Desire's shares slump nearly 50%

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p><a href&equals;"http&colon;&sol;&sol;londonglossy&period;com&sol;wp-content&sol;uploads&sol;2010&sol;12&sol;desires-shares-slump-nearly-50&period;jpg"><img class&equals;"alignnone size-full" title&equals;"Falkland Islands-focused oil firm Desire Petroleum saw its shares slump by nearly 50&percnt;" src&equals;"http&colon;&sol;&sol;londonglossy&period;com&sol;wp-content&sol;uploads&sol;2010&sol;12&sol;min-desires-shares-slump-nearly-50&period;jpg" alt&equals;"Falkland Islands-focused oil firm Desire Petroleum saw its shares slump by nearly 50&percnt;"&sol;><&sol;a><&sol;p>&NewLine;<p>Falkland Islands-focused oil firm Desire Petroleum saw its shares slump by nearly 50&percnt; after it admitted a suspected oil find turned out to be water&period;<&sol;p>&NewLine;<p>Investors piled into the Herefordshire-based firm on Thursday&comma; sending shares up 30&percnt;&comma; after it said its Rachel North well appeared to have struck oil in the North Falklands basin&period;<&sol;p>&NewLine;<p>But in a statement released on Monday the AIM-listed company said the sand samples have revealed fluid in the well was just water&period;<&sol;p>&NewLine;<p>Desire added a deeper target is still thought to be oil bearing but of a poorer quality&comma; and it would proceed with collecting final data before plugging and abandoning the well&period;<&sol;p>&NewLine;<p>Stephen Phipps&comma; Desire chairman&comma; said it was &&num;8220&semi;extremely disappointing&&num;8221&semi; the samples had &&num;8220&semi;dashed all the earlier promise of this being Desire&&num;8217&semi;s first oil discovery in the North Falkland Basin&&num;8221&semi;&period;<&sol;p>&NewLine;<p>Mr Phipps said despite the setback&comma; the company believes the eastern flank of the North Falklands basin is still a prospective area for future discoveries&period;<&sol;p>&NewLine;<p>Desire was pinning hopes on Rachel North being the second discovery in the region this year behind explorer Rockhopper&&num;8217&semi;s Sea Lion discovery&comma; which holds an estimated 242 million barrels in recoverable reserves&period;<&sol;p>&NewLine;<p>Desire&&num;8217&semi;s two unsuccessful wells in the region have cost it around £20 million each so far but it has £75 million for two more drilling efforts&period; It plans to move on to the Dawn&sol;Jacinta prospect on the southern edge of the basin&period;<&sol;p>&NewLine;<p>Shares closed 49&percnt; or 65&period;8p down at 66p&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ee630e45c7b">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;divId&colon; 'atatags-dynamic-belowpost-68ee630e45c7b'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;format&colon; 'belowpost'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; document&period;readyState &equals;&equals;&equals; 'loading' &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;document&period;addEventListener&lpar; 'DOMContentLoaded'&comma; window&period;getAdSnippetCallback &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; else &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback&lpar;&rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<&sol;script>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>


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