Desire Petroleum (LON:DES) is preparing to carry out further investigation of its acreage in the Falklands, raising £22.8 million to fund a 3D seismic acquisition campaign. The company announced late Friday that is was placing 16.3 million new shares to raise £22.8 million.
The placing price of 140 pence represents a discount of 9.5% to Desire’s Friday’s closing price of 154.67 pence.
Following the Sea Lion oil discovery by Rockhopper Exploration (LON:RKH), Desire has concentrated on identifying prospects in the same play type as Sea Lion and has outlined a fan sandstone play fairway in the eastern flank.
Desire said that it was essential to acquire and process 3D coverage “as quickly as possible” to understand the potential of this play.
The company is currently looking for partners to undertake a joint seismic programme to mitigate the cost of the mobilisation/demobilisation of a seismic vessel to Falkland waters.
The programme is expected to begin in December 2010.
Now that Rockhopper has concluded the successful flow test on the Sea Lion discovery, the Ocean Guardian drilling rig will revert to Desire to drill a number of its prospects.
The Rachel prospect will be the first to be drilled.
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