Desire Petroleum and Rockhopper Exploration spud Liz 14/19-A offshore oil well in Falklands

Desire Petroleum (AIM: DES) and Rockhopper Exploration (AIM: RKH) announced the spudding of the Liz 14/19-A exploration well following the arrival of the Ocean Guardian rig in the Falklands.
The well is being drilled to an estimated target depth of 3,500 metres, which is expected to take 30 days. Rockhopper holds a 7.5% interest in Liz, while Desire holds 92.5% as operator.

Rockhopper will drill the Sea Lion 14/10-B exploration well, in which it has a 100% interest, following completion of the Liz well.

Earlier this month, Rockhopper secured two drilling slots using the Ocean Guardian drilling rig for the exploration programme in the Falkland Islands.

Back in September, Rockhopper announced its intention to drill a minimum of two wells on its 100% owned and operated acreage as part of a larger campaign with Desire Petroleum. In an article in the Financial Times it was reported that both Rockhopper and Desire Petroleum would need to raise a combined £100m to fund the proposed drilling programme.

Shares in Desire Petroleum rallied 6.4% on today's news, while Rockhopper surged 10%.

http://www.proactiveinvestors.co.uk/companies/news/13604/desire-petroleum-and-rockhopper-exploration-spud-liz-1419-a-offshore-oil-well-in-falklands-13604.html