Desire PLC Profile

Desire Petroleum plc (Desire) is a UK company listed on the Alternative Investment Market (AIM), dedicated to exploring for oil and gas in the North Falkland Basin.

Desire was founded in 1996 and participated in the first round of drilling in the North Falkland Basin in 1998. Desire now operates 6 licences in the area, Tranches C, D, F, I, L and the recently awarded PL034.

Rockhopper Exploration plc have farmed-in to Tranches C and D while recently Arcadia Petroleum Limited have farmed-in to part of Tranches C, I and L.

The North Falkland Basin has a proven working hydrocarbon system with an excellent oil source rock. In addition, recent studies have indicated there is also a significant gas potential in the basin.

Major oil and gas prospects have been identified with a mid-estimate, unrisked recoverable oil potential exceeding 3.5 billion barrels and gas over 9 trillion cubic feet.

The water depth is shallow, less than 450 metres, with shallow drilling targets in the range 1500 - 3000 metre