DES.L Regulatory News (DES)

6 Dec 2007 07:00

Desire Petroleum PLC06 December 2007 For immediate release 6 December 2007 Desire Petroleum plc ("Desire" or "the Company" Acquisition of Site Survey Data Desire Petroleum plc (AIM:DES) is pleased to announce that Wavefield InSeis ASAhas completed the full site survey programme on Tranches C, I and L as planned.The entire survey was successfully acquired in 6 days with no weather downtime. The outstanding lines in Tranche C were acquired in addition to new site surveysover 4 prospects in Tranches I and L. With the Environmental Impact Assessmentover Tranches I and L due to be completed in 2008, Desire will be in a positionto drill in Tranches C, D, I and L as soon as a rig becomes available. Following BHP's commitment to drill at least 2 wells in the area to the south ofthe Falklands, it is expected that Desire, as well as other parties, will takepart in an extended drilling campaign and that the mobilisation anddemobilisation costs of bringing a rig to the area will be shared. As aconsequence, Desire expects, at current prices, to be able to drill at leasttwo, or possibly three wells from its own resources. Desire is continuing discussions with a number of companies interested infarming-in to the Desire licences due to the very considerable reserve potentialidentified in the North Falklands Basin. However, the Board remains mindful ofits commitment not to enter into any agreement which may unduly diluteshareholders' exposure to this exploration potential. For further information please contact: Desire Petroleum plc 020 7436 0423Colin Phipps, ChairmanDr Ian Duncan, Chief Executive Officer Buchanan Communications 020 7466 5000Ben WilleyBen Romney This information is provided by RNS The company news service from the London Stock Exchange