Oil exploration firm Desire Petroleum has signed a contract with a for the use of the seismic vessel to conduct a 3D survey as its search for oil offshore in the Falklands continues.
Malvern-based Desire (DES), one of the British companies hunting for oil in the Falkland Islands, has agreed a deal with Polarcus Limited for the use of the seismic vessel MV Polarcus Nadia.
The deal will allow Desire to conduct a 3D survey over areas not previously covered by 3D, as has Rockhopper Exploration (RKH), which is also searching for oil in the area.
The move led to a slight bounce in the firm’s share price in early trading, up 1.75p to 68.5p by 8.40am on October 27. However, its share price has plummeted over the last month from a high of 159.5p.
Desire said, in a statement: “The vessel is expected to commence the joint survey in December with completion by end-April with the Desire share of the survey lasting around 90 days.”
