Due to recent press speculation, Desire Petroleum wishes to announce that the Liz 14/19-1 well, in the North Falkland Basin, has reached a depth of 3,570 meters and logging is underway.
The primary Liz target was encountered at around 2,550 meters with indications of hydrocarbons while drilling. Subsequent logging operations have shown that oil may be present in thin intervals but that reservoir quality is poor. Wireline sampling is still to be carried out. Deeper gas shows have also been encountered while drilling, particularly below 3,400 meters and these have still to be evaluated by wireline logging and sampling.
Until the logging is complete and the results analyzed it will not be possible to determine the significance of the hydrocarbons encountered and whether the well will need to be drilled deeper, suspended for testing or plugged and abandoned.
Operations are expected to be completed later this week when a full announcement will be made.
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