Business
Interim Results
Interim Results.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n RNS Number : 5358T Borders & Southern Petroleum plc 30 September 2010 \n \n\n \n \n \n30 September 2010\n \n \nBorders & Southern Petroleum Plc\n(\"Borders & Southern\" or \"the Company\")\n \nInterim Results for the six months ended\n30 June 2010\n \n \nBorders & Southern Petroleum Plc (AIM: BOR) is pleased to announce its interim results for the six months to 30 June 2010. The accounts contained within this report represent the consolidation of Borders & Southern Petroleum Plc and its subsidiary Borders & Southern Falkland Islands Limited. \n \nChief Executive's Statement\nWithin the last few months the first exploration well in the South Falkland Basin has been drilled. Unfortunately, the results from the BHP Billiton operated Toroa well were negative, although some hydrocarbon shows were reported. Whilst we do not have access to the well information we are confident that the well was not a definitive test of the basin and in particular has no impact on the chance of success of the Darwin and Stebbing prospects. Toroa, from what we understand, targeted older stratigraphy and was largely a stratigraphic trap defined on 2D seismic, high-graded by a CSEM anomaly. Our prospects are testing younger aged reservoirs and are clearly defined structural traps mapped on 3D seismic. Based on our continuing geological work, we believe our prospects are as exciting as ever and are anxious to see them tested as soon as possible.\n \nWith respect to our drilling activities, the Company has prepared of detailed project plan for the Darwin and Stebbing prospects. This includes all aspects of shallow hazard assessment, pore pressure prediction, well design and logistics. We have entered discussions with rig owners and operators with the aim of signing a rig contract or an assignment agreement. At the present time we have still not secured a rig for our work and it looks like our previously targeted window for operations (Q4 2010 - Q1 2011) has slipped. Consequently we will not be drilling in 2010, but remain optimistic that we will sign a rig for drilling in 2011. The delay has been caused by the competition for high specification rigs and the logistical challenges associated with operations in the Falkland Islands. \n \nFrom a financial point of view, our b...