DES.L Regulatory News (DES)

5 Jun 2007 07:01

Desire Petroleum PLC05 June 2007 For immediate release 5 June 2007 Desire Petroleum plc ("Desire" or "the Company") Acquisition of Site Survey Data Desire Petroleum plc (AIM:DES) announces that on 3 June 2007, Wavefield InSeisASA commenced a contract to acquire high resolution 2D shallow-seismic data, ata number of potential drilling sites, on its licences in the North FalklandBasin, using the seismic vessel "Bergen Surveyor". This vessel has just finishedwork for Falklands Oil and Gas Limited on their licences to the south of theFalkland Islands. Desire currently has detailed site survey information on 9 locations (Liz A, B,C, Beth A, B, C, Ninky A, Rachel A and Anna A) based on shallow 3D seismic data.Desire now wishes to acquire 2D shallow-seismic data at locations where the 3Ddata are not available, at the Ann prospect in Tranche C, and weatherpermitting, at the Dawn prospect, in Tranche I and the Ruth prospect, in TrancheL. The survey on Tranche C will be on behalf of Desire and its partner RockhopperExploration plc; Tranches I and L are 100% Desire licences. These data are necessary in order to be able to drill, providing information onshallow, potential hazards which could affect the surface location of thewellbore. Acquiring these data will assist Desire in adding these prospects to theinventory of prospects which can be drilled when drilling resumes in the area. Following these site surveys, Desire will be in position to drill any of ten,possibly 12 locations which will greatly assist decision-making during thedrilling programme. It will also ensure that, should the early wells provesuccessful, it will be possible immediately to continue with an extendeddrilling programme. Prospects in Tranches I and L have been enhanced by the results of theelectromagnetic survey carried out by Rockhopper on its Ernest Prospect adjacentto Tranches I and L. Commenting on these developments, Dr Ian Duncan Chief Executive Officer ofDesire said: "The company now has a number of locations in the North Falkland Basin fromwhich to select its final drilling programme. With our detailed seismicknowledge and complementary electromagnetic data we are increasing the chancesof exploration success once a rig is secured." For further information please contact: Desire Petroleum plc 020 7436 0423Colin Phipps, ChairmanDr Ian Duncan, Chief Executive Officer Buchanan Communications 020 7466 5000Ben WilleyTim ThompsonBen Romney Notes to the Editors: Desire Petroleum plc (AIM:DES) is an oil and gas exploration company whollyfocused on the prospective North Falkland Basin. The Company holds large equitypositions in 5 tranches in the area. In 2004, Desire raised £4 million to finance a 3D seismic campaign over itsacreage, followed by a further £25 million in 2005, to finance a multi welldrilling campaign. The Company is presently seeking a rig for this programme. The North Falkland Basin is believed to hold in excess of 2 billion barrels ofoil in place and has an established working hydrocarbon system. Seismic workcompleted in the basin has identified many delta and fan trapping plays, wherehydrocarbons may be located. This information is provided by RNS The company news service from the London Stock Exchange