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

To: Oily1 who wrote (402)	12/29/2010 6:21:47 AM
From: nigel bates	Read Replies (1) \| Respond to of 417

Desire Petroleum (LSE: DES.L - news) , the British oil and gas explorer, delivered further bad news to investors, saying the latest well in its Falklands drilling campaign has so far failed to find any hydrocarbons. The 25/5-1 well in the North Falkland basin has reached 1,313 metres, with no hydrocarbons found in the Jacinta Prospect, the company said on Wednesday . Desire shares tumbled 22pc to 48p in early trading. The well will now be drilled to the planned total depth of around 1,670 metres to evaluate the deeper Dawn Prospect. Today's announcement follows news earlier in December that the Rachel North well would be abandoned. That announcement saw the oil company's share price crashed by almost half, dropping 66 to 67¼p, coming just four days after Desire shot up 24pc on news that preliminary data showed a "discovery". Its Liz well came up dry earlier this year. Desire has been exploring for 12 years and has so far failed to find any oil or gas. Around 70pc of Desire's shareholders are retail investors, among them many veterans of the Falklands War hoping for oil riches in the frontier exploration region.