LONDON, June 1 (UPI) -- A new oil find in the Falklands could mark a turnaround for prospects in the area following disappointing 2010 results, the chairman of Desire Petroleum said.
Desire Petroleum said it was fast-tracking data from new prospects in the Falklands. New data are expected toward the end of the year, though preliminary information suggests encouraging results.
"We are pleased with the preliminary results from the new seismic data and feel that it highlights new prospectivity within our acreage," Desire Chairman Stephen Phipps said in a statement. "We anticipate the prospect inventory will continue to grow as the fully processed seismic data are delivered and interpreted."
Desire in a January update on activity in the North Falkland Basin said its Dawn well came up empty.
It made a similar announcement at the end of December regarding the potential at a separate Falkland well after expressing early optimism about oil trapped below the North Falkland Basin seabed.
The company was one of the first to start looking for oil in the area but has fallen behind rivals looking for significant oil reserves.