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MENAFN - ProactiveInvestors - Australia - 25/11/2012

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In total the inventory represents a ‘best case’ prospective resource of 2.45 billion barrels of oil and 274 billion cubic feet of gas
(MENAFN - ProactiveInvestors - Australia) Desire Petroleum (LON:DES) says there is excellent remaining exploration potential in its acreage in the Falklands.

It unveiled this morning the findings of a new competent person's report (CPR) which assessed the Liz gas condensate discovery, the parts of the Sea Lion complex that Desire has interests in, as well as earlier stage exploration prospects.

The Liz gas condensate discovery is now thought to contain contingent resources of 495 billion cubic feet of gas and 95 million barrels of liquids " this is a 178% increase.

The report estimates there is a 25% chance that Liz could be a commercial success, while the Sea Lion Complex assets were deemed to have an 80% chance.

Desire's prospect inventory has been reinforced with the company now having 41 oil prospects and four gas prospects. Of them, 10 are thought to have at least 30% chance of success, while the largest 12 each have more than 100 million barrels of prospective resources.

In total, the inventory represents a 'best case' prospective resource of 2.45 billion barrels of oil and 274 billion cubic feet of gas " this is net to Desire.

There is potential in the inventory for multiple target wells, Desire explained.

"We are delighted that this CPR confirms our view that the Desire licences have excellent remaining exploration potential.

"Our prospect inventory has been greatly strengthened following the interpretation of the 2012 merged 3D survey and we are now able to promote multiple prospects for drilling with stacked targets," said chairman Stephen Phipps.

"There are several play types to explore but the stand-out potential is in the East Flank play where there are many prospects analogous to the Sea Lion Complex. Our immediate priority will be to promote our extensive prospect inventory and to attract further investment into our licences."

The Sea Lion complex was discovered in Rockhopper Exploration's (LON:RKH) neighbouring licence, though a farm-in deal was struck for some of Desire's acreage as Rockhopper believed the Sea Lion extended into this area.

This was later proven by an appraisal well. The Sea Lion field is being developed through a partnership between Rockhopper and Premier Oil (LON:PMO).


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