Borders & Southern announced this week it has completed the 3D seismic program in the South Falkland Basin offshore the Falkland Islands. The group acquired 1,025 sq km of full fold seismic data collected by the ‘Ramform Challenger’, which will be processed by Petroleum Geo-Services.
”The final, depth processed data will take approximately nine months to be delivered but work will commence on well planning using the fast track data (approx three months), with ultimate well locations to be selected using the final product,” the company said.
However, the company pointed out that, as indicated previously, work would commence on well planning using the fast-track data, with ultimate well locations to be selected using the final report.
The objective of the challenge was to reduce the technical risks on those prospects currently only mapped on 2D data. The survey would also provide new information on regional reservoir development and potentially identify new prospects.
The acquisition cost is estimated at 24 million dollars.
Looking forward, Borders & Southern plans to mobilize a rig in late 2014 or early 2015, subject to rig availability and market conditions.
The news comes a day after the firm reported strong annual performance for 2012 with a successful drilling campaign and significant discovery in the Falkland Islands.
Harry Dobson B&S non executive chairman said that the company enjoyed its first taste of exploration success when in April 2012 it announced a gas condensate discovery with its first exploration well.
“Subsequent post-well technical studies have endorsed our initial opinion that Darwin has the potential to develop into a significant field. Furthermore, the discovery well (61/17-1) has opened up a new hydrocarbon basin, proved the Early Cretaceous play fairway and significantly reduced the risk profile of the Company's prospect inventory” said Dobson.
CEO Howard Obee said that in order to help fund the next appraisal and exploration program B&S intends to bring partners into the licences and is actively monitoring the rig market.
“This process is underway and our aim is to conclude it as soon as possible. At the same time, we are actively monitoring the rig market, with a view to mobilising a rig in late 2014 or early 2015. In summary, the entire team is extremely optimistic about our discovery, the quality of the surrounding prospects and the potential growth options for the Company. Our immediate priority is to demonstrate a clear path to the next drilling campaign”, concluded CEO Obee.