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Desire Petroleum shares slide on Falklands report

Desire Petroleum shares slide on Falklands report

Shares in Desire Petroleum have dropped sharply after the British oil and gas company revealed it hasn't found any hydrocarbons in the Jacinta prospect off the Falkland Islands.
Desire shares slid 24 percent to 46 pence (70 U.S. cents) by late morning Wednesday on the London Stock Exchange.
The company, which is wholly focussed on the North Falkland basin, says its well on the Jacinta prospect has reached a depth of 1,313 meters (4,307 feet). It will now drill deeper _ to 1,670 meters _ to evaluate further.
Desire's stock has slumped almost 70 percent since October when it revealed it had failed to make a potential commercial discovery at its Rachel prospect. The company took a further hit when it refuted market rumors about a takeover approach.


Updated : 2020-12-02 08:46 GMT+08:00