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Rig Update

Date : 11/03/2011 @ 3:00AM
Source : UK Regulatory (RNS & others)
Stock : Desire Petroleum (DES)
Quote : 16.375  0.0 (0.00%) @ 12:00AM
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Rig Update

TIDMDES

RNS Number : 3881R

Desire Petroleum PLC

03 November 2011

For immediate release 3 November 2011

Desire Petroleum plc

("Desire" or the "Company")

RIG UPDATE

Desire Petroleum plc (AIM:DES), the exploration company focusing on the North Falkland Basin, announces that the rig contract with Diamond Offshore Drilling (UK) Ltd for use of the drilling unit the Ocean Guardian for operations in the North Falkland Basin has been amended.

Under the amended contract an undefined number of optional wells may be drilled up to 1(st) March 2012, at which time the Ocean Guardian will leave the Falklands on a long term contract with another operator. Desire must declare the exercise of such options on or before the spud of the previous well in the campaign.

The rig is currently drilling well 14/10-9 for Rockhopper Exploration PLC who have announced they will follow this with a well on the Desire farmin area PL004b.

Desire is investigating all the possibilities to utilise the Ocean Guardian until the end of the contract.

For further information please contact:

 
     Desire Petroleum plc                              020 7436 0423 
     Stephen Phipps, Chairman 
     Dr Ian Duncan, Chief Executive Officer 
 
     Seymour Pierce Limited                            020 7107 8000 
     Jonathan Wright/Stewart Dickson, Corporate 
      Finance 
      Richard Redmayne / Paul Jewell, Corporate 
      Broking 
 
     Buchanan                                          020 7466 5000 
     Tim Thompson 
      Ben Romney 
      Helen Chan 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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