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

.... p.s. I am still learning - could it also be short sellers putting an order in to sell in case of a strike or am I misunderstanding that idea.

it's merely an indicator that there's plenty more peeps who want to be shot of the stock than want to buy it ..... go to RRL and you'll see the reverse, though not quite as exaggerated

Surely all traders will be hedging this one, based on the sp could go either way, depending on a strike or not? There should be quite a few limit orders (or stops) on the books which will hopefully trigger, though in the event of a 'miss' I can imagine the sp going down too fast.

That's the trouble....it will go past your stoploss and stop you out at the bottom...sometimes with a ten minute delay....it's happened to me.....

Need a new rumour from iii,looking a little perky today.

Marky
Agreed - we need a rumour or hopefully something better?
However if a glance at the graph above is "looky perky" then there's hope for me yet!
................but it is Friday....... who knows

Ninky Well and 3D Seismic Operational Update

14/15-3 well to be plugged and abandoned with oil shows

Desire Petroleum plc (AIM:DES), the company wholly focussed on the North Falkland Basin, advises that the 14/15-3 well on the Ninky prospect has reached a total depth of 2,620 metres in the Barremian source rock interval.

Ninky Well Results

Based on drilling and wireline logging, the well encountered two sand-prone sections in the Upper and Middle F2 intervals, which were the primary targets (2323 metres to 2334 metres and 2365 metres to 2389 metres). The sands have a combined gross thickness of 35 metres and oil shows were encountered throughout both intervals while drilling. The reservoir quality is generally poor having only 5.6 metres of net reservoir with an average porosity of 13%. A thin interval of around 1.2 metres at the top of the Middle F2 zone is interpreted to be oil bearing from log analysis.

Wireline formation pressure measurements were attempted, but no valid pressures were obtained, indicating that the reservoirs are low permeability at this location. As a result no wireline sampling was attempted. The depositional model suggests these sands are sourced from the east and therefore better reservoir quality may be expected downdip. In addition, there are indications from seismic of further sands along strike on the Ninky structural high, which were not penetrated in this well. These opportunities will be evaluated with the new 3D seismic as part of Desire's prospect inventory update.
Operations on the Ninky well will now be completed and the well will be plugged and abandoned.





Bugger

As I've said in post 6161, DES is a total failure of a company.

glad i plugged and abandoned my position a few days back, though it was small enough not to have cause any dramatic damage anyway

.

This whole management is a crooked gang. Who knows... they might say they found a whole seaload of oil tomorrow? LOL!

Why the fall..?

wakey wakey mitzy - see 6209 - DES is stinker .... that said, at some point (soon?) it must be worth buying as a fast trade against bear closing

Worth buying at 12p..?

Fund raising next in line... probably at 10p. Keep away at the moment.

Buy at 8p.

Run out of money and wells to drill now.

The only people to make money out of the Falkland oilies so far are their directors and the owners of the Ocean Guardian, whoever they may be? The losers as usual are the shareholders..... you pays your money and takes your chance.

I fear a massive dilution.

Didn't cost me anything as i wasn't in old bean....dead dog from the start, glad i sold rkh in the 270's now looking to get back in....somewhen.,.