Borders & Southern Petroleum Plc · LSE:BOR
Borders & Southern Petroleum — Investor Presentation (April 2025)
27 slides from Borders & Southern Petroleum's investor presentation, Apr 8, 2025
Slide 1: Investor Meet Presentation
Investor Meet Presentation 8th April 2025 A world-class discovery and development opportunity September 2024 1
Slide 2: Important Notice
Important Notice The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Borders & Southern Petroleum PLC (the “Company”). This presentation and the infor
Slide 3: Leadership Team and Board
Leadership Team and Board Senior Management Team Board of Directors Harry Baker Harry Dobson Non-Executive Chairman • 25 years of Capital Markets Harry Baker Chief Executive Experience primarily in small/mid Peter Fleming Finance Director cap E&P sector financing William Hodson Non-Executive Directo
Slide 4: Key Points: Project Summary
Key Points: Project Summary Strong Foundations • Cooperative government and local businesses • Attractive fiscal terms: 9% Royalty 26% Corporation Tax Darwin Field Development • High quality, laterally continuous reservoir • Gas condensate ‘high mobility’ – no challenging properties • Low number of
Slide 5: Location and Acreage Position Represents a World Class Opportunity
Location and Acreage Position Represents a World Class Opportunity. Darwin discovery and near-field prospects PL 018, 019, 020: 40 Blocks (c.10,000 sq. km) 2,517 sq.km. 3D seismic Darwin • World class gas condensate discovery – 462(1) MM bbls Recoverable Liquids • Phased development provides a very
Slide 6: Darwin Field: Exceptionally de-risked
Darwin Field: Exceptionally de-risked Darwin East Well Data • 84.5 m gross (80% net/gross) Top Darwin Amplitude map • Av. Porosity 22% (up to 30%) with depth contour overlay • Exceptionally clear seismic images illustrating quality of • Av. Perm. 337mD (up to 1D) the reservoir. 2 • Physical data rec
Slide 7: Darwin Field: Exceptionally de-risked
Darwin Field: Exceptionally de-risked Darwin East Well Data • 84.5 m gross (80% net/gross) Top Darwin Amplitude map • Av. Porosity 22% (up to 30%) with depth contour overlay • Exceptionally clear seismic images illustrating quality of • Av. Perm. 337mD (up to 1D) the reservoir. 2 • Physical data rec
Slide 8: Darwin Field: Exceptionally de-risked
Darwin Field: Exceptionally de-risked Darwin East Well Data • 84.5 m gross (80% net/gross) Top Darwin Amplitude map • Av. Porosity 22% (up to 30%) with depth contour overlay • Exceptionally clear seismic images illustrating quality of • Av. Perm. 337mD (up to 1D) the reservoir. 2 • Physical data rec
Slide 9: From Heathrow to Hyde Park Corner
From Heathrow to Hyde Park Corner GW C Hyde Park Corner Heathrow Airport GW C 08/04/25 9
Slide 10: Darwin Field: Laterally Extensive High-Quality Reservoir
Darwin Field: Laterally Extensive High-Quality Reservoir • An independent un-risked best estimate of wet gas Top Darwin Amplitude map initially in-place for the combined area is 3.2 TCF and with depth contour overlay for gross Contingent and Prospective Resource 462 million barrels of liquids (conde
Slide 11: Darwin Field: Compelling Economics
Darwin Field: Compelling Economics • Phased development provides very quick payback - 1-2 years Initial Phase Darwin East Production well • Capital and operating costs would largely be fixed pre-production Gas injection well • Reservoir (production rate) risk would be eliminated after testing the fi
Slide 12: Darwin Field: Project Expansion
Darwin Field: Project Expansion Following the initial development of Darwin East the project can be expanded using free cash flow by drilling additional wells on Darwin East or by incorporating Darwin West into the development. Initial Phase Phase 2 option Darwin East Darwin East Production well Gas
Slide 13: Near Field Exploration Upside
Near Field Exploration Upside The Aptian aged shelf prospects target the same reservoir interval penetrated by the • Near-field prospects: > 1.3 billion barrels * Darwin East well. Darwin Field Darwin East-1 Aptian environment of deposition 10km West Darwin East East Discovery Well Pre-Barremian tar
Slide 14: Development Drilling Options
Development Drilling Options Optionality appeals to a wide variety of potential partners West Darwin East Pre-Barremian target with East Discovery Well similar amplitude response Darwin to the Darwin reservoir Single Well Option • Drill and perform well test at Darwin East $150 million* (+P50 170mmb
Slide 15: Aptian Slope Fans and Fold Belt Plays
Aptian Slope Fans and Fold Belt Plays West East North South Multiple well defined slope fans at a similar • Structural plays: > 4.6 billion barrels * Martin age to the main Darwin reservoir. Comparable Shelf Doyle Very large thrust core anticlinal structures. to slope fans along the Atlantic margin.
Slide 16: Full Prospect Portfolio (100% equity)
Full Prospect Portfolio (100% equity) The story is much bigger than Darwin. Lower Cretaceous Shelf Targets Lower Cretaceous Slope Fan Targets Upper Cretaceous/Lower Tertiary Fold and Thrust Belt Targets (1) Unrisked P50 recoverable resources (management assessment) (2) Unrisked P50 recoverable resou
Slide 17: Global Exploration Spend
Global Exploration Spend After the oil price collapse in 2014 exploration spend in all operational environments was significantly reduced. Rebound in exploration expenditure was curtailed by the rise of ESG initiatives and energy transition strategies. Reduced exploration activity has depleted compa
Slide 18: Oil and gas back in vogue
Oil and gas back in vogue 08/04/25 18
Slide 19: Current Industry Trends
Current Industry Trends Increased industry Activity Around the Atlantic Margin NOAA ETOPO1 Global Relief Model Guyana • Investors don’t seem to believe market conditions will continue Ø Little share price appreciation despite high dividends and buy backs • Capital had been diverted from upstream to
Slide 20: Investment Case: World Class Opportunity
Investment Case: World Class Opportunity Farm-out ongoing World-class discovery with significant exploration upside Experienced team to monetise the assets 460 MM bbls of recoverable liquids(1) Funded for ongoing requirements Significantly de-risked opportunity Fully funded through to end 2026 High
Slide 21: Appendices
borders&southern Appendices 21 08/04/25
Slide 22: Water Depth at Darwin is 2000m
Water Depth at Darwin is 2000m Liza Unity Thunder Horse Cidade de Paraty Cidade de Ilhabela Turritella Venus-1 Raja-1 Ondjaba-1 Komodo-1 Guyana GOA Brazil (Lula) Brazil (Sapinhoa) GOA (Stones) Namibia Uruguay Angola Colombia (Exxon 2022) (BP 2008) (Petrobras 2009) (Petrobras 2014) (Shell 2016) (Tota
Slide 23: South Falkland Basin Met Ocean Conditions
South Falkland Basin Met Ocean Conditions World map of average wave heights (Blackledge et al 2012) 0° South American ‘Breakwater’ 30° Westerlies “Roaring Forties” 60° PD Glorioso (2005) South North Temp Burdwood Bank https://earth.nullschool.net/ RP Matano (2019) 08/04/25 23
Slide 24: Darwin Field: Exceptionally de-risked
Darwin Field: Exceptionally de-risked Darwin East Well Data • 84.5 m gross (80% net/gross) Top Darwin Amplitude map • Av. Porosity 22% (up to 30%) with depth contour overlay • Exceptionally clear seismic images illustrating quality of • Av. Perm. 337mD (up to 1D) the reservoir. 2 • Physical data rec
Slide 25: Operating in the Falkland islands
Operating in the Falkland islands Gatwick A340-300 25 – 30 days Cape Verde Approx 6,800 miles Ascension MPA Stanley Mount Pleasant Airport (MPA) 220 km Darwin to Stanley 0 Km 200 08/04/25 25
Slide 26: Aptian Paleogeography
Aptian Paleogeography WEST EAST Darwin reservoir sands are deposited Upper Cretaceous on a broad shallow marine shelf Aptian shelf edge Broad Aptian shelf B a s e C re ta c e o u s Aptian slope fans Aptian Paleogeography Aptian surface Prolific ‘Springhill’ sandstone Uppe target level r Jura ssic Se
Slide 27: Borders & Southern Petroleum plc
Borders & Southern Petroleum plc 70 Pall Mall London SW1Y 5ES Telephone: 0207 071 6984 www.bordersandsouthern.com info@bordersandsouthern.com Zeus Capital Ltd (Nominated Adviser and Joint Broker) Telephone 0203 829 5000 Hannam & Partners (Joint Broker) Telephone 0207 907 8500 Tavistock (Financial PR
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