Desire Petroleum, the oil exploration firm operating off the Falkland Isles, has revealed a £2.2 million loss after several disappointing drilling campaigns.
Malvern-based Desire (DES), has seen losses fall slightly from £2.3 million last year after thus far failing to find oil in the North Falkland Basin.
It drilled five exploration wells across the year and has seen its share price soar and decline after a string of reports back to the stock exchange.
Stephen Phipps, chairman of Desire Petroleum, said: “The past 12 months have been extremely energetic for Desire Petroleum. We have drilled five wells on prospects and have commissioned 3D seismic over previously uncovered acreage.
“The geological information gathered from these wells combined with the new seismic data is expected to have a significant impact on the prospect portfolio.
“It is our belief that the East Flank Play Fairway has a great deal of potential, and it is with this in mind that we are currently drilling the Ninky exploration well.”
The group has raised £43.9 million, net of costs, to fund its exploration drilling and 3D seismic programmes and currently has more than £62 million worth of resources available.
It said the majority of its efforts have been concentrated on the East Flank Play Fairway where a significant discovery has been made by rival Rockhopper Exploration.