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Exploration firm desire's oil find hopes dashed

Published 19/04/2011

An exploration firm has seen its hopes of finding oil off the Falklands Islands dashed once again as it revealed another well had failed to deliver. Falkland Islands-focused Desire Petroleum saw its shares tank nearly 70% at one stage after it said its Ninky Well in the North Falkland Basin would be shut down and abandoned. Desire has been exploring the Falklands since 1998 and has so far failed to find any significant reserves of oil or gas. Analyst David Farrell said: "All six wells drilled to date have been unsuccessful."

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