Desire Petroleum Plc. is oil and gas exploration.
Desire Petroleum Plc. (AIM: DES) can be a British company founded in 1996 by former geologist, Dr. Colin Phipps, as part 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 the main Falkland Basin where it truely does work to transform the offshore location in to a modern hydrocarbon province. The Falkland Basin is within the waters that are north with the Falkland Islands located approximately 250 nautical miles east with the coast of Argentina inside the Atlantic Ocean. Here, they have received license for exploration and production purposes.
The exploration license provides company the right to gather the essential data about the seabed. The drilling could only go as deep as 350 meters underneath the seabed for exploration purposes. The license for production refers to the search and extraction in the petroleum.
The drilling license was received in 1997. Afterwards, an evaluation was conducted 12 months later, in 1998. Its goal within the Falkland Basin is to explore and discover commercial reserves of hydrocarbons.
In 2009, a campaign for exploration purposes was started by the company. This is because Desire Petroleum and Diamond Offshore have signed an agreement for the Ocean Guardian - a semi-submersible craft. From the next year, in February, the rig reached the basin and started the drilling process. Until recently, the company has finished 2 flow tests, 16 wells and a couple of sidetracks.
In 2004, a 3D seismic survey indicates the oil potential from the area. However, after exploring the basin for over 12 years, the organization has not found important oil or gas reserves. In the last year, Desire Petroleum has found six dry wells, which lead to a decrease of its stock price and disappointment to the shareholders and Board of Directors. However, in the recent months, two new areas fit for drilling have been found. Its recent activities have included the drilling of five wells in the campaign from 2010. Moreover, the corporation has valid licenses for 2012 and 2013. By 2012, the extensive 3D seismic survey will probably be completed.
The latest news about Desire Petroleum is that it needs to raise funds for almost any new drilling campaigns simply because that until now, no important and viable reserves have been discovered. It is hoped that this two new areas found will give you stockholders a bonus. WDD993DPO
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