Desire draws blank in Falkland Islands

first_img KCS-content Show Comments ▼ OIL explorer Desire Petroleum has failed to strike oil in the Falklands Islands, days after it said it believed it had, denting hopes that the territory will become a major new oil province.The company said extra analysis of data from a key well in the British islands over which Argentina claims sovereignty did not support initial indications of an oil discovery, which saw the stock close 47 per cent down at 70.5p.“This is a major blow to Desire,” broker Evolution said yesterday.Desire said last Thursday it believed it had made the second oil find at its Rachel North well in the North Falkland basin, after rival Rockhopper made the first at its Sea Lion prospect in May, raising hopes of more finds.Desire’s disappointing well at Rachel, however, is the latest setback to cool excitement sparked by the controversial Falklands exploration, to which Argentina objects.Another blow came last Friday when it emerged that ExxonMobil had said there was inadequate oil in the islands to be profitable.Desire’s share price more than doubled in one day in October without the group issuing any news.“They were obviously under a lot of pressure from the stock market to announce something last week and they hadn’t finished acquiring the data … in a normal course of events you wouldn’t put a press release out until you finished doing all the data acquisition,”said an analyst who declined to be named.Desire said the Rachel North well would now be plugged and abandoned and the rig would be moved to drill its Dawn/Jacinta prospect. whatsapp whatsapp Share Monday 6 December 2010 8:27 pm Desire draws blank in Falkland Islands Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof Tags: NULLlast_img read more

Barclays profit drops

first_img whatsapp Show Comments ▼ whatsapp Wednesday 27 April 2011 2:52 am Tags: NULL More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgcenter_img Barclays profit drops Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndoFilm OracleHer Love Triangle Inspired 3 Of The Most Popular Songs Ever WrittenFilm OracleUndoGundry MD Total Restore SupplementWhat Rice Does to the Human BodyGundry MD Total Restore SupplementUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndo John Dunne Barclays said its profit fell nine per cent from a year ago as it took a hit on the value of its own credit and income at its key investment banking arm dipped.Barclays reported a pretax profit of £1.66bn for the January-March period, just below forecasts and down from £1.82bn a year ago. Adjusted profit, stripping out movement in its own credit, was £2bn, up ten per cent on the year.Its key Barclays Capital investment bank arm contributed underlying profit of £1.3bn, down 15 per cent on a year ago, as top-line income came in at £3.3bn, down from £3.8bn a year ago and just below expectations. last_img read more