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.
Falkland Oil and Gas (FOGL), the exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, reiterated it has signed a contract for the Leiv Eiriksson drilling rig for two firm slots in the first half of 2012.
Falkland Oil & Gas confirmed on Wednesday drilling operations will begin in the first quarter of 2012 and revealed it is in early talks with firms interested in taking part in its exploration program south of the Falkland Islands. The company however anticipated it did not expect to conclude any farm-out agreement until later this year.
Borders & Southern Petroleum has extended a contract for exploratory drilling in Falkland Islands waters to include at least another two wells, it was announced on Thursday by parties involved.