25 May 2012

Another dry well for Desire Petroleum

04/01/2011 Robert Tyerman

Falklands focused Desire Petroleum is considering where to drill next after finding 'no significant hydrocarbons' in its Dawn/Jacinta prospects's Well 25/5-1. The AIM-quoted company says this was 'always a high risk' prospect' and points out it is fully funded to tackle another well, which it hints could be elsewhere in the North Falklands Basin, perhaps to the east of fellow explorer Rockhopper's Sea Lion discovery.

Chaired by Stephen Phipps and steered by chief executive officer Dr. Ian Duncan, London-based Desire says it has two months to consider its next move. The Dawn/Jacinta setback comes in the wake of a dry well encountered in October at Well 14/15-1 in the North Falklands' Rachel prospect, which knocked more than a third off the company's share price to 73.5p.

The Dawn disappointment has now sent the shares down 11.25p to 36.5p, against 1998's 125p float price and a 12-month high of 168.5p. Now valued at £124 million, the company is a gamble on the next well coming right.               

Tags: AIM market, Falklands, Oil explorer

Sector: Oil & Gas Producers

Companies: Desire Petroleum

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