Desire Petroleum has reported some promising results in its latest 3D seismic readings and this has push its share price up by 10% today.
Desire Petroleum has been searching for oil reserves in the North Falkland Basin for decades and has recently started using new technologies to explore deeper and wider. The 3D acquisition programme has provided some promising results from the northern end of Tranches C and D which means that Desire are confident that there are good oil reservoirs down there.
The new explorations by Desire have added to the previous 3D data which means that they have now explored a vast area in the Falklands including the East Flank Play Fairway, Liz, Ann, Pam and Hele areas.
More details of the latest explorations can be found on Desire’s website: www.desireplc.co.uk/investor_relations_announcements.php?article_id=208 along with a map of the current licensed trenches and prospects.
Desire Petroleum shares are up to 13.25p today, a rise of 1.5p.