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Gold/Mining/Energy : Desire Petroleum
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To: Oily1 who wrote ()11/3/1999 6:28:00 AM
From: Oily1  Read Replies (1) of 417
 
Falkland's latest :-

From today's edition of the Aberdeen Press & Journal, (Europe's Oil capital).

South Atlantic boost to Desire.
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Shares in Desire Petroleum shot higher yesterday for the third day running amid renewed excitement over the oil exploration and production group's drilling prospects in the South Atlantic around the Falkland Islands.
The stock rose when the firm issued details of an optimistic British Geological Survey, (BGS), assessment of Falklands prospects.
Preliminary results of BGS's technical study of the North Falklands Basin indicate the oil source rock to be one of the two richest in the world. The volume of crude oil was calculated to be in the 5-15 billion barrels range.
The challenge now is to find where that oil has accumulated.
It seems that all the wells drilled in last winter's supposedly unsuccessful campaign encountered the rich source rock indicated by BGS.
But for the world oil price slump of 1998 and early 1999, drilling might have continued beyond the initial programme, which was extensively supported out of Aberdeen.
"People have got quite excited by the Falklands news and the company is talking about getting a rig from Brazil," said one market-maker.
Westmount Energy, which has a 13.5% stake in Desire rose 37% or 9p to 33 1/2 p with no trades registered.
And Gaelic Resources, which is merging with Desire, doubled its price to 2 1/2 p having had a year high of 3p.
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