Report indicates oil potential in Falkland prospects

Aug. 16, 2012
Desire Petroleum (AIM:DES) has issued results of a reserves report on its Elaine and Isobel prospects in the offshore North Falkland basin.

Offshore staff

LONDON ā€“ Desire Petroleum (AIM:DES) has issued results of a reserves report on its Elaine and Isobel prospects in the offshore North Falkland basin.

The competent personā€™s report by Senergy (GB), covers interpretation of merged 3D seismic data acquired during 2010-2011 over the two structures in the PL004a license where Desire has a 92.5% interest.

Gross un-risked prospective recoverable oil is estimated at 337 MMbbl, comparable to the Rockhopper-operatedSea Lion discovery, with a geological chance of success (COS) of 30%.

The Elaine and Isobel fans are developed in the southeast area of the basin within the basal part of the F sequence and appear to be similar to the Sea Lion fans to the north. The seismic expression indicates a thick, sand-prone interval inter-bedded with mature oil source rock and combined structural/stratigraphic traps mapped on the downthrown side of the basin-bounding fault system.

Stephen Phipps, chairman of Desire, said: ā€œAs our prospect inventory matures, we will be seeking industry partners to participate in further exploration of our licensesā€¦ā€

Un-Risked Prospective Recoverable Resources (MMbbl)

Prospect: Reservoir

Low

Best

High

Risk Factor/COS

Elaine North

8.4

26.1

48.3

30%

Elaine South

23.0

106.0

212.0

30%

Isobel

45.7

205

408

30%

Total

146

337

566

8/16/2012