Update20 Aug 2012 13:26
Commenting on the CPR update, Stephen Phipps, Chairman of Desire, said:
“We are delighted that our prospect inventory continues to strengthen and that some of the best remaining potential in the North Falkland Basin is within licence PL004 in which Desire has a strong equity position. The Elaine and Isobel prospects are very attractive drilling targets, particularly as the basin moves into a new phase of activity. The planned development of the Sea Lion discovery demonstrates the commerciality of major discoveries in the basin and we are optimistic that the Elaine and Isobel prospects can deliver significant value for our investors. As our prospect inventory matures, we will be seeking industry partners to participate in further exploration of our licences and the quality of prospects like Elaine and Isobel provides a strong platform for success.”
The CPR update was prepared by Senergy, a major independent consultancy specialising in reservoir engineering, geology, geophysics and petroleum economics. Senergy have used all available information and interpretations supplied by Desire. The CPR update, including a glossary of key terms, can be downloaded from the Desire website: www.desireplc.co.uk. A full CPR covering all of the Company’s prospect inventory and discoveries will be issued in Q4 2012.
The gross prospective resources and net to Desire prospective resources for the Elaine/Isobel prospects, as extracted from the CPR update, are shown in the tables below: