Desire Petroleum well in the Falklands hits another delay

first_img OIL explorer Desire Petroleum said a closely-watched sidetrack well on its prospect in the Falkland Islands was unable to reach target depth, meaning a further delay before the firm can produce oil.The company said last month that the original Rachel well near the islands did not find oil but that it was going to drill a sidetrack well as it had identified a more prospective zone nearby. Rockhopper, another Falkland Islands-focused explorer listed in London, owns a 7.5 per cent stake in the licence covering the Rachel wells, with Desire owning the rest.Rockhopper completed a £206.3m rights issue last month in order to fund its own exploration in the region. The sidetrack well was unable to reach target depth due to wellbore stability issues, said Desire, the operator of the well.Shares in Desire, which last week rose as much as 78 per cent in a single day on speculation the sidetrack well had found oil, opened down 12.1 per cent before recovering to close down 5.2 per cent at 92p. Shares in Rockhopper closed down 3.8 per cent at 306.25p. Monday 1 November 2010 9:18 pm Tags: NULL KCS-content whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com whatsapp Show Comments ▼ Desire Petroleum well in the Falklands hits another delay Sharelast_img

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