Desire Petroleum says no Falklands oil discovery
Shares in the Aim-listed oil explorer plunged 45pc after the company said in a statement on Monday that additional analysis of data from Rachel North well did not support initial indications of oil being found in significant quantities.
Last Thursday, Desire said: "Preliminary data collected indicate that this well is an oil discovery."
Today Stephen Phipps, the chairman, said: "It is extremely disappointing that the subsequent wireline logs and fluids sampling have dashed all the earlier promise of this being Desire's first oil discovery in the North Falkland Basin."
More from source: Desire Petroleum says no Falklands oil discovery - Telegraph
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Nice - first saying oil was found (shares go up?) and then few days later saying the opposite... perfect volatility for dirty spekulants!
Shares in the Aim-listed oil explorer plunged 45pc after the company said in a statement on Monday that additional analysis of data from Rachel North well did not support initial indications of oil being found in significant quantities.
Last Thursday, Desire said: "Preliminary data collected indicate that this well is an oil discovery."
Today Stephen Phipps, the chairman, said: "It is extremely disappointing that the subsequent wireline logs and fluids sampling have dashed all the earlier promise of this being Desire's first oil discovery in the North Falkland Basin."
More from source: Desire Petroleum says no Falklands oil discovery - Telegraph
-----
Nice - first saying oil was found (shares go up?) and then few days later saying the opposite... perfect volatility for dirty spekulants!
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