Desire Plunges as Tests Dash Falkland Oil Well Hopes
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Desire Petroleum Plc, the U.K. energy explorer, plunged after saying the Rachel North well off the Falkland Islands won’t produce oil.
Shares fell 50 percent to 67.25 pence at the 4:30 p.m. London close on the news, which reversed the company’s Dec. 2 report that the well may have made a commercially viable find. Rockhopper Exploration Plc, which has a 7.5 percent stake in Rachel, declined 10 percent.