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

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

..

was short as per last mail .......

Except that RKH won't get the rig until march or april at the earliest....

This is ridiculous the told you so's......appearing now....

mitzy, I just did not like that lack of "Pleased" in the RNS along with the fact DES do not have the funds to do anything in 2011.

I do not sell just for the fun of it, it has to have reason, and the reason was lack of funds and uncertainty over the find size (and the lack of any PLEASED) in the RNS.

150p was a good price, tuned out to be a good move, although I would not be saying it if DES said this morning they had 100 MMBO of recoverable oil.

What I think will happen now is DES are drilling Jacinta as they need some drill data to calibrate the ongoing new 3D seismic to.

However, I think they will stop after Jacinta (if its a duster) and pass the rig back to RKH in late January, all being well.

So either RKH start drilling in late Jan, or early March.

looks to me that RKH is the only player left in the park ..... as for DES, i now see it only as a short, though have not (yet) done so

So P sold at 150p on Friday. what a coincidence! By the way, when on Friday did the selling price reach 150p?

apparently he meant to write thursday 2nd where in honesty sp did hit 150 and fell back thereafter .... but amazing prescience to sell at the top of the market by someone who never sells, and then purely because RNS did not start "we are pleased to announce .... "

strangely, there were several more posts from Mr P thereafter which were very bullish in content, but carried no caveat or footnote or similar from Mr P

And, even more amazing, he managed to sell at the high point on that day. That's what I call skill.

but he genuinely has this unerring eye - he's told us so often enough, so it must be true ..... apparently GS came to his door with a sack of $ and gold bullion as a golden parachute but were told to bugger off as he'ld rather have a pint down at the pub

He also has the 'vibes' from his anatomy to guide him. Must be reliable; except, perhaps, after a few pints and a very hot curry.

2/12 - Desire Petroleum upgraded to add from neutral at Evolution. Sp around 130-150p

6/12 - Desire Petroleum cut to reduce from add at BA-Merrill Lynch, target slashed to 50p from 180p. Also downgraded to reduce from add at Evolution, target price 50p.

reckon we'll see rkh follow into the 2's until theres a rig. Great this 10 15 20/share wonder if I'll be alive to see it.,.