News

May 28, 2009

Borders & Southern Petroleum Seeks Farm-In Partners On Back Of Step-Change 3D Data

It may be winter but things are, metaphorically, heating up in the waters off the Falkland Islands. Rockhopper Exploration, which is exploring in the North Falkland Basin, has recently released a new Competent Persons Report classifying an old Shell well as a gas discovery with a possible 8 trillion cubic feet resource while eight other prospects on the acreage could hold a combined resource of 1 billion barrels of oil. And Falklands Oil & Gas Limited, which is exploring in the virgin waters to the south and east of the islands, has bagged natural resources giant BHP Billiton as a farm-in partner, a move which should put some power behind the search for a rig.

Now AIM-quoted Borders & Southern Petroleum, which has completed technical work over its licences in the South Falkland Basin, has started to look for a partner.  The company, which ended 2008 with cash balances of US$19.5 million, last year completed a large 1,492 sq km 3D survey over its acreage, identifying multiple large volume prospects with the potential to hold a multi-billion barrel recoverable resource.

This, of course, is the big attraction of the Falkland Islands...