Desire Petroleum Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Desire Petroleum

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tomas who wrote (114)	4/25/2001 10:01:06 PM
From: Tomas	of 417

Desire Petroleum FY loss narrows, North Falklands farm-out talks continue AFX, April 24 Desire Petroleum PLC reported a reduction in losses for 2000 to 1.01 mln stg from 2.192 mln the previous year. The oil company said talks continue regarding farm-outs in the North Falkland Basin, where surveys have shown the potential for substantial oil reserves. Two independent studies show that up to 60 bln barrels of oil appear to have been generated and expelled from the source rock in the Basin. Desire said studies have identified eight significant structures together capable of containing more than 2 bln barrels of recoverable oil. It said the resumption of drilling in the Basin is "a matter of timing", but the cost of bringing a rig to the Falklands is high and several wells need to be drilled to justify doing so. The company plans to hold talks with other licence holders and potential partners on cooperating on the commissioning of a rig. It said it will consider other ways of financing drilling, should farm-out terms not prove sufficiently attractive. ak/

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next