Desire Says It Still Seeks Falkland Rig

Desire Petroleum Plc, an explorer for oil and gas near the Falkland Islands, said it's still seeking a drilling rig for the area.

The company is pursuing several strategies to get a drilling rig and is in talks with other operators in the Falkland area,'' Ben Willey, a spokesman for the company at its outside public relations firm, said yesterday by phone in London.

Shares of Malvern, U.K.-based Desire have soared 42 percent this week, including a 14 percent jump today, to 45.50 pence. That gives the company a market value of about 102 million pounds ($190 million).

The company in September said it may not be able to begin drilling this year after failing to find an oil rig for drilling in the Falkland Islands area.
A shortage of rigs for hire has lead to delays in the development of oil and gas fields.

Record crude oil prices are prompting energy companies such as Royal Dutch Shell Plc to increase spending on oil exploration, boosting rig rates.