DESIRE PETROLEUM Fear over Argentina's interference of Falklands oil exploration has lead to loads of action today pushing the price under £1 for the first time since early January. The drilling platform is due to arrive at it's first drill site in eight days, when it does I'd expect the stock to jump above it's high this year of £1.34.
DES pulled back again today over fears of Argentine interference with the drilling operations after they stopped a ship leaving port with equipment they suspected was connected to Falklands drilling (It wasn't), the oil rig is still on its way and expected to arrive next week.
Double, double toil and trouble; Fire burn and cauldron bubble. I don't normally like to push a stock so hard but this is getting silly now. Argentina continue to whine about Falklands drilling and are causing problems for shipping companies stopping at both the Falklands and Argentine ports. This understandably has some investors worried meaning DES is hovering just above 100, when they are days away from the first drilling commencing. Do your research, they found oil in 98 but back then oil was worth $10 a barrel thus Falklands drilling wouldn't be profitable now it's hanging around $75 a barrel. Once drilling commences this stock is jumping, if they find commercially viable oil this stock is doubling. A little disclaimer, I own a lot of this stock but I'm along for the ride on this, also if something goes wrong such as the rig sinks or Argentina decides to commit suicide then this stock will hit zero instantly.
http://news.bbc.co.uk/1/hi/scotland/highlands_and_islands/8519694.stm http://news.bbc.co.uk/1/hi/business/8520038.stm