Oil exploration firm Desire Petroleum says it is progressing well with its latest drill after its shares took a major hit earlier in the month.
Malvern-based Desire (DES), one of the British companies hunting for oil in the Falkland Islands, saw the value of its stock plummet earlier in October after the first of a four-well drill resulted in no oil.
However, the company said its latest drill on the Rachel 14/15-1Z sidetrack well was progressing.
In a statement to the London Stock Exchange, the company said: “The well is currently at 3,000 metres progressing towards the expected measured total depth of around 3,418 metres.”
Shares in Desire Petroleum fell as low as 62.5p in early trading on October 26, compared to 159.5p as little as a month before.
That means the share price is at its lowest level since June, when fellow explorer Rockhopper (RKH) upped the oil reserve estimates for its own discovery in the North Falkland basin.