Offshore oil & gas exploration company Borders & Southern Petroleum PLC on Tuesday said its loss widened in the first half of the year on finance expense and announced that a farm-out process was active and ongoing.
Borders & Southern Petroleum PLC said it will join a Falkland Islands drilling consortium so it can participate in the 2015 drilling program on the Islands, as soon as partnering and funding has been secured for its licenses.
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.
Oil explorer Borders & Southern boosted its available funds to help it analyse a gas discovery in the Falkland Islands, by raising £ 46 million through a share placing.
Borders & Southern Petroleum Plc energy explorer operating in the Falkland Islands announced on Monday the discovery of gas condensate in the first well drilled to a depth of 4.867 meters.
Falkland Islands oil and gas explorer Borders & Southern Petroleum has swung into the black, just months before it embarks on its drilling program in the South Falkland Basin. The company posted pre-tax profits of 761.211 dollars in the six months ended June 30, compared to a loss of 672.185 in 2010.