Borders & Southern Petroleum PLC announced this week it has started the acquisition of 3D seismic data across its South Falkland Basin acreage and that it expects to complete the data collection in the first quarter of 2008.
The company said it is a step closer to identifying the optimum sites for drilling on the key prospects in its acreage. Petroleum Geo-Services (PGS), a worldwide geophysical services specialist, is carrying out the survey using their vessel Ocean Explorer and will be collecting 1,500 sq km of 3D seismic data. The survey is anticipated to take approximately four months to complete depending on weather conditions. Borders & Southern also said the Falkland Islands government has granted a two-year extension to its licences in the South Falkland Basin and that the first exploration period will now be five years and will end on Nov 1, 2009. The company said the extension applies to the initial term of licences PL018 to PL022 with the provision that Borders & Southern acquires in excess of 750 square kilometers of 3D seismic data. "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" said Howard Obee, CEO of Borders & Southern adding that shareholders will, be updated once the 3D data collection process is completed in the first quarter of 2008. Borders & Southern Petroleum is a UK based company engaged in the exploration of hydrocarbons. The Company was incorporated in England and Wales in June 2004 and has offices at 33 St James's Square, London. Its current area of activity is in the Falkland Islands, located in the South Atlantic. The Company was awarded its first exploration licences in the Falkland Islands on 1st November 2004. In May 2005 the Company listed on the Alternative Investment Market (AIM) of the London Stock Exchange raising £10 million (gross). In October 2005 Borders & Southern Petroleum plc incorporated its sole subsidiary, Borders & Southern Falkland Islands Limited for the purpose of conducting its Falklands activities.