Desire Petroleum plc Interim Results

Desire Petroleum plc Interim Results

Desire Petroleum plc the exploration company focusing on the North Falkland Basin, today announces its Interim Results for the six months ended 30 June 2011.

  • 3D seismic programme completed in Tranches C, D, F and adjacent open areas.  Initial interpreted data from our priority areas are encouraging.
  • An updated Competent Persons Report over our priority areas  to be  published in Q4 2011
  • Appointment of Graeme Thomson to Board as an Independent Non-Executive Director and Chairman of the Audit Committee      
  • Rockhopper Exploration announced in August that in their high case up to approximately 10% of the Sea Lion field  may extend into PL004 (Tranche D) in which Desire has a 92.5% interest

Commenting on the results, Stephen Phipps, Chairman of Desire, said:
"The information Desire has gained in the period from both our own wells, other wells drilled in the area, combined with the recently acquired 3D seismic data on our acreage, reaffirms our belief in the prospectivity of our acreage in the North Falklands Basin.  We are therefore continuing to review all available financing options with an intention to rejoin the current drilling campaign when possible."

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