Desire Posts '09 Results, Remains Upbeat on Falklands Program

Desire Petroleum announced its Preliminary Results for the year ended December 31, 2009. 

Operational Highlights 

  • Secured Ocean Guardian rig for drilling campaign that commenced in February 2010
  • Reduced costs by subcontracting rig to Rockhopper Exploration and BHP Billiton
  • Successful completion of Liz 14/19-1 well culminating in gas discovery
  • Drilling expected to resume in Q3 2010 

Financial Highlights 

  • Raised c.£60m via Placing and Open Offer to fund drilling campaign
  • Loss for the year was $3.77 million
  • Current cash at hand $88 million

Commenting on the results Stephen Phipps, Chairman of Desire said, "It has been an exciting year for Desire and the Company has made much progress in the period. Further detailed analysis on the Liz well is currently being carried out and we look forward to updating shareholders on the results when the analysis is completed within the next couple of months. We remain upbeat about the resource potential within the North Falkland Basin and look forward to recommencing drilling later this year."