The Falklands Oil Exploration
The Times, Tuesday August 11
Trade in Desire Petroleum is heading up again. The oil exploration company, whose sole
assets are two gasfields off the Falkland Islands, is due a progress update. Internet reports
say that gas flares have been seen off the oil tranche in which Desire has a 25 per cent stake.
If gas is found, Matheson Investments estimates, Desire's shares will be worth œ17.08
apiece. If nothing is found, the shares will be worth nothing. They were up 8 1/2 p to 178
1/2 p yesterday.
My comments: The Times is incredible, they always gets it wrong.
1. Of course Desire does not have "two gasfields off the Falklands".
2. Gas flares have been seen IN SHELL's tranche. Shell, not Desire, is drilling...
3. They are not exploring for gas...
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Financial Times, Tuesday August 11
Falkland Islands oil explorers found support after internet speculation that Shell had found
gas near the islands. Desire rose 8« to 178«p, Westmount was up 10 at 100p and
Greenwich gained a penny to 22¬p. Analysts said it was too early for a Shell find.
My comment: Why is it too early for a Shell find? They have been drilling for 5 weeks now.
Of course it is possible to encounter gas and oil at a depth of 2000-3000 meters. They
reached 2000 meters at least two weeks ago.
Please note that the "My comments" are made by Tomas
Greywolf note:
I can find little to add to Tomas's comments so they are left there as is. One has to reflect that there are a lot of faults around this project. I wonder if most of the media proffesionals covering the Falklands are escorted to work... |
