DES.L Regulatory News (DES)

4 Nov 2005 13:19

Desire Petroleum PLC04 November 2005 Desire Petroleum plc ("Desire") Trading Update The Directors of Desire note today's announcement by Rockhopper Exploration PLCthat it will not be exercising its option to farm-in to a further 7.5 per centinterest in Licences PL003 and PL004, comprising Tranches C and D, in the NorthFalkland Basin. Desire Petroleum plc (Desire) will, therefore, continue toretain a 92.5 per cent interest in these Licences. Although the continuing lack of a suitable drilling rig is very frustrating forDesire and its shareholders, detailed work has continued on preparation fordrilling as soon as a suitable rig becomes available. In particular, a detailedreview of the drilling programme is being undertaken in order to adapt it to thecurrent, high-cost environment affecting the whole of the oil-explorationsector. The Directors expect that the revised programme will enable Desire todrill three wells using existing resources despite this increased cost base. This information is provided by RNS The company news service from the London Stock Exchange