Desire Petroleum

Sunday, 31st October 2010 17:41 - by Boredmum

Desire Petroleum (TIDM code: DES); what a roller-coaster week, and I really feel for all holders of this share. It is one that I have sometimes traded successfully and, as previously mentioned, sometimes not so successfully. This week I purchased it yet again, feeling it was worth the risk on a small amount of shares at 71p. I backed-out the next morning when something spooked me, taking a small hit on a sell price of 68p. That same day, noting the volume was increasing fast, I got back in at 77p. I then sold at an average of 131p. Back in again at 102p...to sell at 111p. After the last one, I felt I had to leave well alone. I have never seen so many contradictory stories appear. A national newspaper stated one day that ‘Rachel (current drilling) is rumoured to be dry’; only to say the next day that it is ‘rumoured to have struck oil’. Suddenly, all these posters on chat boards are claiming to have inside information and lots of posters are hanging onto their every word. So personally, I am out. I have done well from it this week and it is time to leave DES alone. On a personal note, I really want oil to be found and for it to be commercial. We are all aware of the risks when investing in the Oil & Gas sector. Shareholders, emotionally, have been through so much this week and I feel for them. So, good luck and I hope it comes right for you.