Desire Petroleum in further slump

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Falklands' based oil company Desire Petroleum has reported another empty well

Falkland Islands-focused oil firm Desire Petroleum saw its shares slump by a further 25% after it failed to find oil in another of its wells.

Desire delivered yet another blow to investors when it said it had drilled to 1,300 metres in the North Falkland basin, but found no hydrocarbons at its Jacinta Prospect.

It now plans to drill to 1,670 metres at the same site to evaluate a deeper prospect.

Its shares crashed by nearly 50% in one day earlier this month after it admitted a suspected oil find at its Rachel North well turned out to be water.

The disappointing trading updates mean its shares have fallen by 66% so far in December.

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