Borders & Southern raises cash to fund Falklands drilling programme
27 November 2009
Borders & Southern Petroleum, the oil and gas company focusing on exploration in the South Falklands basin, yesterday raised £113.1 million from institutional investors in a placing priced at 50p.
Borders wants to use the cash to drill three wells on its best prospects at Darwin and Stebbing, which lie on its 19,598 sq km of acreage of the Falkland Plateau sub-basin, south-east of the Falkland Islands.
The news came on the same day that fellow Falklands explorer, Falkland Oil and Gas raised £50 million to fund its own drilling campaign next year. It means that all four of the junior oil and gas explorers in the region, which also include Desire Petroleum and Rockhopper Exploration, have raised money in the fourth quarter of the year ahead of drilling plans in 2010.
Borders reckons the cost of its campaign will be US$180 million, including all the mobilisation costs of the equipment and drilling rig. However, it did say that those costs could be cut on the mobilisation fees by sharing with other operators in the region.
Howard Obee, the company’s chief executive of Borders & Southern said: “We are delighted to announce the success of this fundraising. The proceeds of the placing will strengthen our already robust balance sheet and allow Borders & Southern to fund its drilling programme, which we expect to transform the company's prospects.”
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