MercoPress. South Atlantic News Agency

Oil exploring in Falklands prepares for “exciting” 2008

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Borders & Southern Petroleum PLC, the Falkland Islands oil explorer, said its first half to end-June pretax loss narrowed to £117,158 from £182,010 saying the next year would be “exciting” as it evaluated the area covered by its production licences.

"The next 12 months will be an exciting time for the Company as we get greater clarity on the value of our acreage and prepare the groundwork for the drilling phase"' added chief executive Howard Obee. The Falkland Islands oil explorer said to further reduce technical risks ahead of drilling it is acquiring an extensive 3D survey over the most attractive leads. The 3D survey is expected to start before October-end and will last for about four months depending on the weather conditions. It also said it is planning to participate in any joint drilling activity with the other Falkland Islands operating companies to access drilling rigs.