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Add topicDesire Petroleum Plc. is coal and oil exploration.
Desire Petroleum Plc. (AIM: DES) can be a British company founded in 1996 by former geologist, Dr. Colin Phipps, as a part of the hydrocarbon exploration industry. The company�s main headquarters have reached Malvern, United Kingdom. Its main activity is coal and oil exploration.
desire petroleum plc is found in the northern part of the Falkland Basin where it truely does work to transform the offshore location in to a modern hydrocarbon province. The Falkland Basin is incorporated in the waters that are north in the Falkland Islands located approximately 250 nautical miles east of the coast of Argentina in the Atlantic Ocean. Here, it has 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 is only able to go as deep as 350 meters within 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, a test was conducted a year later, in 1998. Its goal inside the Falkland Basin is to explore and locate 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. With 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 2 sidetracks.
In 2004, a 3D seismic survey has shown the oil potential from the area. However, after exploring the basin for over 12 years, the business has not found important oil or gas reserves. Within the last year, Desire Petroleum finds six dry wells, which result in a decrease of its stock price and disappointment to its 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 organization has valid licenses for 2012 and 2013. By 2012, the extensive 3D seismic survey will be completed.
The latest news about Desire Petroleum is it needs to raise funds for any new drilling campaigns because of the fact that until now, no important and viable reserves have been found. It is hoped that this two new areas found will offer you stockholders a bonus.
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