Search Site


Answer Centre - Telephone Answering in your Company Name by an Answer Centre PA


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.”






Headlines

31 August 2010

30 August 2010

27 August 2010

20 August 2010

18 August 2010

13 August 2010

09 August 2010

06 August 2010

30 July 2010

29 July 2010

28 July 2010

27 July 2010

26 July 2010

23 July 2010

23 July 2010

22 July 2010

21 July 2010

19 July 2010

16 July 2010

12 July 2010

09 July 2010

08 July 2010

07 July 2010

06 July 2010

05 July 2010

02 July 2010

06 May 2010

13 April 2010

24 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

19 March 2010

19 March 2010

» See all News




© SmallCapNews   |   Contact Us   |   Terms of Use   |   RSS Feeds Site by LunarSafari