Business
Exploration Update
Exploration Update.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n Borders & Southern Petroleum plc\n23 May 2006\n\n\nEmbargoed until 07.00, 23 May 2006\n\n\n Borders & Southern Petroleum plc\n ('Borders & Southern' or 'the Company')\n\n Exploration Update\n\n\n •Technical evaluation indicates that Borders & Southern's Falkland Islands\n licences are located in a unique 'sweet-spot' for trap development and\n source maturity on the offshore extension of the Andean fold belt trend,\n which has been proven prolific onshore South America\n\n •2D seismic data acquired in 2005 has revealed previously unrecognised\n potential\n\n •The size and quality of the Company's lead inventory has increased\n significantly since the Company's AIM listing in May 2005\n\n •Numerous structural leads have been mapped that are capable of exceeding\n the minimum economic field size as defined by consultants Scott Pickford's\n independent analysis\n\n •Encouraging indirect indicators for hydrocarbons have been recognised\n\n •Cash position of £10 million at 1st April 2006\n\n\nCommenting on the announcement, Howard Obee, Borders & Southern's Chief\nExecutive, said, 'The prospectivity of our acreage - in which we have a 100%\ninterest - has clearly increased as a result of this technical work. The\npriority now is to further reduce risk through additional studies before taking\ndecisions on how best to generate value from the next phases of exploration.'\n\n\nFor further information, please call:\nHoward Obee, Chief Executive Simon Hudson/Richard Sunderland/Clemmie Carr\nBorders & Southern Petroleum plc Tavistock Communications\nTel: 020 7661 9348 Tel: 020 7920 3150 or 07966 477256\n\n\n\n Borders & Southern Petroleum plc\n ('Borders & Southern' or 'the Company')\n\n\nExploration Update\n\nBorders & Southern announces the completion of the first phase in the evaluation\nof its Falkland Islands acreage. Whilst the technical work is ongoing, aimed at\nfurther risk reduction, the Company is now able to report on its initial\nfindings of its non-exclusive 2D seismic data and independent technical studies\ncomprising structural modelling (undertaken by Midland Valley Exploration),\ngeochemistry (provided by Advanced Geochemical Systems Ltd) and seismic\namplitude analysis (supplied by ECL).\n\nIn November 2004, the Company licensed nearly 20,000 sq km of acreage in the\nun...