Jacinta Prospect Desire Petroleum Falls in London After Finding No Oil : Desire Petroleum Plc, the U.K. energy explorer, plunged in London trading after saying it found no hydrocarbons in the Jacinta Prospect off the Falkland Islands. The shares fell as much as 17 percent to 50 pence as of 9:18 a.m. local time.
A well into the Jacinta field was drilled to target depth of 1,313 meters (4,000 feet) without finding oil or gas and will now go deeper to about 1,670 meters to evaluate the Dawn Prospect, Desire said today in a statement.
Desire has slumped more than 65 percent since October, when it said it failed to make a potentially commercial discovery at the Rachel prospect. Rockhopper Exploration Plc is the only company so far with a viable strike near the South American islands over which Margaret Thatcher went to war with Argentina to keep British in 1982.
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