Tag: Falklands

At last the plucky Falklands explorer has found some of the black stuff.

Unfortunately, it did’t find very much – two oil shows over a 1-metre section – and that means the game is almost up for Desire. The company has just £22m (or 6p a share) of cash left, which should just about cover rig demobilisation costs and the rest of its 3S seismic programme.

Naturally, Desire is a putting on a brave face, saying that it will now review all financing options. But no one seriously thinks another equity fund raising is a possibility.

Kiran Stacey

The first London trading day of 2011 is proving to be a volatile one for oil explorers.

Cairn Energy is having a very good morning, its shares trading up 4.5 per cent after the company announced it had secured two rigs for its exploration off Greenland’s coast. The new rigs mean the company now forecasts it will drill up to four wells this year. Gordon Gray at Collins Stewart is quoted in the Guardian saying:

With rigs now contracted, we expect net asset value estimates for Cairn to rise as it gives details on target prospectivity in the coming weeks.

Energy Source is no longer updated but it remains open as an archive.

Insight into the financial, economic and policy aspects of energy and the environment.

Read our farewell note

About the blog

Archive

« AugNovember 2014
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930