Borders & Southern Petroleum provides results for the12 months ended 31 December 2012
Monday, April 8, 2013
- Safely executed a two well drilling programme in the Falkland Islands.
- Completed post-well sub-surface, engineering and commercial evaluations.
- Entered second exploration phase of the licences.
Borders & Southern Petroleum Plc (AIM:BOR) announces preliminary unaudited results for the year to 31 December 2012.
- Safely executed a two well drilling programme in the Falkland Islands
- Reported a gas condensate discovery with the Company's first exploration well - current estimated most likely recoverable resource: 200 million barrels
- Completed post-well sub-surface, engineering and commercial evaluations
- Reduced risk profile of the prospect inventory
- Entered second exploration phase of the licences
- Post year-end activities - completed 3D seismic acquisition and commenced farm-out process
- Cash balance as at 31 December 2012: $56 million
Harry Dobson, Borders & Southern's Non-Executive Chairman, commented:
"Last year Borders & Southern enjoyed its first taste of exploration success. In April 2012 the Company announced a gas condensate discovery with its first exploration well. Subsequent post-well technical studies have endorsed our initial opinion that Darwin has the potential to develop into a significant field. Furthermore, the discovery well (61/17-1) has opened up a new hydrocarbon basin, proved the Early Cretaceous play fairway and significantly reduced the risk profile of the Company's prospect inventory.
Building on this success, the Company has defined an ambitious work programme for the next two years. This includes further technical evaluation, 3D seismic acquisition and processing, reprocessing of existing 3D seismic, securing a partner and a rig contract, well planning and finally the drilling of both appraisal and exploration wells. At the conclusion of this programme, the Company hopes to have established a core area comprising an appraised discovery that can be taken forward for project sanction and prospects that could add further significant value."
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