2 Feb 2010 07:00
For immediate release 2 February 2010
Desire Petroleum plc
('Desire' or the 'Company')
Drilling Update
Desire Petroleum Plc (AIM:DES) the oil and gas exploration company, wholly focused on the North Falkland Basin, is pleased to announce that two drilling slots using the Ocean Guardian Drilling rig ("Ocean Guardian") have been formally assigned to Rockhopper Exploration Plc ("Rockhopper") for the upcoming exploration programme in the Falklands.
The Ocean Guardian is expected to be in position mid February 2010 to spud the first well of the campaign on the Liz prospect, which is located in Desire's Tranche C acreage.
Following the Liz well the Ocean Guardian will then be allocated to Rockhopper to drill their Sea Lion and Ernest prospects. Advanced discussions are ongoing with BHP Billiton ("BHP") which may lead to BHP taking an early drilling slot, and so it is likely that Desire's second well will be the 4th or 5th well in the sequence of this drilling programme.
The order of later Desire wells will depend upon the results of the Liz, Sea Lion and Ernest wells.
For further information contact:
| Desire Petroleum plc |
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| Stephen Phipps, Chairman Ian Duncan, Chief Executive Officer | 020 7436 0423 |
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| Seymour Pierce Limited Jonathan Wright Richard Redmayne | 020 7107 8000 |
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| Buchanan Communications | 020 7466 5000 |
| Ben Willey Ben Romney |
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DES.L (DES)