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.