Desire Petroleum Plc. is oil and gas exploration.
Desire Petroleum Plc. (AIM: DES) is often a British company founded in 1996 by former geologist, Dr. Colin Phipps, as an element of the hydrocarbon exploration industry. The company�s main headquarters have reached Malvern, United Kingdom. Its main activity is oil and gas exploration.
desire petroleum exists in the northern area of the Falkland Basin where it really works to transform the offshore location into a modern hydrocarbon province. The Falkland Basin influences waters that are north in the Falkland Islands located approximately 250 nautical miles east from the coast of Argentina inside Atlantic Ocean. Here, it's got received license for exploration and production purposes.
The exploration license gives the company the right to gather the necessary data about the seabed. The drilling could only go as deep as 350 meters under the seabed for exploration purposes. The license for production means the search and extraction from the petroleum.
The drilling license was received in 1997. Afterwards, a test was conducted a year later, in 1998. Its goal within the Falkland Basin is to explore in order to find commercial reserves of hydrocarbons.
In October 2009, a campaign for exploration purposes was started by the company. This is because Desire Petroleum and Diamond Offshore have signed a contract for the Ocean Guardian - a semi-submersible craft. By the next year, in February, the rig reached the basin and started the drilling process. So far, the company has finished 2 flow tests, 16 wells and two sidetracks.
In 2004, a 3D seismic survey has demonstrated the oil potential with the area. However, after studying the basin for over 12 years, the company has not found important oil or gas reserves. In the last year, Desire Petroleum finds six dry wells, which result in a decrease of its share price and disappointment to the shareholders and Board of Directors. However, in the recent months, two new areas fit for drilling have been located. Its recent activities have included the drilling of 5 wells in the campaign from 2010. Moreover, the corporation has valid licenses for 2012 and 2013. By 2012, the extensive 3D seismic survey will likely be completed.
The latest news about Desire Petroleum is that it needs to raise funds for virtually any new drilling campaigns simply because that until now, no important and viable reserves have been located. It is hoped that the two new areas found will offer you stockholders a bonus. WDD993DPO
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