3D Seismic Data Update (12th May 2005)

Desire Petroleum plc
“Desire”

As previously announced, Desire Petroleum plc, has identified seven drilling locations on Tranches C and D, in the North Falkland Basin. At four of these locations, dual targets have been identified, resulting in eleven prospects in total. These prospects have a potential of over two billion barrels of recoverable oil.

Further recent interpretation of the 3D seismic data has yielded a further five prospects. Three of these can be tested at the drilling locations already identified. In addition, numerous less well defined leads have been identified which will require further work before they can be moved to prospect status.

Dr Ian Duncan, Desire CEO, commented "The more we work on the 3D seismic data, the more prospectivity we see in this basin. The identification of these five new prospects means that in the planned three well drilling campaign, all of the wells will have dual objectives."

Enquiries:
Dr. Ian Duncan, CEO, Desire Petroleum plc: 01684 568993
Richard Redmayne, Seymour Pierce Limited: 020 7107 8000
Ewan Leggat, Seymour Pierce Limited