AIM-listed Borders & Southern Petroleum, the London based independent oil and gas exploration company with appraisal and exploration assets offshore the Falkland Islands, welcomes the recent news from Navitas and Rockhopper regarding the accelerated development of Sea Lion. The steadfast dedication by Navitas demonstrates their confidence in the basin and the favourable fiscal regime. In particular, the Company would like to congratulate Sam Moody and his Rockhopper team in achieving a substantial capital raise, at minimal discount, to finance their share of the extra capex requirements. The commitment to secure a second FPSO and the concomitant substantial capital committed, reinforces the irrevocable journey the Falkland Islands is making to becoming a new oil province. For Borders & Southern, this continues to point the spotlight towards this nascent hydrocarbon region, and re-enforces our own experience of support for renewed investor interest.
Borders & Southern have 100% interest in all our acreage licences and have a substantial discovery, 462 MM bbls (P50) of recoverable liquid hydrocarbons with huge potential exploration upside. After a decade of under investment by the Major oil companies, there has been a plethora of M&A transactions along the Atlantic Margins over the past 18 months as 'Big Oil' looks to replace their declining reserves. De-risked resources of Darwin's scale are few and far between and are highly attractive to the oil industry.
The Company continues to engage with multiple third parties in the farm out process, significant progress has been made and we look forward to updating the market when the process concludes.
Source: Borders & Southern
