Desire Petroleum (DES), the Malvern-based firm looking for oil in the Falklands, has piggy-backed on fellow explorer Rockhopper’s news that its oil discovery is bigger than first estimated.

Rockhopper Exploration, which is also looking for oil off the Falkland Islands, said new seismic data shows oil in the North Falkland basin could extend further than it previously thought at its Sea Lion discovery.

Rockhopper raised its lower case estimate of oil in place to 608 million barrels from 516 million.

Desire, which has a 92.5 per cent interest in one of Rockhopper’s sites nearby, said it welcomed the announcement.

But it added it did not have access to data confirming whether its jointly-owned site would also benefit from the revised estimates.

Desire’s share price shot up after the announcement, from 17.75p to 20.41p at one point.

The firm added: “Desire’s recently acquired fast track 3D seismic data for the northern part of Tranche D and the Ann prospect area continues to be interpreted as a priority and the results are expected to be available in September.

“A fully merged data set covering all Desire’s prospective areas is expected to be available for interpretation towards the end of 2011.”