3 Nov 2011 07:00
For immediate release 3 November 2011
Desire Petroleum plc
("Desire" or the "Company")
RIG UPDATE
Desire Petroleum plc (AIM:DES), the exploration company focusing on the North Falkland Basin, announces that the rig contract with Diamond Offshore Drilling (UK) Ltd for use of the drilling unit the Ocean Guardian for operations in the North Falkland Basin has been amended.
Under the amended contract an undefined number of optional wells may be drilled up to 1st March 2012, at which time the Ocean Guardian will leave the Falklands on a long term contract with another operator. Desire must declare the exercise of such options on or before the spud of the previous well in the campaign.
The rig is currently drilling well 14/10-9 for Rockhopper Exploration PLC who have announced they will follow this with a well on the Desire farmin area PL004b.
Desire is investigating all the possibilities to utilise the Ocean Guardian until the end of the contract.
For further information please contact:
Desire Petroleum plc | 020 7436 0423 |
Stephen Phipps, Chairman | |
Dr Ian Duncan, Chief Executive Officer | |
Seymour Pierce Limited | 020 7107 8000 |
Jonathan Wright/Stewart Dickson, Corporate Finance Richard Redmayne / Paul Jewell, Corporate Broking | |
Buchanan | 020 7466 5000 |
Tim Thompson Ben Romney Helen Chan |