Shares in Desire Petroleum took a dive after the company said shareholders will have to wait a bit longer for the results of analysis of its prospects in the North Falkland Basin,
The company has received the final processed three-dimensional seismic volume data covering licences PL003, PL004 and the majority of PL005, which will be used for a re-assessment of the prospect inventory.
The results of this work are expected later in the year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm is also updating the Competent Persons Report that was prepared in October 2011, incorporating the 14/15-4a well results. The results from this re-evaluation of the discovery area will be published in the near future.
The share price fell 8.33% to 33.00p by 12:23.
NR
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
