Desire raises funds for Falkland’s survey

Desire Petroleum has raised $36 million before expenses to be used mainly to acquire and process further 3D seismic over the company’s offshore acreage on the eastern flank of the North Falkland basin in tranches D and F.

Offshore staff

LONDON -- Desire Petroleum has raised $36 million before expenses to be used mainly to acquire and process further 3D seismic over the company’s offshore acreage on the eastern flank of the North Falkland basin in tranches D and F.

Following Rockhopper’s Sea Lion oil discovery in the basin earlier this year, Desire has focused on identifying prospects in the same play type and has outlined a fan sandstone play fairway in the eastern flank.

These fan sandstones, it says, can only be fully identified on 3D data. Currently Desire has 3D coverage over only half of this fairway on its acreage. Acquisition and processing of new 3D data would help it to determine the potential of this play.

The company has received tenders for a seismic survey, and expects to award a contract soon for acquisition and processing.

It is also in discussions with other operators on the basin concerning a joint seismic program that would ease the mob/demob costs of a seismic vessel to and from Falkland waters. The program will probably start in December.

Desire expects to receive the Ocean Guardian semisubmersible shortly to drill various prospects, the first of which will be Rachel.

09/24/2010

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