DESIRE petroleum gets going at long last !

Interest for the managements wages methinks

The Daily Telegraph

DESIRE CAN'T GET NO SATISFACTION

'Desire Petroleum (DES.L: Quote, Profile, Research) announced pre-tax profits of 786,000 pounds. But none of this was gained from selling oil. Although the company owns the rights to explore sites around the Falklands it has been unable to hire an oil rig. The demand for, and therefore the cost of, drilling rigs has been driven up by other companies desperate to take advantage of high oil prices. Although the Falklands oil fields could contain as much as one billion barrels of oil, Desire cannot afford the equipment to access them, and all its profits resulted from interest accrued from 24.4 million pounds raised through a share placement.'

Well if you think that's bad, think on this , I have found sites that have stated the cost of drilling a well was $30m back in 1999 when majors looked for oil in the Falklands then, the cost now will therefore be circa $40m for a single well. According to a report on the Fool I read this would be spent in 30 days. Shore based support infrastructure will also be needed, this has not been talked about or costed.

B