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Exploration Update

15th Aug 2011 10:48

RNS Number : 3578M
Desire Petroleum PLC
15 August 2011
 



For immediate release 15 August 2011

 

 

Desire Petroleum plc

("Desire" or the "Company")

 

Exploration Update

 

Desire Petroleum plc (AIM:DES), the company wholly focused on the North Falkland Basin, notes the announcement made today by Rockhopper Exploration plc ("Rockhopper") regarding the prospective resources at its Sea Lion Main Complex ("SLMC").

 

Desire welcomes the update from Rockhopper, in particular its statement that the SLMC is believed to extend into licence PL004 (Tranche D), in which Desire has a 92.5% interest. However, since Desire does not have access to all the data upon which Rockhopper's evaluation is based, in particular the 14/10-6 well data, Desire is unable to confirm Rockhopper's interpretation at this stage. Nevertheless the results of this well are encouraging for the Shona lead which was previously identified from the raw stack data.

 

Desire's recently acquired fast track 3D seismic data for the northern part of Tranche D and the Ann prospect area continues to be interpreted as a priority and the results are expected to be available in September. A fully merged data set covering all Desire's prospective areas is expected to be available for interpretation towards the end of 2011.

 

 

For further information please contact:

 

Desire Petroleum plc

020 7436 0423

Stephen Phipps, Chairman

Dr Ian Duncan, Chief Executive Officer

Seymour Pierce Limited

020 7107 8000

Jonathan Wright/Stewart Dickson, Corporate Finance

Richard Redmayne / Paul Jewell, Corporate Broking

Buchanan Communications

020 7466 5000

Tim Thompson

Ben Romney

Helen Chan

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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