Desire explores the partner route
MIDLAND-based oil exploration firm Desire Petroleum is seeking a partner firm to work with it on potentially lucrative oil discovery projects.
Announcing its interim results for the six months ending June 30, the Malvern-registered company, which is wholly focused on the North Falkland Basin, said it had $12.7m in cash resources at6 the end of the period and that the loss for the period of $2m decreased from $39.3m at the end of the first half of 2011.
Chairman Stephen Phipps, said: “Recent developments have highlighted the exciting potential of the North Falkland Basin and it is Desire’s intention to seek a high quality firm in partner to help us capitalise on this potential, with our share in recent discoveries, material positions in well-defined prospects and the exploration potential across our remaining acreage.”
In August Desire revealed its latest seismic data has suggested significant oil deposits in two of its prospects.
It said a report prepared by oil consultancy Senergy had shown major recoverable oil reserves in the Elaine and Isobel prospects.
The firm also said the planned development of the Sea Lion discovery demonstrates the commerciality of major discoveries in the basin.
In its latest statement it said Rockhopper Exploration has indicated that Desire has an estimated 4% of the Sea Lion discovery.
And it added that the best case scenario on the Elaine and Isobel projects suggested there was a geological chance of success of 30%.
