http://www.bordersandsouthern.com/home/

http://www.falklands-oil.com/

http://www.fogl.com/

http://www.bgs.ac.uk/falklands-oil/images/legislation/A3Map.jpg

Exploration for oil and gas

Borders & Southern is a UK-based, London Stock Exchange (AIM) listed company, engaged in the exploration for hydrocarbons. The company is focused on frontier or emerging basins where there is potential to identify and commercialise high value prospects.

The company’s first project is located to the south of the Falkland Islands where it holds a 100% interest and operatorship in five Production Licences covering an area of nearly 20,000 sq km. The acreage is completely untested. The company is currently planning its first drilling campaign.

http://www.bordersandsouthern.com/investor_relations/news/RNS/

Thought I would start this thread off with the intention of buying in at some point,With the arrival of a oil rig due in the North Falklands Basin in early February and possibly there maybe one arrive for FOGL and BOR in 2010 as well its worth keeping an eye on.

There is a thread already see BORDERS LARGE MOVEMENT.

Halifax that thread is well out of date.

Interim Results for the Six Months to 30th June 2009

24/09/2009



http://www.bordersandsouthern.com/downloads/2009%20Interim%20Accounts%20Release.pdf

http://www.falklandnews.com/public/story.cfm?get=5504&source=3

A tight rig market could delay Falklands drilling in 2010
September 28, 2009
by J. Brock (FINN)

Could a tight rig market delay Falklands drilling programme in 2010?

By J. Brock (FINN)

A buzz word rig - permeates the Falklands exploration industry but it would be a tight rig market that could postpone Falklands exploratory drilling in the South and East Falkland Basins.

Richard Liddell, Chairman of FOGL, has conformed that a rig has not been sourced for drilling in the deeper prospects that the company has in the area. He said, "Our partner, BHP Billiton, continues to seek a suitable drilling rig for a drilling programme currently scheduled for 2010, in line with our previous guidance. With the necessary preparatory work completed and funds available to secure long lead drilling equipment, we are well placed to move into the next exciting phase of exploration."

Were almost ready and everythings there but the rig. One of the final hurdles an environmental impact assessment is due to be submitted to the next meeting of Executive Council, scheduled to take place in early October. Once this is approved the South and East Falklands Basins are that much closer to the all important drilling round.


The rig market has been tight for several years now since the price of crude nearly hit $150.00 per barrel in 2008. Exploration companies signed contracts for extended periods of time and even kept exploration rigs for production. A few rigs have come on to the market but they are not suitable for the prospects to be drilled to the south and east of the Falklands where water depths are more than 1,000 Metres deeper than they are in the North Falklands Basin.


The best option is to get a rig or drill ship that is fit for purpose. BHP Billiton will make sure this is the case. Newer rigs on the market can do the work but it is an expensive option with prices of $500,000.00 to 750,000.00 per day (approximately) for drill ships and newer adapted rigs.


Fewer rigs have been constructed in the past few years. Those that were constructed were snapped up by exploration companies while still being constructed.

It is expected that the right rig or drill ship will be in operation in FOGLs prospects in 2010 but in this business delays sometimes long ones happen regularly.

Our ears to the ground. Watch this space.

markymar
CONGRATULATIONS on DES,there must have been times when you thought you were talking to your good self!
You have posted all the way from its lows 25p to 100 now.
I have been keeping a close eye on BOR and have dipped my toe into this stock,only a small amount but would like to build up on any dips under 55p,i wonder what your take is on BOR?
News on this of any advancement towards drilling will send this to at least 75p in my book and that is the basis for my purchase now.
I take it this is the BOR thread that we shall be using?

Hi Cape,

Thought I would start this thread and have put a bit more information up to help other investors do some research and to help myself learn a bit more about the company and keep up to date with any further news.

The company is a bit of a unknown as I cant make my mind up if its worth investing in so at this point in time I don't hold any shares in it but as you have pointed out any tie up with a partner or a rig should push the share price up, I think more detailed information needs to come from the company before I invest and I think there are better opportunities in other Falklands plays.

BOR market cap 109 mill - need more information on future plans and expensive to drill in such deep water

FOGL market cap 111 mill- have partner, have detailed prospects but need to raise huge amounts of money to drill targets as so deep and need a rig or a drill boat that can drill those deep targets.

DES market cap 227 mill- have rig due to drill early Feb, prospects are all in shallow water, unrisked prospect size ranges from 122 million barrels recoverable (Ninky) to 1,631 million barrels recoverable (Alpha).Raising extra cash so they can drill up to 10 prospects.

RKH market cap 68 mill- the bargain of the Falklands companies,have possible partner who could be a major will be drilling along with Desire in 2010 they have the only commercial gas find and top eight oil prospects contain 1 billion barrels recoverable and they need to raise money to fund a drilling program and I could rant on all day the pluses.

This has tried to breach 60p on several occasions over the last 3 weeks,good trading range,in '50 and staying put.sooner or later news on rig will have a very positive effect on the sp.

http://proactiveinvestors.co.uk/companies/news/10610/fox-davies-capital-newsflash-including-heritage-oil-falkland-oil-gas-horizonte-minerals-kopane-and-oilex-10610.html

Good news

BOR is motoring along all on its own,loved by few on here,good performance so far.

http://www.offshore-mag.com/index/article-display/4039824989/articles/offshore/drilling-completion/latin-america/2009/11/fogl_-borders_lining.html

FOGL, Borders lining up deepwater Falklands wells

Offshore staff

LONDON -- Falklands Oil & Gas Ltd. (FOGL) is looking to raise funds to cover its share of a series of wells planned next year off the Falkland Islands.

The London-based company and its joint venture partner BHP Billiton are in discussions with Desire Petroleum, which has contracted the semisub Ocean Guardian on a long-term basis for programs on Desire/Rockhopper-operated acreage in the North Falkland basin, starting in February.

FOGL/BHP are interested in taking one of the rigs slots for a well on their Toroa prospect in the East Falklands Basin during the first half of 2010. Toroa is in deeper water - depths range from 550-730 m (1,804-2,395 ft) - which would necessitate some modifications to the rig. FOGL estimates its net costs for these alterations at 12 million ($19.8 million), which would be paid for out of its proposed 50 million ($82.7 million) share-placement offering.

Toroa, around 140 km (90 mi) south of Port Stanley, is a large prospect identified in the Cretaceous Springhill play, with recoverable hydrocarbons estimated in the range 380 MMbbl to 2.9 Bbbl. The well at the planned drilling location is in water depth of around 600 m (1,968 ft), and would be drilled to a sub-surface depth of around 2,700 m (8,858 ft).

Ocean Guardian is a moored semisubmersible. The partnership has other prospects in water depths greater than 1,000 m (3,281 ft) Endeavour, Loligo, Nimrod which they feel would be better served by a dynamically positioned semisubmersible or drillship. They are looking to contract such a rig later in 2010 to complete their minimum work commitment of two wells and possibly other `discretionary wells.

Another independent operator in the South Faklands basin, Borders & Southern petroleum, has conditionally raised $188 million via a share placement for its maiden exploration program. The company has identified multiple play fairways and potentially large prospects on its acreage following a series of 2D and 3D seismic surveys. It intends to drill up to three wells, its priorities being the Darwin and Stebbing structures. Darwin is a Lower Cretaceous tilted fault block, and Stebbing is a Tertiary/Upper Cretaceous simple fold. Both structures are said to have geophysical amplitude anomalies associated with the main reservoir intervals.

Neither are the largest of the structures in the companys line-up, but they are thought to present the lowest risk. If drilling proves successful in either case, Borders may drill a third well on a look-alike structure or as an appraisal exercise. Borders says its new funds will allow it to cover the entire costs of the three deepwater wells, although it may save money if it can share mobilization costs with other operators in the region.

AGR Peak Well Management is scouting for suitable rigs on the companys behalf, and has advised of potential availability late in 2010 to early 2011. On formal completion of the share placement, Borders intends to start negotiations with rig owners/contractors, assisted by a drilling project management group, with a view to initiating exploration drilling as soon as is practicable.

Should be an RNS maybe soon!!!!

Good rise in sp today, do they have a rig or perhaps a farm in partner?

shame the same didn't apply to either RKH or DES!

Topped up today...

i toyed with the idea of this one, but decided that 2 falklands stock was more than sufficient, so stayed with DES and RKH ..... no doubt those too should at least start tomorrow well after dow's about-turn

No Rig or ship No Partner No money to drill...Very deep and expensive... a little meat on the bones to get my teeth in to.yarn

marky they raised over 100million recently sufficient to drill 3 wells... ...keep up!

yarn..................

marky still not up to speed!

NO EIA without it they cant drill!!!!!
No Money to drill
No partner

Its a sell or Hali tell us why its a buy i bet you cant as you dont know how to put a sentence together...its like pissing in the dark.

i have a feeling that one of the big investment banks is very keen on this stock, though i forget which - not that that is a huge endorsement

cynic you are right largest shareholders are:-
Lansdowne 15.86%
Black Rock 6.05%
Credit Suisse 5.62%
Henderson 5.19%
Allianz 4.3%

RNS released on 26/11/09 confims the raising of 113.1milliion by way of a placing through Mirabaud,Ocean, and Panmure Gordon.

RNS full year results show they have $200million in cash more than enough to drill 2/3 wells which they plan to do towards the end of 2010 and first quarter 2011. Environmental impact statement has been submitted and they are looking to contract a rig possibly on a cost sharing basis (FOGL?).SP around 65p possibly a good time to get in before they do a RKH.

Halifax RKH hit oil, Border dont even have a rig booked or a ship and i doudt they will get one look how long it took Desire and there are few deep water high spec rigs around.

NO EIS

NO PARTNER if what they had was that good they would have partners knocking on the door they dont.

Its in undrilled very deep water and untested.

Its a BIG SELL it aint goning a do a thing untill they have EIS and a drill ship booked so could be years away.

marky you are amazing you started this thread and now you are trying to de-ramp BOR .So far BOR has done everything right they have more than enough cash to drill 2/3 wells,they await approval of their Environmental Impact Statement (EIS),they are actively seeking a rig possibly in partnership with the likes of FOGL,and finally may be open to a takeover bid being more cash rich than some other oiles in the Falkland Islands.

Have moved some RKH profits into BOR as a longer term Falklands oil play.

compared to some others in this micro-sector, BOR is positively staid, but that is not necessarily any bad thing

well timed Halifax!!!!

Still No EIS cant drill without it

No partner

No rig or ship and after BP cock up in deep water they may have big problems getting EIS approved or a rig.

Its still a sell untill further news

marky you are so blinkered all you say equally applys to FOGL as this is a deep water drill.

FOGL have a rig slot and EIS and partner BOR do not and maybe years from getting a rig hence its dead money and the price will drop.

If you have a "long term" strategy you buy the company or companies with oil found, not the ones who have nothing but hope.

Moving from RKH to BOR is akin to taking money away from an investment and putting into a gamble........ :)

pp tell that to the institutions which took part in the placing to raise enough cash for BOR to drill at least 2/3 wells.

Update: Environmental Impact Statements
The public consultation period with regard to
Borders & Southern Petroleums Environmental
Impact Statement closed on 25th March 2010. The
Falkland Islands Government has received an
external review of the Statement undertaken by the
Scottish Association for Marine Science. It is likely
that the Statement will be forwarded for
consideration at the June meeting of Executive
Council. Although the public consultation has
closed, the EIS can still be reviewed, or copies
obtained, from the Department of Mineral
Resources.

Surging up....getting closer to a rig ?.....I wonder if BP. or BG. will get involved...if either of those two did : that would send all falkie oilies up !.

surging up is a serious overstatement ... see what it fell yesterday and how much of that has been recovered

Rising...is a better term...

Contained in the Summary of Executive Council Meeting 24 June 2010

The review of the Environmental Impact Statement for Borders and Southern Petroleum plc was noted.

No Rig and No EIS.... No Drilling..... Halifax Noted!!!

marky be a good little boy and just be patient!!!

When FOGL hit no oil you will be able to pick these up for 25p no oil no EIS no rig Noted!!

This looks even worse than FOGL! At least FOGL have drilled and dusted BUT satisfied their licence. BOR is just a huge punt IMHO

A postive note in the Daily mail today hence the price up a little.......they can bang as many drums as they want but untill the EIS is passed they cant drill and untill they have a rig booked they cant drill.

Borders & Southern Petroleum eased a penny to 66p but dealers expect the shares to have a run in the short-term. Management of the company which will be drilling for oil in the Falklands is apparently banging the drum on a City roadshow.

Read more: http://www.dailymail.co.uk/money/article-1294767/MARKET-REPORT-Investors-switch-ITVs-Crozier.html?ito=feeds-newsxml#ixzz0tjepTa4h

marky can we expect some interesting news soon, if so we may go back in sp well up today.

A very RAW rumour on the FT blog today that BOR was very close to securing a specialised deep water rig.

False rumour... that's all.

even if not, i'm sure it will be months before they get the damn thing on site and working .... indeed, is it even possible in those regions and at that depth in mid-winter?

Without the EIS they cant drill full stop they have been trying to get a rig for donkeys and so far they havent when they do it will be a letter of intent and with that they may get a rig for a year down the line untill you have the letter and EIS the share is a sell.

so's FOGL but bloody market seems to have forgotten that!

I cannot see them spudding before April next year at the earliest and the longer this goes on the further that date is pushed back.....look at DES and RKH...it took I think 6 months to get the rig in place.

there are of course other possible scenarios....j/v with the likes of BLT....why are they trawling round the city when they have 100m in cash enough to drill 3 wells?

Contained in the Summary of Executive Council Meeting 24 June 2010

The review of the Environmental Impact Statement for Borders and Southern Petroleum plc was noted.


Why was the EIS just noted? why was it not passed!


A rumour that FIG do not want two rigs down there drilling and if thats the case its going to be a long wait for BOR and FOGL hence the EIS was noted.

cynic....touchy touchy....stiff drink needed.

Alot of share changing hands today for a company not very active

Climbing nicely.

Some thing off some where Chav, cash sitting waiting for results on Ernest to pile into Sea Lion on flow test.

Watching and might buy some and make a speedy exit today,still think its all hot air with Bor but dont mind tagging along for a bit

Apparently there's some Bid rumours about BOR this morning...probably hot air but you never know.

Over 3 million traded so far this morning, which is huge for BOR.

Still watching,price starting to drop....level 2 more sells to buys,have the crew just changed on the OG?

Not sure if they changed on the weekend or not Marky....Saturdays Lan Chile flight still hasn't arrived yet.

The EIS for BOR didn't go before Exco last week...maybe next Month.

Still no rig and no EIS BIG SELL!!!!!!!

lol...DES is the biggest buy at the moment imo.

Going to conquer a certain Castle this morning chav will have my clogs on and arrows at the ready in case pointing in your direction

Come on the Rock!!!!

Posh here Marky...not every estate can boast a Castle!

Very Posh.....now just need that sunshine to stay,both clogs on to conquer 2 castle in one day,not bad going when not even the scots could do that, keep an eye open today day for me chav.

Click them clogs if need be

Whoooosh

I'll have a pint of whatever Marky is on today!

I think it comes in tablet or I.V. form! ;o)

Borders have now had their EIS approved.....next will be news of a rig secured and one to now put on watch list!!!

marky so EIS has been approved, next announcement must be they have a rig.

Hal I would of thought so that there will be a letter on intent at some point, in the FI rumours are that a rig early 2011 also staff in FI working for BOR have been double up making preparation for the Rig arrival or boat on the logistic side of things.

So some thing is brewing and I dont think its fresh air but until a letter of intent I wont hold.

marky isn't it a bit more complicated as surely FOGL has to be involved in any rig contract?

Am sure if BOR get rig then FOGL will want to use it.

The sleeping wonder....BOR is rising rapidly.....still no sign of a rig....

Surely it must be over valued RF?....lol

http://www.thesun.co.uk/sol/homepage/news/money/3147274/Black-Horse-boss-rides-into-sunset.html
Rig move for Falklands oil

THE rig operator at the centre of BP's Gulf of Mexico oil disaster could join the rush for black gold in the FALKLANDS.

TRANSOCEAN is in talks about leasing a rig to firms exploring the islands' coastal waters. Reps from the company were in the capital Port Stanley yesterday.

Sources claimed they were speaking with BORDERS & SOUTHERN - a minnow desperate to hire a rig to explore deep water to the south of the islands. A Borders spokesman refused to comment.

Still haven't found anyone that has seen this Transocean rep in Stanley, so doubt there is one has it's hard to hide in a goldfish bowl.

$205 mill in bank and no rig,,,,they are not even sharing data with FOGL....crackers!!!!

you're right marky .... i should also have shorted this one the other day, but perhaps a bit late now

I dont see wear the problem is in sharing data at this early stage, the acreage is vast they are both in the Southern basin and what they both want is to hit oil and sharing data to get a better understanding of the geology is very important.

Look at DES and RKH sharing data in the NFB so they understand the geology and helping each other so when they do drill they have a better understand and better chance of success of hitting oil.

So FOGL saying no rig and BOR no mention of it and they will both share a rig.

Its over priced and poor communication to its shareholders.

Letter of Intent



Borders & Southern Petroleum plc is pleased to announce that the Company has signed a Letter of Intent with Ocean Rig UDW Inc. for the provision of mobile drilling rig services using the Eirik Raude drilling unit. The contract is subject to final documentation. Under the terms of the contract the Company is committed to drill two firm wells (to be used for testing the Darwin and Stebbing prospects) and has up to three option wells.



The rig, currently active in West Africa, is a dynamically positioned, harsh environment semi-submersible. On completion of its drilling programme the rig will be mobilised to the Falkland Islands in the fourth quarter 2011.

BOR have a letter of intent for a Rig in the 4th Quarter 2011...Cynic's FOGL short may not look so good today!

http://en.mercopress.com/2010/11/23/falklands-oil-company-contracts-exploration-rig-to-operate-end-of-2011

29 November 2010


Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")

Rig Contract

Further to our announcement on 11 November 2010, Borders & Southern Petroleum plc (AIM: BOR) is pleased to announce that it has signed a contract with Ocean Rig UDW Inc. for the provision of mobile drilling rig services using the Eirik Raude drilling unit, a dynamically positioned, harsh environment semi-submersible. On completion of its current contract in West Africa in October 2011, the rig will be mobilised to the Falkland Islands to commence our two well drilling programme. The wells on our Darwin and Stebbing prospects are currently estimated to take approximately 45 days each. The contract allows for up to three option wells.

Within the last year, Borders & Southern has appointed a drilling manager for the campaign and has contracted AGR Peak Well Management Ltd to perform well engineering, procurement, service contracting and operations supervision. Initial well designs for Darwin and Stebbing are already well advanced and we expect to order subsea wellhead systems and casing strings shortly. Detailed well planning and the contracting of third party services will also commence shortly.

Chief Executive Howard Obee commented: "We are delighted to have signed this contract. It represents a significant milestone for the Company and is the culmination of an intense period of technical and contractual effort. The Eirik Raude is a high specification, harsh environment rig that is ideally suited for our work programme."

Hard day ahead building Snowmen then Marky!

Yes another 5 inches on top of what we have had,so i have my snow clogs on and sledges to the ready,whale spotting i would think at the end of the week.

Blue containers still waiting in the same place ..maybe needed when the snow thaws.

Blimey !...thet have found a rig.....another year to wait before the spud.....this will be interesting this time next year !....

Morning all. The Des flop could mean the PI's realise that the best option for the FI is the southern basin which is totally different in geology- and as a result BOR and FOGL could benefit from renewed interest.

Borders & Southern raised to add from hold at Oriel
14.1.2010

Strange for them to do that as they will not be drilling untill the end of this year and to have funds sitting there doing nothing.

Suprised FOGL have not got a letter of intenet yet in sharing the rig.

BOR??

Current Vacancies

Job Title Location Duration Date Posted Start Date
Drilling Supervisor - Days Aberdeen office initially then rotational Falklands Till end 2011 initially 17/01/2011 August 2011
Drilling Superintendent Aberdeen office initially then rotational Falklands Initially untill end 2011 17/01/2011 March 2011

On May 5, 2011, the Company signed a new drilling contract for the Leiv
Eiriksson with Borders & Southern Petroleum plc for performance of
exploration drilling offshore the Falkland Islands. This contract
replaces the previous contract with Borders & Southern plc for the
Eirik Raude. The Leiv Eiriksson will perform the scheduled drilling
program in direct continuation after completion of the drilling
campaign for Cairn Energy offshore Greenland. The contract is for
drilling two wells for a period of about 90 days, including three
further optional wells. The contract value is approximately $80 million.

http://www.marketwire.com/press-release/dryships-inc-reports-financial-and-operating-results-for-the-first-quarter-2011-nasdaq-drys-1514072.htm

The billion-barrel oil hunters
Created: 22 July 2011 Written by: Martin Li
Desire Petroleum
http://www.investorschronicle.co.uk/Features/Shares/article/20110722/675b66aa-b378-11e0-a6c3-00144f2af8e8/The-billionbarrel-oil-hunters.jsp


Borders & Southern (BOR)/Falkland Oil & Gas (FOGL)
The Falklands oil story continues to fascinate, even though last year's drilling campaign in the North Falkland basin returned just a solitary discovery for Rockhopper Exploration, leaving fellow explorer Desire Petroleum close to ruin.
While Rockhopper continues to appraise its Sea Lion strike recent confirmation of commercial flow rates is encouraging attention is turning to the largely unexplored South Falkland basin. The prospect sizes here are an order of magnitude larger than those in the north, although the targets are more remote, water depths are greater and the lack of previous drilling heightens geological risk. After years of trying to contract a suitable rig, Borders & Southern secured use of the Leiv Eriksson, an ultra-deep water, harsh-environment rig of which there are only around a dozen in the world. This will sail for the South Atlantic once it has completed drilling in Greenland this summer for Cairn Energy. Borders expects to drill the first of two exploration wells in late December, after which Falkland Oil & Gas (FOGL) will drill two exploration wells next year.
Borders chief executive Howard Obee highlights several factors that mitigate the otherwise significant risks of exploring a 'wildcat' frontier. Geophysical signatures provide strong indications of hydrocarbons while three-dimensional (3D) seismic surveys help pinpoint optimum drilling locations along a trend that stretches west from Borders' acreage to a basin that has produced 6bn barrels of oil.
Borders will first drill the Darwin prospect, which has an estimated size of 300m-760m barrels of oil recoverable, and then the Stebbing prospect, which is estimated at 710m-1,280m barrels recoverable. Between them, these two wells will target nearly $20bn of value.
Following the two Borders wells, FOGL will drill its Loligo prospect and then a second well still to be decided. To give an idea of prospect scale, FOGLs chief executive, Tim Bushell, says the Loligo structure covers an area the size of Greater London. Loligo has estimated mean prospective resources of 4.7bn barrels, although recoverable oil, for comparison with the Borders prospects, will be lower.
The chief executives caution that any discoveries will need to be at least 100m barrels of oil (and any gas discoveries will need to be multiple trillions of cubic feet) to stand any chance of being commercial. Mr Obee adds that each discovery will need to be commercial on a standalone basis since each is likely to be developed using a floating production and storage vessel rather than through a platform that could be shared. Nevertheless, these four wells could open up a new petroleum province with multi-billion barrel potential and investor interest will inevitably heighten through the autumn.
--------------------------------------------------------------------------------

http://www.proactiveinvestors.co.uk/companies/news/37687/falklands-oil-explorer-borders-southern-to-reach-turning-point-in-2012-says-broker--37687.html



Falklands oil explorer Borders & Southern to reach turning point in 2012, says broker 11:01 am by Jamie Ashcroft

http://en.mercopress.com/2012/01/22/falklands-confirms-second-oil-rig-has-reached-the-islands-spudding-planned-for-monday

Sunday, January 22nd 2012 - 05:44 UTC

Falklands confirms second oil rig has reached the Islands; spudding planned for Monday
Falklands oil industry sources confirmed that the semi-submersible Leiv Eiriksson oil exploration rig has reached Falklands’ waters and should be spudding its first well

1 February 2012







Borders & Southern Petroleum plc

("B&S" or "the Company")



Darwin Prospect - 61/17-1 Well Spud



Borders & Southern Petroleum plc is pleased to announce that their exploration well 61/17-1 was spudded on 31st January 2012. The well is located approximately 140 km south of the Falkland Islands. B&S is the operator of the well, holding a 100% interest in licence PL018. It is the first of a two well exploration programme.



The well is designed to test the Darwin East prospect, a fault / dip closed structure with a Lower Cretaceous sandstone reservoir target. The well will investigate geophysical attributes that include a flat spot, amplitude conformance to structure and an AVO anomaly.



It is anticipated that operations will take about 45 days. A further announcement will be made once the well has reached total depth and the wireline logs have been run and their interpretation completed.

So, sp drift now to about 55p? I feel there are going to be some good trading opportunities coming along, if the hype is going to be as good as was seen for RKH.

I think so as well Harry.

Borders has done well to bounce back into the blue today.

I hear they have a few problems on going since thursday so intresting the share price is up today.

What problems ?....

Something has broken so they had to stop drilling don’t think they are drilling at moment i could be wrong with time difference.

If your holding be very careful as if am hearing things other people will as well….hence very surprised to see share price up.

Lots of excitement down there.

Nice excitement or just plain terror ?....

A bit of both RF, holding only a few in this, I have a larger holding in FOGL which I hope to sell in the near future as I won’t be holding when they drill I don’t think.
Not sure how big the problem is but they can’t drill without it so if mass sells come in am out.

http://en.mercopress.com/2012/02/18/argentina-now-takes-falklands-dispute-to-satellite-imagery

Argentina now takes Falklands’ dispute to satellite imagery
The Argentine newspaper Ambito Financiero reported on Friday, without revealing sources, that oil exploration rig Leiv Eiriksson, contracted by two oil companies to drill to the south of the Falkland Islands “was found, on Thursday, exploring in Argentine waters”, according to ‘irrefutable’ satellite images.

More imagination than imagary marky!

I have sold my small holding in BOR,also sold half my shares in FOGL,i got burnt bad last year so a profit is a profit.May buy in at a later date.

The problem on rig could take time to fix.

Its taken a long time for the price to drop on news of the problems with the rig , it was known about yesterday. I don't think the fall in price today is wholly due to the rig news

What sort of problem......? the chef has gone off with the main rigger ?...have to feed the chaps.........or is it more serious still...drill bit broken....?..

RF

To many ?, lol

I'm still in.....don't forget that this is just the start.....at least 3 more wells to come and I bet we shall have two more at least beyond that....no rns issued...so....

hallelujah marky! .... you learned from the experience

I am happy to hold also, rf. There is always going to be the odd drop along the way, so nothing to get worried about yet, imo. (I remember some wild swings in the RKH sp while they were drilling.)

i am happy to be short with a fairly modest number :-)

Why would you short a stock which is totally dependent on drilling results, over which none of us have any control?

playing the odds which are heavily in favour of a duster

the converse is equally true of course

That’s the problem Harry there not drilling, it maybe some time till they do depending on what parts they have.

BOR is not worth the £330 million price tag on it at this time.

I see that iii have now picked up on the problems with rig.

Update for those interested. Since last Thursday, there has been an issue with the BOP. It involves a burst pipe. A specialist has been flown in to deal with the issue. More as and when.

Should send in the AA!

I think the health and safety are getting involved so not looking good, how long the delays will be I don’t know but BOR are wanting certain work carried out before drilling resumes, it’s going to cost someone big time.

If you’re holding and the market gets spooked be warned.

Still not working,eletric problems as well so i am hearing.

Share price is shrugging the news off

Edison Investment Research talks about the increase in interest surrounding the Falkland oil story
Friday, February 24, 2012

http://www.proactiveinvestors.co.uk/companies/stocktube/1038/edison-investment-research-talks-about-the-increase-in-interest-surrounding-the-falkland-oil-story-1038.html

Still no drilling, going to be very costly for certain parties

If they hit oil it won't make any difference.

not for me at the moment - at least not so far! :-)

and have now sold balance of fogl for very modest profit

The longer the delay Harry the more investors will get SPOOKED hence why I sold out, I might at a later date buy back in but so far selling BOR and FOGL has paid dividends as both SP have fallen.

Now I am also hearing they want all Hydraulic cables replaced around the rig if this is the case they will all have to be tested as well.BOP has some sort of electrical fault as well now…..it’s a bloody mess not a good start to a campaign.

markmar

It seem's you are the only one worried about these problems , haven't noticed anything much in the press and the share price doesn't appear to be effected, did you say you were waiting to buy back ?

If the rig has a fault, it will come under the operational insurance. It will not be a BOR capital expense, except for lost time. This has no relevance to the potential, or not, of hitting oil. Am happy to hold and will buy more if the sp drops below 70p before RNS.

aldwickk .....i said i might.....if i was going to deramp the share you would see me on every web site trying to get the price down.

Harry i agree but the market can spook a share hence i am out,we have seen it happen with Desire and RKH over the years.

I think i broke the news here first that there was trouble on the rig,well before iii or ADFVN picked up on it.I am happy not to post what i am hearing if you think i am deramping.

No one has accused you of anything, marky. Everyone is stating their opinion. Don't be so touchy.

Marky
I, for one, am grateful for your local updates. My resident Stanley contacts/friends are just on their way to UK for a while.

harry - whether it is a rig fault or operative error, it will certainly unsettle investors ..... much depends on the seriousness of the incident

Carsie 68.... No plugs were needed as the BOP stack had just been run and they hadnt even drilled out the 20" shoe joint yet.....long way to go yet. u need to set up a mail box.

aldwickk ....... no more drilling for a while big problems again.....7 days + the market will spook,i will buy back in at at a lower price.i dont short either i am no trader.i try to to be honest to thread.

markymar

Am sorry that i thought you were shorting , it was just that nobody else was posting the news of problems with the rig and the share price was not reacting to any bad news.

I honestly thought the share price would have tumbled today, so far the drilling campaign has been a disaster in the meaning of problems with the rig. Expect to lose another weeks drilling time.

I am not sure who is footing the bill but it’s going to be very costly.

"......campaign has been a disaster...." No it hasn't marky! Problems certainly, but no way is it yet a disaster. You seem to be permanently negative on this stock for some reason, which may be clouding your judgement slightly!

O yes it has Harry!!!!,well spud 1st of Feb......we are now in the 5th of March with a possible 20+ days of problems where no drilling has taken place.No word from the company of problems.


Nothing a matter with my judgement i will buy back in if the SP slumps if not i am happy watching from sidelines.

We'll agree to differ then on our definitions of 'disaster'.

This is what happens in deep water drills, this is the oil and gas world. They could get going and press onto total depth with no further problems, or the could encounter pressure causing further delays or maybe break an extender or something. No rns yet so can't imagine this will spook experienced investors, those selling the hype buying the news watch out!

http://www.proactiveinvestors.co.uk/companies/news/39909/borders-southern-petroleum-retains-buy-rating-at-merchant-securities-after-darwin-well-spud-39909.html

Borders & Southern Petroleum retains 'buy' rating at Merchant Securities after Darwin well spud

still no drilling,waiting on parts.zzzzzzzzzzzzzzzzzzzzzz

more likely they're waiting for oil to be created under the seabed :-)

Well it over 20 days + no drilling,depends when parts come then how long to fix and test.

What else can happen next......

the crew will be seduced by mermaids

Where do you get this information from ?....no rns about drilling being suspended....

When u work down a mine RF you hear alsorts,u just have to trust me on this one,so far my info been bang on,days a head of iii or ADFVN.

Pro is saying drilling back on......not at all,this is going to cost someone big time,now will BOR have to pay some of the costs?

Why not send an email to Bor ask them who is paying for the 20+ days out of action?

....u just have to trust me..!!! LOL, now where have I heard that before?
I think marky is just trying to drive the sp down so he can get on board! ;o)

Insurers...perhaps...there should be a rns......as far as I'm concerned : no rns no problem....though perhaps the delay if there is one does not warrant information to be supplied to the market....

Perhaps it's time to rent a zodiac or sorts out from Port Stanley and go and have a look for ourselves !....

Go for it rf! You might need something a bit more substantial than an inflatable though. Of course, your deployment in a sizeable boat would enhance our naval capabilities and give the Argies something to think about!

Right...first I shall have to cross the atlantic top to bottom.....might stop off at tenerife on the way.....might need at least 200 horse power....and a few jerrycans of junglejuice.....boy !...what a trip.....and when I get there, I'll shout out in a posh english accent "I say up there can you tell me whether you've struck oil or not ?".....might even pretend to be out of fuel and they take me abord...yeahhh...great idea.....but on second thoughts it sounds like a plan devised by rik mayall or adrian edmonson in bottom.....or something from blackadder...

rf tgif good lunch?

?

Just been on iii,there are people shouting a sell as results due, they havent a clue. delete them.

i Said RF trust me... delete me if wrong.first week of April or second depending on delays...time will tell.

looks like that shorts looking good cynic,so is my info.

16 March 2012

Borders & Southern Petroleum plc

("Borders &Southern" or "the Company")



Well 61/17-1 (Darwin East) Operational Update



Borders & Southern provides an update on the drilling of its Darwin prospect.



Operations are currently on-going and the drilling of the well has gone according to design. However, progress was stalled due to some technical issues associated with rig equipment. These rig issues have now been addressed and the well is again progressing in accordance with the design.



As a result of the delays the Company anticipates another 4 to 5 weeks of activity on the well. A further announcement will be made once the well has reached total depth, the wireline logs have been run and their interpretation completed.

short is ticking along nicely but not sure when to call it a day

Time to buy more

only if they actually find oil! .... if not then it will be money down the drain - there ought to be a good pun available, but brain not sharp enough this morning

The original RNS said 45 days to drill; this one says 45 days to complete so what they are saying is they have drilled bugger all since February……..very expensive for someone or both parties.

Another 5 weeks??? ... I guess they probably found bugger all.

Think I'll open another buy position, I think confidence in the rig and the drill has held up pretty well, plenty to play for and I still see more upside than down at this point.

no reason why the rig and the drill should not do the job, mechanical glitches accepted, but that's one of the worst reasons to buy i have ever heard

I want to know who is paying for the delay? It has cost someone millions of pounds,Have BOR enough money?

It now pushed FOGL into the middle of winter when they drill.

I hope you closed the short.....this morning as this looks set to go higher !...

why should i close it? ..... while it's true i was making rather more earlier this morning, it is still very nicely in the money and certainly i have no great confidence that they'll even find oil

I don't have great confidence either in them finding oil, with the amount of media speculation over the potential oil that could be found I've already done nicely in my spreads. This speculation looks set to continue and its more than likely I'll be out before the fact anyway.

I was to late for my limit buy @64 , 80p seem's the price to sell at if you are trading these .

that's sort of my thought too for i already hold rkh on which the result, whatever it is, will have some effect

Yes, everybody in there switching over !.

Oh dear...it's up again....(stifled laughter turning into snigger).....sorry...

if that's aimed at me ...... i'm short at 78 so remain pretty happy

http://www.guardian.co.uk/business/marketforceslive/2012/mar/16/borders-falklands-delay

With tensions growing between the UK and Argentina over the Falklands, investors are keeping an eye on every update from companies operating in the region.

Argentina said on Thursday it would take legal action explorers off the Falklands, and now Borders & Southern has announced delays with its Darwin prospect after unspecified technical issues involved rig equipment. The well is now operating again, but it will need an extra four to five weeks of work to get back on track. After an early dip in the company's share price, it is now 2.5p higher at 70.25p. Dr Dougie Youngson at Seymour Pierce said:


This is a disappointing result today as we had actually been expecting this well to have been completed about now. The announcement has not provided any real details on what the issues were, but we can only assume they were significant given the length of the delay for completion of this well. This delay will also impact Falkland Oil & Gas which will take the rig once Borders has completed its two well programme.

This is a disappointing announcement compounded by the threat of sanctions [by Argentina].


Nick Copeman at Oriel Securities said the delay would add around $15m to $20m to the rig costs, but he believed the company still had enough funds to drill Darwin and the Stebbing prospect, provided there were no more significant delays.

Still got that short running cynic?

i do ..... won't make me a fortune, but slowly going in the right direction

banked the profit at 68 .... a little less than it would have been earlier today, but never mind

nice rise today but another 3 to 4 weeks till results.

i thought of continuing to hold, but if bor fluke a find then share will rocket ..... prudence (a lovely girl) dictated to bank a respectable profit

cynic is prudence your "bird in the hand".......?

no bush, so i guess so :-)

News soon?

Maybe next week then?

Think that bush needs trimming.,.

Crew change tom......could be intresting.

i stupidly (greedily) bought back 3500 FOGL(!) @ 70p the other day, on the basis that they wouldn't fall to zero on another bor dud, but would do rather well on at least an encouraging fluke

Ah, thus eliminating the need for any gnashing of teeth!!! I thought you might! ;o)

pure gluttony (for punishment) - note bought FOGL NOT BOR

Have sold out of FOGL today also not holding BOR,BOR need to find oil not gas for now, very surprised to see the SP up today.

Who says it's only gas any gas ?......the trouble with rumours is that can you go by them ?.....if and it's a big if......gas would be good for FOGL because hydrocarbons are present here in the south falklands.....for BOR : it would have to be in quantity...several trillion cubic feet.....but until we have further news....to me FOGL is the one to be in and BOR is a gamble still.....

Don't want to be pedantic rf, but all of the Co's which haven't yet hit are a gamble.

True....the stockmarket itself is a gamble.....but does anybody on these threads enjoy 1 to 2 % interest a year in a savings account....?....complete waste of time that....as long as over a period of time : you make a profit on trading...what the hell......

Also when drilling through a gas section : you have to be extremely careful in order to prevent a blowout......it could be that a lot of gas has been discovered and they are drilling deeper to see if oil lies below......bound to be some rumours coming off that rig now.......how's our man on the rig ?.....by the way,... any women on oil rigs ?....never hear about them.....

if so, then the rumours can't be that good, for though sp has ticked up, it has assuredly not rocketed, which is the usual course of events ...... for that reason, i have now chucked out my modest holding in FOGL for a very small loss

Well, I'm staying put in both .......you just cannot go by anything just yet......FOGL might just spring higher on the result ....acreage is vast out there......a proven working petroleum system could send the sp up to 80 or 90p...I would like to think....

and a gas find or worse will send sp plummeting ..... meanwhile shall hold rkh

Am holding RKH and DES at mo so if BOR does come in then it should help lift the SP of the two i am holding, its also great news for the Falklands.

Its starting to look like a gas find........we dont need gas at this time its oil,good luck if your holding i am hoping to buy back in a lot lower than todays price.

I could also be very wrong thinking it is just gas.

Frankly.....nobody knows except for the people on the rig.....and it might just be gas above an oil reservoir....or is it gas above water.....gas signs sould be encouraging I would think.....

Hello...helllo.....a few more buys than sells on meagre volume.....but sp up a touch....

Crew change today so we might here a few whispers from Stanley when the pints get flowing or will it be all hot gas i mean air....

Arrrr...therrrr'llll...be talk.....in yer local pub.....sire......

Its a crazy price


BOR valued at nearly £600 million....no oil no gas at present.


RKH valued at 1 billion 355 million barrels of oil found also gas.

So what? When has a sp of a potential gusher ever truly reflected a realistic valuation of a company? RKH & DES were the same when they were approaching drilling news time.

I think we all agree that Borders is mighty risky as we speak....I'm in but not quite as much as before hence my sell yesterday of 50%.....fingers crossed....for a good result....

I think if she comes in it will be fantastic news for the Whole of the FI....

All quiet in FI not even a squeak.

I see BOR has a market cap 4 x bigger than Desire.....

DES have found oil and gas

BOR found gas,so a lot riding on this last well and if its a duster there is a huge fall going to take place as it is so overpriced.

Lets wait for the results of samples, they wouldn't be doing 3D if initial indications weren't good at Darwin.

Desire didn't find anything commercial so can't really compare to BOR yet!

When you look at LNG and the market its expanding.
http://www.shell.com/home/content/shipping_trading/about_shell_shipping/shell_fleet_lng_carriers/

markymar

do I read you are vias on your comments?

not any longer holding BOR but DES

do you take notice of BOR cash on your calculations?

?

I am holding DES,RKH also FOGL of FI shares.

I am not trying to deramp BOR as i do not wish to hold the share as it is overpriced, i don’t intend to buy the share not unless in was in the 40p area.

I think it’s a crazy price for it especially with one drill left and no money to drill after that drill.

We will get a better idea who is correct within 6 weeks time hope you make a fortune and the hit oil but the odds are slim.

re - 40p

Whos is wrong then ?

the Institutions are backing the company with placing @ 84p today

Institutions backed RKH at £3.15 and raised £206.3 million back in 2010 after hitting oil, they used that money to do appraisal of sea lion field only to find the price hit a low of £1.40 in 2011.

Thats life it dosent always work out the way you hoped.

For those looking at the economics, the minimum size field for dry gas is 5 Tcf, thats a dry gas target for BOR for Darwin (E+W). Of course, if its very rich in condensates that 5 Tcf will come downwards.




.

problems again with rig no more info as of yet.

Hope not we all want a big oil strike don'y we ?....a Huge oil strike...a Massive oil strike...an oil strike like nothing ELSE....why is it only little me that wants this ..? just a teeny-weeny little gigantic oil strike....

RF it would be great news for all if BOR hit oil.......BUT.......its slim,who knows.

Problems with the BOP again not sure how bad at this time or how long the delay.

MM, bit of buying late on. Maybe something brewing?

Testing 60p again!! Will it close above 60p?

Sp slipping but quite a few buys....

You still have about 10 plus before news as still drilling.

First target must have been reached by now......

Nasty news on the way, I think as sp slipping away.

Can't be sure of anything as far more buys than sells....

Still looking at investing here but will wait on sidelines for now.

Where is the next support level for this SP?

hlyeo98

Your post's are always negative

I think he has reason, ald.,.

Big time shorter is hlyeo! Direct and fires from the hip.

Good start this morning.
Down towards 50p or up towards 70p whilst we await news?

29 June 2012


Borders & Southern Petroleum PLC

Result of AGM

Borders & Southern Petroleum PLC announces that at its Annual General Meeting, held this morning at 10:00am, all resolutions were duly passed.

For further information, please visit www.bordersandsouthern.com or contact:

Howard Obee, Chief Executive

Borders & Southern Petroleum plc

Tel: 020 7661 9348

Katherine Roe / Callum Stewart

Panmure Gordon (UK) Limited

Tel: 020 7459 3600

Simon Hudson

Tavistock Communications

Tel: 020 7920 3150

Notes:

Borders & Southern Petroleum plc is an oil & gas exploration company listed on the London Stock Exchange (AIM: BOR). The Company is focused on frontier or emerging basins where there is potential to identify and commercialise high value prospects. Its project in the Falkland Islands comprises five Production Licences (100% interest) in the South Falkland Basin covering an area of nearly 20,000 square kilometres. The Company has acquired 2,862 km of 2D seismic and 1,492 sqkm of 3D seismic and drilled one exploration well. A second exploration well (61/25-1 on the Stebbing prospect) is currently drilling.

-ends-

AGM notes from iii

AGM was very lively, with one or two people challenging the limited information coming from the company. It's a point that has puzzled many of us, but to my mind the following points explain it:
- "how could [an oil major] make a hostile bid without knowing what we have"
- may want to bid for additional open licences
- Board hold about 60m shares between them [more than in any other FI explorer] - want to maximise value

The board is experienced, oil exploration is competitive - they want to keep competitive advantage.


I'm not going to try to reproduce all of the technical detail (there was quite a lot) - hopefully Gramacho and others will fill in, but what I will to is give some impressions:

As to what they have: Darwin (east + west) is 1.88 TCF gas minimum, 2.5 best, 2.88 max.

liquid content: board would not be drawn at this stage, but a chap who has consulted for both BOR and now FOGL was willing in conversation to put it at 50m to 150m barrels per TCF, but most likely around 80-100. which gives us around 200m barrells most likely but range 100 to 420. Commercial needs to be 'in the hundreds" (Obee).

--> my view is it will be commercial. Full analysis 10 weeks from 18th of June, but some results, eg liquids content sooner - perhaps a few weeks.


Some revealing comments
- there will be another BOR campaign, it will be 5+ wells, mixture of appraisal and exploration. (Obee, response to question)
- "they will still be drilling in FI in 40 years time" (Dobson)
- BOR prospects "have best potential i've seen in 20 years in oil industry (mostly BHP)" (Fleming)
- Looking for rigs now
- would have first call on 5th slot, but at moment not certain/available

Burgess and Bute would be order 1bn barrells, if successful.

SP will rise, just wait for fund raising time.


-----------------------------------------------------------------------------------

If this present well comes up dry i can see 20p ......glad am out,good luck to those holding but far to much risk and the last well on gas could be border line if commercial.

.

Maybe next week for some news?

Borders & Southern Petroleum
would like to invite members of the
public to a presentation by its CEO,
Howard Obee. He will be updating
the community on the results of the
Company’s recent two well drilling
programme with the Leiv Eirkisson
Drilling Rig which drilled the Darwin
and Stebbing wells in the South
Falklands Basin.
The presentation will take place in
the Town Hall between 17.30hrs
and 18.30hrs on Thursday 26th July
2012.


Did anyone go?....lol

Just back from my hols and I'm glad I was right on 28/6... this has been a true disaster spelling from then... sorry to see some of u are too optimistic.

To the top for Proselenes.

28 September 2012



Borders & Southern Petroleum plc

("Borders & Southern" or "the Company")



2012 Interim Financial Results



Borders & Southern (AIM: BOR) is pleased to announce its interim financial results for the six month period ending 30 June 2012.



Highlights

·
Safely executed a two well exploration drilling programme in the Falkland Islands.

·
Made a gas condensate discovery with recoverable liquids in the range 130 to 250 million barrels

·
Identified a significant number of structural and stratigraphic prospects within the now proven Early Cretaceous play fairway

·
Entered negotiations with a seismic contractor to acquire additional 3D seismic

·
Cash balance (including restricted use cash) as of 30 June 2012, was $122m

·
Based on current estimates, the Company will have a cash balance of $50 to $55 million after all 2012 operations expenditures have been accounted for

·
In order to help fund the next phase of drilling operations, the Company will shortly look to farmout some of its 100% interest in its discovery and adjacent exploration areas.




Chairman, Harry Dobson, said, " As the Company approaches the end of its first exploration period and having safely executed its first operated drilling campaign we can take stock of our achievements. We have made a very attractive gas condensate discovery, opened up a new hydrocarbon basin, defined an exciting play fairway in the Early Cretaceous and consolidated a rich prospect inventory. This is a really great start to our activities in the Falkland Islands and provides an excellent foundation for future success."

Could of bean a better start Harry you could of hit oil........

28 January 2013



Borders & Southern Petroleum plc

("Borders & Southern" or "the Company")



Operations Update



Borders & Southern (AIM: BOR), a London based independent oil and gas exploration company, provides an update on its activities in the South Falkland Basin.



Since the completion of its 2012 drilling campaign the Company has undertaken a number of technical and commercial studies. Whilst a number of these studies are still in progress, some of the initial key findings are summarised below. Particular emphasis is placed on the Darwin discovery.



Darwin Discovery



In April last year, Borders & Southern announced that it had made a significant gas condensate discovery with its first well in the South Falkland Basin. The Darwin structure comprises two adjacent tilted fault blocks: Darwin East (which contains the discovery well 61/17-1) and Darwin West (untested). The fault blocks are clearly defined by high quality 3D seismic data. Fluid analysis has revealed that the discovery contains a relatively high liquid content. Initial reservoir engineering studies, suggested that 130 to 250 million barrels of liquid could be recovered, with a mid case of 190 million barrels (split almost equally between the two fault blocks). Subsequent studies have shown that, if there is strong aquifer support, the mid case could be as high as 210 million barrels. The reservoir engineering study has also demonstrated that more liquid could be recovered by gas recycling than by gas depletion.



As previously reported, Darwin has a good quality, quartz rich, sandstone reservoir. Net pay in the discovery well was determined as 67.8m, with porosity up to 30%, averaging 22%. The reservoir consists of one major sand unit that extends across the two fault blocks and is clearly represented by amplitude anomalies on 3D seismic. Whilst the discovery well was not tested, analysis of the reservoir parameters suggests that individual sustained well flow rates of up to 70 MMscf/d (gas) and 9,500 stb/d (condensate) could be achieved. Furthermore, the modelling suggests that each of the fault blocks, Darwin East and West, could be produced using 3 production wells and 2 gas reinjection wells (10 wells in total).



A geochemical analysis of the condensate liquid has been undertaken along with a screening level marketing study. Whilst the quantity of condensate available for analysis was limited, and further analysis will be required, preliminary observations indicate that the liquid is typical of an ultra-light crude oil and somewhat heavier than most condensates (API gravity of 44.5 to 49°). A comparison product, albeit slightly lighter, would be Alba condensate, produced in Equatorial Guinea. Closest potential markets for the condensate would be South America, the Caribbean and South Africa. Based on this initial study, the Company believes that the condensate might trade at a slight discount to the Brent crude oil benchmark price ($1 to $6 per barrel).



In Q4, 2012 the Company commissioned E & P, part of the ThyssenKrupp Group, to undertake a screening feasibility study. The objectives were to determine if the development of Darwin East and West would be technically viable and to provide some high level cost estimates for an economic model. The conclusion of the study was that Darwin East and Darwin West are technically viable as stand alone developments, phased developments or combined in parallel development. Despite a relatively harsh environment and lack of local infrastructure, there is sufficient confidence in current proven technology to develop the discovery. The study concluded that the most likely development option would be subsea wells tied back to an FPSO for processing and storage of the condensate whilst re-injecting gas back into the reservoir to maximise liquids recovery. The integral storage offered by an FPSO allows condensate to be offloaded to shuttle tankers for export. It has been estimated that a development of this type would take three years from project sanction to first production.



Numerous production profiles and cases have been considered, including Darwin East as a stand-alone development (with production levels up to 28,300 barrels per day) and Darwin East and West as a combined development (with up to 56,600 barrels per day). Facilities capital expenditure estimates for a Darwin East stand-alone development, including a 40% contingency, are $2.73 billion if the FPSO is purchased or $1.585 billion if the FPSO is leased. Capital expenditure estimates for a combined Darwin East and West development, again with 40% contingency, are $3.77 billion (FPSO purchased) and $2.435 billion (FPSO leased).



Economic modelling, undertaken by an independent consultant, has shown that a 200 million barrel development project would be commercial at an oil price as low as $65/barrel. It has also shown that a 100 million barrel development project could be commercial, but requires an oil price of at least $85/barrel. Leasing the FPSO delivers a higher economic return. Using an oil price of $100/barrel with a $1/barrel discount and including a 40% capital expenditure and operating expenditure contingency, a 200 million barrel development could yield a net present value (at a 10% discount rate) of $1.7 billion.



Having determined that a gas condensate development to the south of the Falkland Islands is both technically and commercially feasible, the next step for the Company is to prove up the recoverable volumes in its discovery with appraisal drilling and to confirm the predicted well flow rates with a well test. Due to the high confidence levels in the geophysical attributes, the appraisal drilling is considered to be relatively low risk. The Company is currently reviewing the rig market for the next drilling campaign.



Exploration



Biomarker analysis of the condensate indicates that it was derived from marine source rocks of Cretaceous or younger age. Stable carbon isotope analysis of the gas has shown that it is an oil-associated gas, which has been derived from a source interval that is more mature than the source for the condensate liquid.



Source rock quality was assessed for all stratigraphic intervals encountered in well 61/17-1. Source rocks of fair quality were noted in the Tertiary and good quality in the Aptian. Total organic carbon (TOC) increased towards the base of the well, with the richest source rocks occurring directly above and below the Darwin reservoir. Organic matter is described as type II and type III, indicating a mixed potential for oil and gas generation.



Vitrinite reflectance data indicates that the source rocks encountered in the well are immature. It suggests that oil-prone source rocks would be mature approximately 320m below the base of the well (3,200m below seabed). This is in line with the Company's pre-drill understanding of source rock maturity. Based on the Company's regional evaluation, Early Cretaceous (and possibly Late Jurassic) oil prone source rocks are thought to be present in the undrilled section below the base of the Darwin well. This hypothesis can be tested on future exploration wells.



The impact of all this new geochemical information is that there is likely to be a range of source rock types, quality and maturity levels in Borders & Southern's acreage and we might expect oil, gas and condensate in future discoveries.



The reservoir encountered in the Darwin discovery well is interpreted to be shallow marine sandstone comprising predominantly quartz, but with some feldspar, lithic fragments and clays. Biostratigraphy indicates that it is Aptian (Early Cretaceous) in age. Regional mapping of this sand rich sequence suggests that it is best developed towards the south / south-east of the Falkland Islands. Borders & Southern's acreage is ideally positioned to exploit this reservoir fairway. The Company's prospect inventory contains nine prospects within this fairway (prospect sizes in the range 120-720 million barrels recoverable) along with several other leads. Many of the prospects are considered to be low to moderate risk and are located close (3 to 10 km) to the Darwin discovery. In addition to these Early Cretaceous prospects, the Company's prospect inventory contains numerous Late Cretaceous and Tertiary prospects.



Current and Future Activity



With a focus on Early Cretaceous plays, two major projects will shortly be initiated: reprocessing of the entire 2008 3D seismic survey and the acquisition of approximately 1100 sq.km. of new 3D seismic. Acquisition is anticipated to commence in mid February. The two surveys will be merged to assist with the interpretation of the key play fairways and the maturation of the prospect portfolio.



Borders & Southern is currently inviting interested companies to a data room with the aim of gaining a partner prior to the next drilling campaign. An update will be provided later in the year.



Chief Executive Howard Obee commented:

"I am delighted with the Company's progress to date and extremely grateful to all those that have contributed to our success. We have a portfolio containing a very attractive discovery along with an exploration prospect inventory of quality and depth. The Company is now moving into an exciting new phase, as we look to appraise the discovery and add to the discovered resources through further exploration".

marky where are you,not just another shares ramper gone away?

8 April 2013

Borders & Southern Petroleum Plc

Preliminary Unaudited Results for the 12 months ended

31 December 2012
Borders & Southern Petroleum Plc ("Borders & Southern" or "the Company") (AIM:BOR) announces preliminary unaudited results for the year to 31 December 2012.


Highlights



· 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."

http://oilbarrel.com/news/borders-southern-completes-3d-seismic-as-it-continues-to-digest-the-results-of-its-darwin-discoveryApril 15, 2013

Borders & Southern Completes 3D Seismic As It Continues To Digest The Results Of Its Darwin Discovery



You wouldn't know it from the share price but 2012 was a breakout year for AIM-quoted Borders & Southern Petroleum. The company, which has three licences in the South Falkland Basin that stretch for nearly 10,000 sq km, made a gas-condensate strike with its first wildcat in these untested waters, Darwin, which carries a most likely recoverable resource of 200 million barrels.


This was a key event, not only for the company but also for the islands, opening up a new hydrocarbon basin and proving the early Cretaceous play fairway. The company points out that the discovery has “profound implications” for its nearby prospects, helping to de-risk its portfolio. Yet the shares are knocking along at around 20 pence per share, a fraction of the 52-week high of 139 pence just ahead of the discovery announcement in April 2012.

In part this is a reflection of the realities of working in these remote and challenging waters. The shares suffered as investors digested the gassy nature of the well – oil is the much hoped for but still elusive target in these southern waters. Then Borders' second well, on the Stebbing prospect, came back empty while the much-anticipated two well programme by fellow explorer Falklands Oil & Gas, which has the dominant acreage position in these waters to the south and east of the islands, also disappointed, again pointing to a gassy basin and poor quality reservoirs.

This hit sentiment as this kind of challenging location needs reservoirs of scale and quality to justify investment. But it is still very early days and last year's drilling programmes have delivered a wealth of information to help operators refine their models and derisk prospect inventories.

Technical evaluation of the Darwin gas condensate discovery is progressing well, with the initial estimate of recoverable liquids in the range of 130 to 250 million barrels – and the company suggests this might be conservative. It also boldly claims that, if confirmed by appraisal drilling, this find could be both technically and commercially viable using existing technology. Some will feel this is unlikely and that more resources will need to be proved before greenlighting development given that costs of operating in the southern Atlantic (importantly last year's wells did demonstrate it is possible to work safely year-round in these harsh weather conditions and, given the animosity of Argentina, successfully manage the complicated logistics of a stretched supply chain).

The London-based company, which ended last year with cash of US$56 million, has now entered the second exploration phase on its licences. This commits it to drill one exploration well and relinquish 50 per cent of its acreage – some of the relinquished acreage included structurally very complex geology and very deep waters in an area the company expects to have limited reservoir development. It has just completed a 3D survey shoot over its acreage and has started the hunt for farm-in partners to help fund future drilling; it hopes to mobilise a rig in late 2014 or early 2015.

This means there will be something of a lull before the drillbit turns again. The next milestone will be the results of the 1,025 sq km 3D seismic survey – a fast-track product will be ready for interpretation in three months but the full dataset will take nine months – and landing a partner with the financial muscle and technical competence to take this project to the next stage.

As FOGL as shown on its blocks, heavyweights are prepared to take on these risks with it successfully bringing in Edison and Noble Energy as partners – with Noble making it clear that it is oil is hoping to find in these waters. 2012 was a big year for these companies but it is the events of the next 12-18 months, as 3D seismic is calibrated with well data, and new partners brought in, that could really pave the groundwork for future exploration success in the Falklands.

Chief Executive's Statement



During the first half of the year the Company received the final processed data from the 2013 3D seismic acquisition programme along with the reprocessed data of the 2008 3D seismic survey. The two surveys have been merged together to form one continuous volume covering an area of just over 2,500 square kilometres. Based on this new data and our Phase 2 reservoir engineering study, in June of this year we reported that our estimated most likely recoverable resource for Darwin (East and West combined) was 263 million barrels of condensate from a wet gas in place estimate of 2.6 tcf. It was also noted that this number could increase if the appraisal programme confirms additional reservoir intervals.



Detailed technical analysis of the Darwin East discovery continues, including the selection of potential appraisal well locations. Evaluation of nearby prospects is also underway. Initial mapping has identified numerous amplitude anomalies at the same stratigraphic interval as the Darwin reservoir. The next phase of the evaluation is to complete a detailed seismic reservoir characterisation study, using the well data to calibrate the seismic response. It is hoped that the study may allow us to differentiate between oil, gas and water charged reservoir and therefore rank the anomalies and prospects that have been identified. This work, currently in the planning stage, will continue through the fourth quarter of 2014..



Our main commercial thrust has been to bring partners into our acreage. Discussions with companies continue and our objective is to reach a conclusion so that we can participate in the 2015 Falkland Islands drilling programme that has been announced by other companies operating in the Falkland Islands. The conceptual well designs for an exploration and appraisal programme with associated logistical planning is in an advanced stage allowing us to join the consortium as soon as partnering and funding has been secured.



In the six month period to 30 June 2014, the Company reports a loss of $0.9 million (30 June 2013: $3.3 million loss). Administrative expenses for the six month period were $1.7 million (30 June 2013: $1.4 million). The cash balance remains strong at $21.5 million.

Chairman's Statement
Industry Setting
The industry downturn, triggered by the decline in the oil price, has had a significant impact on the Company's fortunes. Brent has fallen from around $110 per barrel in mid 2014, to around $35 per barrel at the end of 2015. This sustained low oil price has caused companies to make dramatic reductions in their expenditure, delay major capital projects and reduce or stop taking on new opportunities. This has made it a particularly challenging environment for us in which to conduct a farm-out. There are as many views on future oil price trends as there are analysts and commentators, with little consensus at the moment. Most believe a recovery will occur, but to what level and exactly when, there is no agreement. Consequently, companies are trying to re-base their operations to weather a low cost, low oil price world.

Financial Position
Borders & Southern's financial status is relatively robust in the current environment, with a strong balance sheet and no debt. We ended the year with a cash balance of $14.0 million, compared to $16.1 million at the end of 2014. Like most companies in our sector, we have reduced our expenditure. The 2015 administrative expense was $1.97 million compared to $3.04 million in the previous year. This reduced expenditure has not impacted our ability to progress technical work and advance our understanding of our assets. We intend to maintain this capital discipline throughout 2016 and beyond.

Project Status
The industry recession has delayed the timing of the next operations phase on our Production Licences. We had hoped to have secured partners and funding for a new exploration and appraisal drilling programme by now, but have had to reset our expectations. So whilst the current Production Licence period extends through to the end of October 2017, we have applied to the Falkland Islands Government for an extension.

From a sub-surface point of view we have continued to make good progress. Earlier in 2015, we announced an upgrade in the combined Darwin East and West recoverable resource estimate (Best estimate P50: 360 million barrels of condensate) and described some of the surrounding prospects in more detail. We continue to work the Early Cretaceous shallow marine sandstone play fairway in detail, re-mapping the discovery and analysing the seismic response on near-field prospects with the aim of developing reliable predictive models for hydrocarbon presence and phase.

Additionally, we have spent time re-assessing our basin models, incorporating the results from recent drilling activity by other operators. The Humpback well was located over 250 km northeast of Darwin and its findings have no impact on the prospectivity of our Licences. In fact, our recent regional basin analysis has re-enforced our belief that our Licences are optimally located in the South Falkland Basin.

Current technical work is aimed at re-assessing how a Darwin development would fit into a low oil price world. We know that the combination of competitive fiscal terms in the Falkland Islands and excellent reservoir characteristics of the Early Cretaceous shallow marine sandstone makes a development competitive on the cost curve against other deep water developments. However, we need to assess just how commercial a project would be in a period of sustained low oil prices. Previously we had considered 2 to 3 appraisal wells and 10 development wells (6 producers, 4 gas re-injectors) with sub-sea tie back to an FPSO. New reservoir engineering studies are looking at reduced well count models. Outputs from this work will feed into a fresh look at facilities engineering concepts and costs and, in turn, a new economic evaluation. If we can clearly demonstrate the commercial viability of a development in a low oil price environment, it should assist the farm-out process.

Outlook
All our technical and commercial work to date suggests that Darwin is a robust project, even in a low oil price environment. The principal risk for the Company over the next 12 months is that a sustained low oil price will cause further delay to our farm-out and hence funding for the next phase of operations. We have positioned the Company so that our strong balance sheet will allow us to withstand an extended period of reduced industry activity. As we move forward, we will continue to control costs, undertake good science and maintain our resolve to monetise the Darwin discovery.

Finally, Stephen Posford, 69, one of the Company's founders and a member of the Board since the Company's inception, has announced that he intends to retire from business activities and will step down from the Board prior to the AGM. Stephen has played an influential role in the development of the Company, which included the significant gas condensate discovery in 2012. On behalf of all the Directors I would like to thank Stephen for his contribution and wish him a healthy, happy and long retirement.

Harry Dobson

Darwin Independent Evaluation
Borders & Southern (AIM: BOR), the London based independent oil and gas exploration company with assets offshore the Falkland Islands, announces the results of an independent evaluation of the Darwin East discovery and the adjacent Darwin West untested fault block.

Highlights
· Substantial increase in estimated resource. Un-risked Best Estimate total recoverable liquids (condensate and LPG) for Darwin East and West is 462 MMbbl.

· The geological chance of success of finding hydrocarbons in a well located on Darwin West is assessed to be 0.81.

Borders & Southern asked Gaffney, Cline & Associates (GCA) to perform an independent evaluation of the Darwin East gas condensate discovery along with the adjacent, technically similar fault block, Darwin West. GCA was given access to the Company's extensive 3D seismic and well data, including technical studies, interpretations and dynamic models of the reservoir.