not hammering on your door to recruit you, holding a huge bag of swag as a welcoming gift

i'm almost certainly blind, but the strange thing is that i see nothing from friday (3rd) to remotely indicate that Mr P had taken any profits at all ..... indeed, his posts of that day indicate nothing but continuing optimism re DES and furthermore, banking profits totally contradicts Mr P's oft-stated philosophy

Rf, this is to cheer you up: Broker summary from Westhouse:
"Todays announcement represents a dramatic turn of events for Desire. The positives that can be taken are the thick sands that have been encountered, as well as oil that has passed through. Discovering where this oil has migrated to is clearly the challenge for Desire and other operators in the basin. However, we are cutting our target price from 142p to 96p due to the results from Rachel. Although this mornings sell-off appears to be overdone, we are maintaining an ACCUMULATE on the shares. Rockhopper remains a BUY with an adjusted target of 489p."

Cynic, Rf is the following post worth referring to?

Proselenes - 02 Dec 2010 08:12 - 5646 of 5788
Sold the lot at circa 150p.

Excellent profit locked in.

Now, get that rig back to RKH !!

Well done indeed Pro.

.,

fortunately i sold 50% on friday and only had quite small exposure, so though i lost a bit, it was nothing dramatic