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Gold/Mining/Energy : Desire Petroleum
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To: Oily1 who wrote (111)3/14/2001 9:25:25 PM
From: Tomas  Read Replies (1) of 417
 
Desire Petroleum: Greenwich Resources - Oil And Gold Explorer
Investors Chronicle, March 9

The difficulty in valuing Greenwich is to decide whether to base your calculations on its gold mine prospects in the hills of Thrace, north east Greece or on its stake in Aim-traded Desire Petroleum. Greenwich reports average grades of gold discovered of over 18 grammes a tonne at its 1.2m tonnes Viper deposit. Those grades provide "robust economics" for project finance discussions.

But more exciting in the short term may be Greenwich's eight per cent stake in Aim-listed Desire - worth nearly GBP1.6m. Desire is the largest licence holder in the offshore North Falkland Basin where it has 100 per cent interests in four large blocks and 13 per cent of a fifth. The first round of drilling in 1998 proved disappointing. Subsequent data interpretation suggests that up to 60bn barrels of oil was generated and then expelled from the rich source rock encountered in the wells.

So, where did it go? One suggestion is that the wells were not drilled deep enough and large fault blocks could mean that the oil migrated to shallower water: perhaps 20km offshore and at water depths of under 100km whereas the wells drilled were in water depths of 200m to 500m. Desire is now looking for farm-in partners.
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