Desire fading as drill cash dries up

Shares in the Falkland Islands-focused oil explorer Desire Petroleum fell by 3 per cent after the company conceded it had no money to drill further wells.

Despite its full-year loss shrinking by more than 50 per cent, Desire's shares fell by 1p to 28.5p. The explorer said: "We do not have sufficient funds to restart a drilling campaign on our own." Desire declined to comment on Falklands sovereignty issues.