.

Looks like we should all have been in FEP.......damn...missed that....and if I jumped in now it would probably drop right back....

If Stebbing is a duster as well i see 30p here as they will have no money as well.

indeed 8 weeks without news what does that usually mean?>

stebby a duster looking at 10p - if they find yet more gas maybe 11p LOL!

Go short then gibby, seems you are on to a winner (if you are right).

P its a flip of a coin

Not really Gibby a coin has a 50-50 chance,stebbing has a 1 in 5 chance.

Well, fingers crossed for more news next week and potential further net pay to add on to the already announced "main" reservoir.

indeed marky - i was not being that exact more a figure of speech

lol , gibby

I bet everyone is quaking in their boots with Tinkerbell and his threats.

Now, all you Falkland explorers who are already banned from Argentina, you'll be banned from Argentina and sent to jail if you come (not that your are going to of course).

I'll huff and I'll puff and blow your rigs down said Tinkerbell.


http://www.buenosairesherald.com/article/99191/govt-warns-oil-companies-operating-in-malvinas-as-deadline-nears

.

A BOR placing taking effect now would be like a middle finger salute by the banks and II's to CFK and Tinkerbell in response to their letter.

Great news that BOR got their placing away with ease it seems, and at a good price.

http://www.investegate.co.uk/Article.aspx?id=201204260700240965C

There are a number of things to consider here. Firstly that the South Falklands is now going to come into everyones radar as a potential "final massive frontier".

Before the Toroa drill (a 3.7% CoS well) it was not believed by many that thick high quality sandstones were present in the South, as fabled by BOR and FOGL and many geo's. It seemed to good to be true that huge thick sandstones were down there and so there were many billion and multi-billion recoverable size prospects there.

Well, the huge thick sandstones got proven beyond a doubt with Darwin. Tick that box.

The bigger point of the skeptics was that there was no proven working hydrocarbon system there in the south - Toroa a 3.7% CoS well drilled in what would be the edge swampy area helped their case - ignoring the small CoS this well had and it was the only one possible to drill with the shallow water Ocean Guardian rig back then.

Well, the proven hydrocarbon system was proven beyond a doubt with Darwin. Tick that box.

With proven huge sandstone reservoirs with good porosity and with a proven working hydrocarbon system there its easy to see why BOR got the placing done with ease, and its easy to see going forward that those that once dismissed it as all fantasy are now going to appreciate that the South Falklands is potentially an area with many "world class" size prospects there.


The downside of the placing, for some, will be that it highlights the lack of interest in the North Falklands Basin. ARG and DES have been unable to raise funds and yet BOR do so with ease. FOGL has raised money in 2012, but DES and ARG have not seen the interest.

A major thing to consider here is, taking for example Liz and Sea Lion - what you see in the North Falklands is lots of thin stacked sands. If you look into the net pay figure of Sea Lion you will see lots of 1m, 3m, 6m, 2m, 4m, 1m sands that together make the net pay figure, but in reality are lots and lots of thin sands. The problem with that is that it makes development much more expensive, firstly as you have to drill a lot more wells to capture all the thin sands in their best places - so wells to be drilled goes upwards - and secondly it make EOR (Enhanced Oil Recovery) much more difficult - if you can imagine trying to inject each of these thin sands with water and trying not to make them leak into each other and all over the place. Compare that to the South where you have hugely thick sandstone - which makes production drilling very simple and as well as EOR.

RKH should secure their farm out, but I think DES and ARG will have to sit back and just wait until at some time their potential might become attractive - but it could be a long time away - or they have to offer it and cut price levels to get someone else interested.

The world will soon wake up and smell the coffee with regards to the South Falklands Basin potential - and expect BOR and FOGL to become very hot sought after things.

Enjoy :) !!

it is certainly good to see the placing at 84p, being a very modest discount to last night's close .... however, to then draw some sort of parallel with arg (always was a joke company) and des (not much found except sand) allegedly being unable to get funding, is complete nonsense and non seq

basically, you start well and then end up talking total bollocks

26 April 2012
Borders & Southern Petroleum plc

Placing of new Ordinary Shares at £0.84 to raise £46.5 million
The Company is pleased to announce that is has successfully placed 55,320,000 million new ordinary shares (the "Placing Shares") at £0.84 per share with institutional shareholders to raise £46,468,800 million before expenses (the "Placing").

Reasons for the Placing and use of the proceeds
These funds will be used to acquire additional 3D seismic within the Company's existing acreage, to enable further analysis of the results of the Darwin East well and for general working capital purposes, including further contingency funds for the upcoming exploration well."

To me the placing is much better news than the RNS gas find codensate or whatever lol! now underpinned at 84p - good business imo

Its very good business for BOR because now they have enough money for 3D in late 2012.

This means that worst case, Stebbing is also condensate or a duster - but they have funds to merrily carry on and do more 3D work, bring a lot more prospects into the potentials book and are under no pressure to raise money after Stebbing is complete.

They are now funded to do 3D seismic and can look to raise funds again in 2013 after the 3D work is done, or farm out.

This removes the "shorting temptation" away from the stock - because if no placing is needed it makes no sense to build a large short position and pay a lot of money to keep it running and running and waiting.

in other words there's little or nothing to be made for a couple of years or more.,.

and 3D does not = OIL, as the latest well proved

Merchant Securities comment :

.......Borders & Southern has placed 55.3 million new ordinary shares at £0.84. The shares represent circa 11.4% of the post-money shares outstanding.  The public equity market is still not aware if the gas condensate discovered at Darwin is lean (uncommercial) or condensate rich (extremely valuable).

We believe that the difficulty in evaluating the condensate content of the reservoir fluid is in obtaining a high quality sample downhole.

Once the sample is bottled, determining the liquid content requires nothing more than the release of the gas at atmospheric conditions (natural gasoline for example does not evaporate at atmospheric conditions).

We do not know the content of the natural gasoline in the fluid recovered, but we believe that Borders & Southern should have performed a simple preliminary assessment by now......