Desire Petroleum has options to drill a further four wells for itself and or its partners.
Desire Petroleum believes that with a rig becoming active in the North Falkland basin the company should endeavour to drill as many wells as possible to test the full potential of this highly prospective area. To this end Desire Petroleum is investigating with its advisors the best course of action to raise additional funds prior to mobilization to ensure the area is appraised as widely as possible. It is Desire Petroleum’s intention that shareholders will have the opportunity to participate in the fund raising.
Commenting on the development, Stephen Phipps, chairman of Desire Petroleum said: “The Board of Desire Petroleum is delighted to be able to report today’s news on securing a rig to drill our prospect inventory in the Falkland Islands. Subject to the anticipated timing, we will be commencing activity in early 2010, where we intend to explore as many play types as possible, thus maximising our chances of success.”
