Borders & Southern Petroleum plc
31 October 2007
For release 31 October 2007
Borders & Southern Petroleum PLC
('Borders & Southern' or the 'Company')
ACQUISITION OF 3D SEISMIC COMMENCES
AND
EXTENSION OF LICENCES
Borders & Southern is pleased to announce that it has commenced the acquisition
of 3D seismic data across its South Falkland Basin acreage. Petroleum
Geo-Services (PGS), a worldwide geophysical services specialist, is carrying out
the survey using their vessel Ocean Explorer. PGS will be acquiring 1,500 sq km
of 3D seismic data. The survey is anticipated to take approximately four months
to complete depending on weather conditions.
The Company is also pleased to announce that the Falkland Islands Government has
granted a two-year extension to its licences in the South Falkland Basin,
southeast of the Falkland Islands. The extension applies to the Initial Term of
licences PL018 to PL022 with the provision that Borders & Southern acquires in
excess of 750 sq km of 3D seismic data. This will mean the first exploration
period will now be five years and will end on 1 November 2009. There will be no
relinquishment of acreage before that date.
Commenting on the announcement Howard Obee, CEO of Borders & Southern said:
'We are delighted to see our programme to acquire 3D seismic off and running. In
recent weeks we have announced a successful fundraising to finance the 3D survey
as well as our new partnership with PGS. Now that 3D data acquisition has
started, we are a step closer to identifying the optimum sites for drilling on
the key prospects in our acreage.'
He added: 'I look forward to updating shareholders with further developments
once the process of 3D data collection is completed in the first quarter of
2008.'
-ends-
For further information, please visit www.bordersandsouthern.com or contact:
Howard Obee, Chief Executive Clemmie Carr / Simon Hudson Christopher Caldwell
Borders & Southern Petroleum Tavistock Communications Insinger de Beaufort
plc
Tel: 020 7661 9348 Tel: 020 7920 3150 Tel: 020 7190 7022
This information is provided by RNS
The company news service from the London Stock Exchange