Falklands-focused exploration firm Desire Petroleum says delays to the North Falkland exploration programme have hampered attempts to farm out its licences.
The company has been looking for partners for the Zebedee location in the Ninky North field, which has a potential 260million stock barrels of oil, along with the Casper South reservoir.
But delays to the Sea Lion operations planned by Premier Oil and Rockhopper have had a knock-on effect to Desire’s hunt for partners, the company admitted today.
“A data room was opened in February of this year and a number of companies have analysed the information with a smaller number still engaged in this process,” said chairman Stephen Phipps.
“Whilst there has been strong interest in our prospects, a combination of uncertainty over the timing and scope of the development of the Sea Lion oil field, plus the lack of a firm date for the mobilisation of a rig to the NFB, has delayed a conclusion to the farmout process.”
MORE:
Video: Falklands turn to Scotland to avoid South American supply issues
Jeremy Cresswell: From Premier’s pick to Christmas for Falklands taxman
The company, which is also looking at farming out shares in its Casper South licences, said it has enough to pay for ongoing administration costs but cannot afford to drill on its own.
“It is still our intention to fund our share of the next drilling campaign by farming down our prospects,” said Phipps.
“We believe that the increased likelihood of this campaign commencing in the fourth quarter of 2014 may be the necessary catalyst.”