Falkland Islands explorer, Desire Petroleum plc, recorded a first half profit of £739,000 due entirely to interest income on the as yet unused proceeds of their £25 million fundraising earlier this year.

The company also disclosed that it had not yet contracted a rig for its three well drilling programme. Due to exceptional industry demand and very high rates for rigs the company has so far been unable to agree a suitable rig contract.

Desire "has pressed ahead with its drilling preparations in order to be ready to drill as soon as a rig becomes available and is also considering other ways of securing a rig." This may include a farm-out to another company that does have a rig available.