Desire's losses reduce sharply

North Falkland Basin exploration company Desire Petroleum has seen interim losses reduce sharply following the completion of drilling and seismic activities.

North Falkland Basin exploration company Desire Petroleum has seen interim losses reduce sharply following the completion of drilling and seismic activities.

The group, which has an estimated 4% share of Rockhopper Exploration's Sea Lion discovery - the only worthwhile project in the Falklands area discovered so far - saw its operating loss for the first half of 2012 contract to $1.51m from $39.39m the year before. Last year's figures have been restated to reflect a change in accounting policy regarding exploration costs.

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