.

not him, that's for sure

Stock on loan figure.

Gradually rising, now up to 1 million. It was just 300K not so long ago.

New rig status report.

http://www.diamondoffshore.com/ourFleet/documents/May17web2011.xls

Shows the 3 well program of which the first well is ongoing (Ongoing contract)

Shows first firm well of 10 options (this is the newly announced firm well being the 1st of 10 options). (Future contract).


So of the remaining 9 options I would guess at least 2 for ARG, perhaps 3.

Perhaps 2 or 3 reserved for DES (if they can raise money).

So perhaps 3 more for RKH once the ongoing 4 are finished, as we now have 4 wells back to back of RKH drilling.

Stock on loan now up by 250K to now 1.15million.

So 250K sold yesterday were "borrowed" stock - thats quite a bit of the total volume given the very low volumes at the moment.

hmmmmmmmm

on loan stock of main interest to me

gl

ps why do pis still buy des?! i must be missing something - at least rkh has a half decent chance

The future.....



.

The dreaded/loved (delete as appropriate) "borgo" has predicted 91 is a magic number.

When 2 of the most important pieces of data are added together it equals 91.

So for those who despise him, look away.

For those that like a laugh and a bit of fun the expectation is that porosity + net pay = 91.

So could it be 21% porosity and 70M net pay ? (I would fall off my chair if it were).

Or is it 65% water saturation and 26M net pay (price would fall off a chair if it were).


Fun times - news Tuesday morning after the bank holiday Monday - enjoy the break.

I'm hoping for a good result here......perhaps I'm expecting too much from this company.....where has all the optimism gone that was on this board before ?....

Rf, it's all run it's course and the mob have moved on. Until RKH start to drill again, I can't see this attracting the speculative traders.

Harry, they are drilling now, and results due next week.

Yes, but it's only Appraisal / Environmental Assessment drilling and not a new project, so I don't think it will attract the rabble.

as a thicko, what is it hoped that an appraisal drilling will reveal? ..... i know what i think is hoped, but that is quite possibly or even probably incorrect, but for sure it isn't done as some entertainment just to pass a sunnny sunday

They are flow testing this time, so to my way of thinking the sp should take off....but I've said this before and it does the opposite....

Cynic, definition of Appraisal drilling '(Mining & Quarrying) (in the oil industry) drilling carried out once oil or gas has been discovered in order to assess the extent of the field, the reserves, the possible rate of production, and the properties of the oil or gas'.
I still think drilling new prospects attracts more speculative punters.

i suspect that as rf says, this latest is to establish flow and to try to glean further info re field extent ..... i don't care whether or not the lemmings leap on board beforehand, provided the result is perceived as positive

From the well spud RNS below :

http://www.investegate.co.uk/Article.aspx?id=201105030700297465F

............The well is located just north of the Sea Lion 14/10-2 discovery well and 13 metres updip at top reservoir level. The well is designed to appraise the Sea Lion main fan reservoir and investigate hydrocarbon column and reservoir distribution. The location is 77 metres updip at top reservoir level from the recently drilled 14/10-4 appraisal well.

It is clear that they are drilling to test the Main Fan only. The last well found the Oil Water Contact and therefore defines they lowest level and now they are in the process of proving whether the upper levels also contain oil. When they have a bottom and top defined and both in contact they can call oil distribution across a very large area.

At this location the planned actions do not include Sea Lion Lower as it clearly states Sea Lion Main fan and at the updip top location.


From the RPS update on Sea Lion : http://www.mediafire.com/?z4pkvs9dd6l16b7

It is clear the average depth of the Sea Lion Main fan is expected to work out at 34.5 meters with thickening at down dip locations but potentially much thinner area's as well - hence an average of 34.5.

So this well is updip and therefore a figure in the 25 meter to 35 meter range should be hoped for, slightly below average expectation given this is updip and top of the reservoir, and not downdip where the much thicker net pay is expected to be.

I would be happy with 30 meters of net pay as a good result, anything more than 30 meters is very good.

As has been said we are not testing Sea Lion lower at this location and so net pay is purely about Main fan only, not a combination of Main and Lower as per the 14-10/2 well.

25 meters to 30 meters is ok.

30 meters to 35 meters is good given its updip and top location.

35 meters to 40 meters would be very good.

Above 40 meters and its an excellent result from this location for the main fan.

So Sea Lion goes into DES acreage down south, must mean a massive increase in the size of Sea Lion. I would go for over 600 million recoverable barrels now, perhaps more.



DES RNS :

RNS Number : 5061H

Desire Petroleum PLC

31 May 2011

For immediate release 31 May 2011

Desire Petroleum

('Desire' or 'The Company')

Exploration Update

Desire Petroleum plc (AIM:DES) the company wholly focussed on the North Falkland Basin wishes to provide the following update on its exploration activities.

The Company's 3D seismic acquisition programme is now complete and the full-fold area of coverage is approximately 1416 square kilometres in Tranches C, D, F and adjacent open areas. Combined with Desire's existing 3D data, these new data provide almost full coverage of the East Flank Play Fairway on Desire's acreage and extended coverage of the Liz area, Ann, Pam and Helen prospects. A planned extension of the survey to the south was curtailed due to poor weather conditions.

The fully processed data for the northern part of Tranche D and the Ann prospect area are being fast-tracked and are expected to be available in July. A fully merged data set covering all prospective areas is expected to be available towards the end of 2011.

However the preliminary raw stack data have been received for the area at the northern end of Tranches C and D and the initial indications for new prospects are encouraging. In particular, two new leads, Beverley and Shona, have been identified so far. The Shona lead is at the same stratigraphic level as the Rockhopper Sea Lion discovery and extends northwards to the block boundary of Tranche D, while the Beverley lead is at a shallower stratigraphic level and is mapped wholly within Tranche D.

Commenting on the announcement Chairman Stephen Phipps said; "We are pleased with the preliminary results from the new seismic data and feel that it highlights new prospectivity within our acreage. We anticipate the prospect inventory will continue to grow as the fully processed seismic data are delivered and interpreted."

Details of these new leads and a technical update can be found in the AGM presentation to be posted after the AGM today, on Desire's website, www.desireplc.co.uk.

This statement has been approved by Ken Black, Exploration Director of Desire Petroleum plc, who is a member of the Petroleum Exploration Society of Great Britain with over 30 years experience in petroleum exploration and management.

i see far too many words like "indications", "encouraging" and "prospectivity" to get at all excited

Could be like two people eating the same sandwich, from opposite ends !.

GOLDMAN SACHS have today reiterated that RKH is a conviction buy and upped their price target from 684p to 732p.