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Gold/Mining/Energy : Desire Petroleum -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (81)	6/15/2000 4:09:00 PM
From: Tomas	Read Replies (1) \| Respond to of 417

Desire Shares Fall After Portugal Drilling Fails to Produce Gas By Dudley White London, June 15 (Bloomberg) -- Desire Petroleum Plc shares posted their biggest decline in more than seven months after the U.K. oil explorer said it suspended drilling in Portugal after failing to produce any gas. The Malvern, central England-based company said drilling of the Aljubarrota 3 well in Portugal may have damaged the natural gas-bearing rock structure, which could prevent it from carrying out further tests of the well. The stock fell 5.5 pence, or 22 percent, to 20p, the biggest decline since November. Desire shares on May 30 rose more than 42 percent because of expectations it would announce results from the well at a meeting with shareholders. Desire has in the past year switched its focus to Portugal from the Falkland Islands after drilling a series of dry holes in the South Atlantic Ocean. ``It is now planned to make a thorough evaluation of the results of the No. 3 well before a decision is made as to further testing or appraisal drilling,'' the company said, referring to Aljubarrota 3. Media reports have estimated the Aljubarrota gas field could hold enough supplies to meet Portuguese needs for 20 years. Desire is worth 20.7 million pounds ($31.2 million).