Desire Jacinta prospect marks another oil disappointment in the Falklands

British oil and gas exploration company, Desire Petroleum, has taken another hit with shares slipping nearly 28 percent with news of another disappointment in the North Falklands basin.
Desire Petroleum announced that its latest Falkland exploration project, the Dawn/Jacinta 25/5-1 well has failed to discover hydrocarbons although drilled to a target depth of 1,313 meters (4,308 feet). The well will now be drilled to the planned total depth of around 1,670 meters to evaluate the deeper Dawn Prospect.
This latest round of disappointment for Desire comes just weeks after the company announced that it would plug and abandon its Rachel North well also in the Falklands. Two wells were drilled at the Rachel prospect, but both ultimately failed to deliver.
Source: Press release