North Falkland Basin-focused Desire Petroleum posts a full year pre-tax loss of $3.8m - up from $1.5m in 2008. Operating losses for the year to the end of December rose to $3.9m - up from $2.9m last time but administrative expenses fell to $1.1m from $1.5m. The firm has current cash at hand of $88m. Chairman Stephen Phipps said:
"It has been an exciting year for Desire and the company has made much progress in the period. Further detailed analysis on the Liz well is currently being carried out and we look forward to updating shareholders on the results when the analysis is completed within the next couple of months.. We remain upbeat about the resource potential within the North Falkland Basin and look forward to recommencing drilling later this year."
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