Desire Petroleum has announced that new data on its acreage offshore the Falklands has pointed to potential new prospects for oil.
The London-based company, which is wholly focused on the North Falkland Basin, said that initial indications for two new prospects—Beverley and Shona—were encouraging, based on preliminary raw data.
Desire said that the Shona lead is at the same stratigraphic level as the Sea Lion discovery made in May last year by rival exploration company Rockhopper, which was the first oil discovery in the North Falkland Basin.
Desire’s 3D seismic acquisition programme is now complete, with the total area of coverage measuring approximately 1,416 square kilometres in Tranches C, D, F and adjacent open areas. Combined with Desire's existing 3D data, the new data provides almost full coverage of the East Flank Play Fairway on Desire's acreage and extended coverage of the Liz area, Ann, Pam and Helen prospects.
A planned extension of the survey to the south was curtailed due to bad weather, the company said.
Commenting on the announcement, chairman Stephen Phipps said: "We are pleased with the preliminary results from the new seismic data and feel that it highlights new prospectivity within our acreage. We anticipate the prospect inventory will continue to grow as the fully processed seismic data are delivered and interpreted."
Last year, Desire disappointed investors when it drilled six dry wells. It now has only enough cash to carry out seismic studies and decommission existing rigs.
