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

Desire Petroleum was forced last night to defend itself against claims that it had misled investors after admitting that an "oil discovery" off the Falkland Islands announced on Thursday was mostly water. The company's share price nearly halved after it said that fresh analysis of sand samples from the offshore Rachel North well showed they did not contain crude, but mostly water with some traces of residual oil. The announcement, which came only four days after Desire had issued a statement entitled "Oil Discovery" that sent its stock price soaring by 26 per cent, provoked anger in the City. "It's a complete disaster," one analyst said. "The recriminations will fly," the Times reports.

going to be a huge investigation ...... 1 to 1p that there will not be!
bad management and unchecked RNS? - most assuredly
sell? ..... possibly, but not sure there will not be DCB first as short positions already in place are closed

No post's from Proselenes on here or on the RKH thread , i wonder why ?

Investors have been seriously missled.

He's counting his profits of course .,.

i am so glad that posting my "take profits" mantra so often almost forces me to do the same otherwise i too might have got quite badly burnt .... as it was, the loss was easily manageable and still (if one wants to use that yardstick) left me very considerably in profit overall on DES

lol.

I repeat what I said last week

This was impossible to short on-line at 130p which suggested to me it was on the way down which probably means the truth of the well was already known to their institutional friends who had the chance to bail-out at 150p.

All IMO and one which may or may not be correct depending on how paranoid you are about the market!

According to the Telegraph today, 70% of Desire is held by small retail investors.

Certainly think DES management should be strung up for a very misleading RNS. I have no idea how they can declare an oil discovery one moment and then d it's water the next, definitely a case for investigation. Must admit i was quite surprised the SP rise wasn't greater following the first announcement, but then on further reading realised the word commercial was missing. I think anyone who piled in on that RNS was somewhat careless (and that's probably being kind).

Another black day for the AIM.

I think if you read the last rns, it explains why the cock up occurred.

Well spotted pth. ;-)

Exxon's comment a couple of days ago was interesting - they're not interested! They see no value getting involved down there. I'm certain they know more about finding and getting the stuff out than the management of DES or RKH. ;-)

they know more about running ships onto rocks too ...... and on a more serious note, Exxon sure as hell don't know everything or always make the right decisions, any more than all those in the music industry who turned away the Beatles when they first came on the scene

Exxon comments were also pre Sealion Oil discovery.

glsd i am out of des sold b4 dip / cynic rocks you have a great sense of humour

it goes with being curmudgeonly

wow....you should be on with Frank Muir.,.

you mean because he's long dead?

My Word!, that takes me back a bit!!

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