30 October 2024
Borders & Southern
Petroleum plc
("Borders
& Southern" or the "Company")
Extension of Falkland Islands
Production Licences
Borders & Southern Petroleum plc
(AIM: BOR), the London based independent oil and gas exploration
company with appraisal and exploration assets offshore the Falkland
Islands, is pleased to announce the extension of its Production
Licences PL018, PL019, PL020, including the Darwin Discovery
Area.
The Licences were due to expire on
31 December 2024. After applying for a two-year extension, the
Company has gratefully received confirmation from the Falkland
Islands Government ("FIG") that the revised expiry date of the
three Production Licence will now be 31 December 2026.
Harry Baker, Chief Executive Officer of Borders &
Southern, commented:
"We are pleased to have our three
Production Licenses extended and we are grateful and would like to
thank FIG for its ongoing support.
"Our prime focus continues to be the
monetisation of the Darwin Gas condensate discovery that contains
462 MM bbls of recoverable liquids plus material upside in adjacent
structures by identifying a suitable partner to appraise it. The
licence extensions will allow us to continue our search for a
partner and move the Darwin discovery forward by either testing
Darwin East or drilling another target.
"We strongly believe that the
upstream energy industry is rebalancing from ESG and renewable
energy and is once again investing in upstream exploration with
renewed interest in play-opening frontier locations and seeking
attractive opportunities, like Darwin.
"We continue to be encouraged by
progress on the relaunched farm-out process where we are working
with a large global advisor and look forward to providing further
updates as and when appropriate. Once a partner has been secured,
we believe the Company offers investors significant upside
potential."
The information contained within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 (as amended) as it forms part
of the domestic law of the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018 (as amended).
Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
For further information, please
visit www.bordersandsouthern.com or
contact:
|
Borders & Southern Petroleum plc
Harry Baker, CEO
Tel: 020 7071 6984
|
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SP
Angel Corporate Finance LLP (Nominated Adviser and
Broker)
Stuart Gledhill / Richard Hail / Adam
Cowl
Tel: 020 3470 0470
Tavistock (Financial PR)
Simon Hudson / Nick Elwes
Tel: 020 7920 3150
|
Notes to Editors:
Borders & Southern Petroleum plc
is an oil & gas exploration company listed on the London Stock
Exchange AIM (BOR). The Company operates and has a 100% interest in
three Production Licences in the South Falkland Basin covering an
area of nearly 10,000 square kilometres. The Company has acquired
2,517 square kilometres of 3D seismic and drilled two exploration
wells, making a significant gas condensate discovery with its first
well.
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