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Desire confirms its belief in Falklands prospects

Desire confirms its belief in Falklands prospects
Oil and gas explorer Desire Petroleum has said its faith in the potential of its Falklands acreage was confirmed by a detailed review of its assets.

Oil and gas explorer Desire Petroleum has said its faith in the potential of its Falklands acreage was confirmed by a detailed review of its assets.

Desire said 11 prospects had been identified in an area covering 40% of its licences in the North Falkland Basin, according to a competent persons report (CPR) by Aberdeen-based consultant Senergy.

Best estimate gross recoverable resources were 638million barrels of oil (boe), with net recoverable resources of 322million boe net to Desire.

Desire chairman Stephen Phipps said: “The CPR summary confirms our belief in the prospectivity of the fast track areas of PL003 and PL004.”

Analysts Evolution Securities highlighted the CPR referring to an $85 a barrel realised oil price, with the minimum economic threshold 43million boe for a standalone development and 10million for a sub-sea tie back.

The 11 prospects range in size between 15million and 132million barrels and have an average geological chance of success of 34%, or just over one in three.

The best prospect was the Ann/Orca South, with a gross best estimate potential of 132million boe.

Part of the area was recently the subject of a farm-out deal to Rockhopper Exploration, which holds the neighbouring Sea Lion prospect and is currently drilling its eighth well in the area with the Ocean Guardian drilling rig.

The farm-out deal includes the drilling of a well on the acreage covered by the CPR.

However, the drilling rig which Desire and Rockhopper has used in the area since early 2010, could be due to leave the area, said Desire.

Owner Diamond Offshore Drilling is in discussions with a third party, which may result in it leaving the Falklands in the first quarter, Desire said.

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