Desire Petroleum in Falklands oil setback
Shares in Desire Petroleum have again fallen sharply after another disappointment over the firm's oil exploration off the Falkland Islands.
Desire has announced that despite drilling to a depth of 1,300m at its Jacinta well in the North Falkland basin, there were no hydrocarbons.
The company's shares fell 28% on the news, despite Desire saying that it would now drill to 1,670m.
On 6 December, Desire's shares tumbled 50% after another well was capped.
Desire's shares, which reached 170p in October, were trading down 17.25p at 43p in afternoon dealing.
When exploration off the Falklands began earlier this year, the share prices of several companies rose in expectation of an oil and gas boom.
But analysts say drilling results have so far proved disappointing.
And in November there were reports that ExxonMobil, the world's largest oil company not owned by a government, had decided that the islands contained insufficient hydrocarbons to make exploration profitable.
Source: BBC News - Desire Petroleum in Falklands oil setback
----
FFS - goto Canada and look for oil there - plenty in sands!!!
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Breaking news - Argentina loses interest in Falklands"
Collapse
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25