Business
Assignment Agreement
Assignment Agreement.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n \nRNS Number : 9530G Borders & Southern Petroleum plc 19 May 2011 \n \n\n19 May 2011\n \n \nBorders & Southern Petroleum plc\n(\"B&S\" or \"the Company\")\n \nAssignment Agreement\n \nBorders & Southern Petroleum plc is pleased to announce that it has assigned two of its option wells under its contract for the drilling unit, Leiv Eiriksson, to Falkland Oil and Gas Ltd (FOGL). The two wells will follow on from B&S's Darwin and Stebbing wells, which are anticipated to commence drilling in December of this year.\n \nUnder the terms of the Assignment Agreement the companies will share mobilisation and demobilisation costs for the rig along with ancillary equipment and services. \n \nChief Executive, Howard Obee, commented:\n \n\"We are delighted to have signed this Agreement with FOGL. It will result in significant cost savings for Borders & Southern. Not only is it a great deal for both companies, it's also good news for the Falkland Islanders, as they will now see at least four wells drilled in the Southern basin\". \n \nContacts:\n \nBorders & Southern Petroleum plc 020 7661 9348 \nHoward Obee, Chief Executive \nwww.bordersandsouthern.com \n \nPanmure Gordon (UK) Limited 020 7459 3600\nKatherine Roe / Callum Stewart \n \nTavistock Communications 020 7920 3150 \nSimon Hudson \n \n \nNotes:\n \nBorders & 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 proje...