Yesterday Desire Petroleum’s shares jumped more than a quarter, which can only mean one thing: oil in the Falklands.
As The Times reported (£):
In an announcement that could exacerbate tensions over the islands’ sovereignty with Argentina, Desire said that its offshore Rachel North well had been drilled to a depth of more than 3 kilometres and discovered a 57-metre thick belt of oil interspersed with layers of sand and shale.
Goldman Sachs has just initiated coverage on a whopping 41 new European E&P stocks in a report called 50 E&Ps to change your portfolio.
Without wanting to go in depth on a massive 289-page report, a few themes jump out.