Falklands : Desire Updates Trading News
Submitted by Falkland Islands News Network (Juanita Brock) 04.11.2005 (Article Archived on 18.11.2005)
Find out what Desire Petroleum is doing on the AIM.
Desire Petroleum PLC
04 November 2005
Desire Petroleum plc
('Desire')
Trading Update
The Directors of Desire note today's announcement by Rockhopper Exploration PLC
that it will not be exercising its option to farm-in to a further 7.5 per cent
interest in Licences PL003 and PL004, comprising Tranches C and D, in the North
Falkland Basin. Desire Petroleum plc (Desire) will, therefore, continue to
retain a 92.5 per cent interest in these Licences.
Although the continuing lack of a suitable drilling rig is very frustrating for
Desire and its shareholders, detailed work has continued on preparation for
drilling as soon as a suitable rig becomes available. In particular, a detailed
review of the drilling programme is being undertaken in order to adapt it to the
current, high-cost environment affecting the whole of the oil-exploration
sector. The Directors expect that the revised programme will enable Desire to
drill three wells using existing resources despite this increased cost base.
This information is provided by RNS
The company news service from the London Stock Exchange
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