Business
AGM Statement
AGM Statement.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n Borders & Southern Petroleum plc\n08 December 2005\n\n\n\nFor release at 11.00 a.m. 8 December 2005\n\n\n Borders & Southern Petroleum plc\n AGM Update\n\nAt the annual general meeting of Borders & Southern Petroleum plc ('the\nCompany') a presentation to shareholders is being given. A copy of the\npresentation is available on the Company's web site at\nwww.bordersandsouthern.com. The presentation includes a map showing the new 2-D\nseismic lines shot on behalf of the Company and selected seismic lines showing\nthe types of structures identified.\n\nHoward Obee, Chief Executive said; 'The seismic has identified frontal folds,\ntilted fault blocks, sub-thrust closures and stratigraphic traps. None of these\nplay types have been tested in the South Falkland Basin.\n\n'Our initial review has identified many structures, more than anticipated, and\nsome leads have a mapped area of closure up to 140 sq km. We have also seen\nextensive evidence for gas hydrates and many 'amplitude anomalies' throughout\nthe acreage, some of which are associated with the simple folds. These may be\nindicative of hydrocarbons.\n\n'The Company's ongoing project work includes structural modelling, gravity and\nmagnetic modelling, thermal and geochemical modelling and will lead into\nreserves calculations, risk analysis and economic analysis.\n\n'Our tasks over the next few months will be to complete the technical evaluation\nand generate a ranked prospect inventory, defining the 10 top ranked prospects.\nWe also need to increase awareness of the South Falkland Basin to the industry.\nIn the medium term we will need to decide whether to place our own 3D seismic\ncontract or farmout acreage during 2006 with the intention of being able to have\na target drilling programme for 2007.'\n\n\n\nFor further information please contact:\n\nHoward Obee Simon Hudson/Richard Sunderland\nChief Executive Tavistock Communications\nBorders & Southern Petroleum plc Tel: 020 7920 3150\nTel: 020 7661 9348\n\n\n\nNotes to Editors\n\nB&S was formed as a public limited company in June 2004. At that time, the\nCompany submitted an application for its first project, offshore exploration\nacreage (19,598 square kilometers) in the South Falkland Basin, southeast of the\nFalkland Islands. The Company was subsequently granted five production licences\nby the Gove...