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."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...
  • Oil decline: Price makes the story
    So oft in theologic wars, The disputants, I ween, Rail on in utter ignorance Of what each other mean, And prate about an Elephant Not one of them has seen! -- The B ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training

Opinions & Commentary

Oil price, Caza, and finally...

by Malcolm Graham-Wood

Read More »