Desire Petroleum slashes losses

■ North Falkland basin-focused Desire Petroleum yesterday slashed full-year losses from $39.3m (£24m) to $2m, largely due to a decrease in exploration and evaluation expenses. Desire said that last year’s loss was mainly due to unsuccessful well costs and seismic expenditure during the year. It added that it was looking for a farm-in partner for the North Falkland basin.