Exploration Update
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TIDMDES
RNS Number : 5061H
Desire Petroleum PLC
31 May 2011
For immediate release 31 May 2011
Desire Petroleum
('Desire' or 'The Company')
Exploration Update
Desire Petroleum plc (AIM:DES) the company wholly focussed on the North Falkland Basin wishes to provide the following update on its exploration activities.
The Company's 3D seismic acquisition programme is now complete and the full-fold area of coverage is approximately 1416 square kilometres in Tranches C, D, F and adjacent open areas. Combined with Desire's existing 3D data, these new data provide almost full coverage of the East Flank Play Fairway on Desire's acreage and extended coverage of the Liz area, Ann, Pam and Helen prospects. A planned extension of the survey to the south was curtailed due to poor weather conditions.
The fully processed data for the northern part of Tranche D and the Ann prospect area are being fast-tracked and are expected to be available in July. A fully merged data set covering all prospective areas is expected to be available towards the end of 2011.
However the preliminary raw stack data have been received for the area at the northern end of Tranches C and D and the initial indications for new prospects are encouraging. In particular, two new leads, Beverley and Shona, have been identified so far. The Shona lead is at the same stratigraphic level as the Rockhopper Sea Lion discovery and extends northwards to the block boundary of Tranche D, while the Beverley lead is at a shallower stratigraphic level and is mapped wholly within Tranche D.
Commenting on the announcement Chairman Stephen Phipps said; "We are pleased with the preliminary results from the new seismic data and feel that it highlights new prospectivity within our acreage. We anticipate the prospect inventory will continue to grow as the fully processed seismic data are delivered and interpreted."
Details of these new leads and a technical update can be found in the AGM presentation to be posted after the AGM today, on Desire's website, www.desireplc.co.uk.
This statement has been approved by Ken Black, Exploration Director of Desire Petroleum plc, who is a member of the Petroleum Exploration Society of Great Britain with over 30 years experience in petroleum exploration and management.
For further information please contact:
Desire Petroleum plc
Stephen Phipps, Chairman
Dr Ian Duncan, Chief Executive
Officer 020 7436 0423
Seymour Pierce Limited
Jonathan Wright 020 7107 8000
Buchanan
Ben Romney 0207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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