The Falklands: comments by an oil analyst
London, Nov. 3 (Bloomberg) -- Following are comments by
Mark Redway, an analyst at Greig Middleton & Co., on shares in
Desire Petroleum Plc, a U.K. oil and gas exploration company,
which have almost tripled since Friday after it said a survey
found its North Falkland Basin in the southern Atlantic Ocean
could be one of the richest oil finds in the world.
``Desire has always thrived on rumors. It's a fantastic
story. Not many stories get the kind of excitement that drilling
in the Falklands does, especially in Britain. If drilling
starts, then that could be really exciting.'
Still, the distance to the Falkland Islands, off the coast
of Argentina, makes it hard to get drilling equipment to the
area, he said.
``Desire is not going to be able to do this on its own.'
Desire shares rose as much as 25.5 pence, or 59 percent, to
69 pence in London.
--Dudley White in the London newsroom (44) 171-330-7126/tc
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London, Nov. 3 (Bloomberg) --
Desire Petroleum Plc (DES LN) leapt 11.5p, or 26.4 percent,
to 53. The oil exploration and production company has more than
tripled since Friday when it found a site that might produce up
to 15 billion barrels of oil in the Falkland Islands.
Gaelic Resources Plc (GLR LN) surged 0.5p, or 20 percent, to 3p on
optimism surrounding the takeover by Desire, traders said.
Greenwich Resources Plc (GRWA LN) gained 0.5p, or 6 percent, to 9
as two of the company's directors own stakes in Desire,
increasing the possibility of cooperation between the Desire and
Greenwich once the merger has taken place, traders said.
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Canada Oil & Gas news, November 3:
Desire soars on Falklands oil hopes
In London, shares in Desire Petroleum (DES.L) shot higher on Tuesday for the third day running amid feverish excitement over the oil exploration and production group's drilling prospects in the South Atlantic.
The stock rose 18-1/2 pence or 70 percent to 45p by 1405 GMT, the top gainer among British small cap stocks at that time.
It has risen from 18p since it reported first half results and gave details of an optimistic British Geological Survey on Friday last week. |
