Borders & Southern Petroleum first drilling campaign in the South Falkland Basin - Die letzten 30 Beiträge

[Andrija]

14 February 2024
Borders & Southern Petroleum plc

Management and Board Changes

Borders & Southern Petroleum plc (AIM: BOR), the London based independent oil and gas exploration company with assets offshore the Falkland Islands, provides notification of changes to the Board of Directors and management team.

Howard Obee has informed the Board that he intends to stand down as Chief Executive Officer. As one of the co-founders, he has led the Company for nearly 20 years, delivering exploration success, including the Company's Darwin gas condensate discovery.

The Board is pleased to announce that Harry Baker will assume the role of Chief Executive Officer from 1 March 2024. Harry has nearly 24 years of capital markets experience from previous roles with Auctus Advisors, GMP First Energy, Mirabaud Securities and Canaccord Capital. Harry brings a wealth of experience in the Natural Resources sector.

Howard has agreed to stay on until 29 February 2024 to support the transition to the new leadership.

Harry Dobson, Non-Executive Chairman, said:

"I'd like to thank Howard for his role in leading the Company since its inception and wish him all the best in his future endeavours. The technical work undertaken by Howard and his team in opening up a new basin is second to none, and both I and the Board are grateful for all he has done to progress the Darwin discovery to this point. I sincerely believe that the South Falklands Basin will achieve recognition as a world class hydrocarbon system and he can be proud of what he has achieved in his time with the Company.

"I am delighted to welcome Harry Baker to the Board and look forward to working with him in this next phase of the Company's development."

AIM Rules Disclosures

Mr Henry ("Harry") Charles Baker, aged 48, currently holds or has held the following directorships and partnerships in the last five years:

[Andrija]

RNS Number : 2571B 1 June 2023

Audited Results for the 12 month period ended 31 December 2022

Borders & Southern (AIM: BOR), the London based independent oil and gas exploration company with assets offshore the Falkland Islands, announces its audited results for the year ended 31 December 2022. Full copies of the Company's Annual Report and Accounts, including the Company Overview, Chairman's Statement, Remuneration Committee Report, Directors' Report, Auditor's Report and full Financial Statements, will be available on the Company's website and posted to Shareholders along with the notice of the AGM shortly.

· Raised a total of $4 million (£3.2 million) before expenses through two capital raises

· Cash balance on 31 December 2022: $2.7 million (2021: $0.71 million)

· Administrative expense for the year: $1.2 million (2021: $1.1 million)

· Operating loss of $1.3 million (2021: $1.0 million)

· Extended Production Licences and Discovery Area through to 31 December 2024

· Independent study confirms lower cost Darwin development is economically and technically robust

· Post year-end events:

- raised further $0.78 million (£0.65 million) (before expenses) through the issue of 37,142,857 new Ordinary shares

- the total number of Ordinary shares in issue is now 730,814,456

Kommt kurstechnisch gut an. Warum auch immer.

[honigbaer]

Antwort auf Beitrag Nr.: 72.835.973 von Andrija am 30.11.22 11:18:43

Auf der Homepage ist seit Januar eine neue Präsentation zu finden 440 Mio CAPEX + 200 DRILLEX (für 3 Quellen).
https://www.bordersandsouthern.com/
https://ir.design-portfolio.co.uk/viewer/65/55562

[Andrija]

Wie gewonnen so zerronnen, hätte alle verkaufen sollen:

30 November 2022

Borders & Southern Petroleum plc

£2.5 million Fundraising

Borders & Southern (AIM: BOR), the London based independent oil and gas exploration company with assets offshore the Falkland Islands, is pleased to announce that it has raised £2.5 million, before expenses to advance studies in its 100% Darwin Gas Condensate discovery. The fundraising comprises a Firm Placing, using existing pre-emptive allotment authorities and a Conditional Placing and a Conditional Subscription, both conditional on shareholder approval to disapply pre-emption rights.

The fundraising will comprise, subject to the necessary shareholder approval being granted, the issue, in aggregate of 142,857,138 is new ordinary shares in the Company ("Ordinary Shares") at a price of 1.75 pence (the "Issue Price") per new Ordinary Share (the "Fundraising"). The Issue Price is an approximate 44 per cent. discount to the Company's closing price of 3.15 pence on 30 November 2022.

Highlights of the Fundraising:

· The Company is committed to advancing its 100% interest in its large Gas Condensate discovery at its Darwin asset, which contains over 3.2 TCF GIP (unrisked, Best Estimate) and 462 MMbbl of Liquids designated Contingent & Prospective Resources (unrisked, Best Estimate), split across Darwin East & West, and as independently assessed under the SPE PRMS Standard

· Scoping project economics by Management suggest that a phased development project with initial production of 26,000 bbl/d from Darwin East could deliver NPV10 of $4/bbl to $10/bbl dependent on oil price (range $60 to $90 per barrel).

· £1.85 million raised through a firm placing of 105,714,281 Ordinary Shares (the "Firm Placing Shares") at the Issue Price (the "Firm Placing")

· £0.3 million raised through the conditional placing of 17,142,857 Ordinary Shares (the "Conditional Placing Shares") at the Issue Price (the "Conditional Placing")

· £0.35 million raised through the conditional subscription direct with the Company by Harry Dobson, the Company's Non-Executive Chairman of 20,000,000 Ordinary Shares (the "Conditional Subscription Shares") at the Issue Price (the "Conditional Subscription")

[Andrija]

Heute wieder um die 50%+. Nachrichtenlos. Ich war Ende letzter Woche auf Nummer sicher gegangen und habe die Hälfte meiner Position mit über 200% Gewinn (zu früh) geräumt. Der Rest läuft nun risikofrei weiter.

Kommt jetzt ein Farm-in oder gar ein Übernahmeangebot? Der Kurs legt es ja nahe. Meine Hauptpositio bleiben ja die Falklands (FIH Group). Sollte ein Investor Darwin erschließen, gehen hoffentlich auch bald meine FIHs durch die Decke.

[honigbaer]

Eine Kapitalerhöhung 7:1 zu 1,3 Pence soll der HV vorgeschlagen werden.
Gesamtvolumen etwa 1,2 Mio.
https://www.londonstockexchange.com/news-article/BOR/propose…

Außerdem will Harry Dobson für 600.000 GBP Aktien direkt zeichnen.

[Andrija]

Kurz vor Börsenschluss. War auf dem Handy in der Sonne nicht zu sehen.
Bin gespannt auf morgen.

[Andrija]

Sehr schön!
Dem Kursverlauf nach kam die Nachricht nach Börsenschluss in London? Allerdings ungewöhnlich.

[honigbaer]

Antwort auf Beitrag Nr.: 70.583.114 von Andrija am 20.01.22 21:19:12

Lizenzverlängerung und zur Finanzierung soll noch eine mitteilung kommen.
https://www.londonstockexchange.com/news-article/BOR/product…
https://www.londonstockexchange.com/news-article/BOR/product…

[Andrija]

Antwort auf Beitrag Nr.: 70.580.633 von honigbaer am 20.01.22 18:17:12

Saudumm, ja. Aber jetzt noch rein? Allerdings stehen die ganzen Falklands vor einem Neianfang. Borders ist ja eigentlich nicht mal der interessante Wert. Das ist eher Argos mit den Lizenzen direkt neben Sea Lion.Nur hier muss eben jetzt sicher was passieren.

[honigbaer]

Und die anstehenden News sind ja noch gar nicht draußen.
War ja nun mit Ansage, hätte man besser etwas auf der Briefseite nehmen sollen Anfang der Woche. Ich glaube auch, die Story "Kapitalbeschaffung" entwickelt sich erst?

[Andrija]

Der Kurs zieht gut los. 63% :-(. Habe leider n(noch) nicht nachgekauft. Mich schrecken immer die hohen Transaktionskosten in London.

[honigbaer]

Stimmrechtsmitteilung 3% bei Alan Douglas Brimacombe, Calgary.
https://www.londonstockexchange.com/news-article/BOR/holding…
(Cannaccord Genuity Wealth Management)

[Andrija]

Antwort auf Beitrag Nr.: 70.511.279 von honigbaer am 14.01.22 16:12:15

Lustig, habe infolge des RKH Kursanstiegs auch über B&S nachgedacht und wollte schon posten. Ist eine "do or die" Situation. Eine Kapitalerhöhung macht auf dem Niveau keinen Sinn. Entweder Navitas und RKH schlagen günstig zu oder es wird vielleicht ein management-buyout. David Harry Williamson Dobson ist Multimillionär (Gründer von 5 verschiedenen Unternehmen, insbesondere: Kirkland Lake Gold, Inc., Belvedere Resources Ltd. und Western Gold Exploration Ltd. David Harry Williamson Dobson ist ein Unternehmer und Geschäftsmann, der Leiter von 10 verschiedenen Unternehmen war und Executive Chairman von Western Gold Exploration Ltd. (das er 2016 gegründet hat), Chairman bei Western Gold Exploration Ltd. (Großbritannien) (einer Tochtergesellschaft von Western Gold Exploration Ltd.) und Non-Executive Chairman von Borders & Southern Petroleum Plc.).

Konkurs ist natürlich auch drin.

[honigbaer]

Der Kurs ist inzwischen wieder unten.

Da die Verlängerung der Lizenzen ansteht, muss man sich finanziell besser aufstellen und benötigt laut Zwischenbericht neue Mittel. Es müsste als news zu einer Kapitalerhöhung geben.

"Given the decreasing cash balance, it is likely that additional funds will be sought before the end of January 2022 in order to meet licence and working capital needs and in order to meet the “going concern” tests of the 2021 year-end audit."

[Andrija]

Borders geht heute weiter ab wie Schmidts Katze. Hätte nicht gedacht, dass ich hier so bald wieder im Plus bin. Jetzt sogar fast ein Verdoppler.

Präsentation Juni, natürlich alles sehr optimistisch. Findet mal jetzt jemanden der die Zeche zahlen kann. Man hätte trotzdem in der größten Coronadepression stark aufstocken sollen. Allerdings suchen jetzt alle noch den letzten unentdeckten Pennystock und B&S ist wohl nur eine weitere besonders borstige Sau die durchs Dorf getrieben wird.

https://www.bordersandsouthern.com/media/pdf/AGM.30june2020.…

Darwin - A Compelling Project
Attractive fiscal regime - 9% Royalty, 26% Corporation Tax
• Large discovered resource – 462 million barrels of recoverable
liquids (contingent and prospective) – independently assessed
• Low risk, straightforward, appraisal programme
• Conventional deep water FPSO development - partial or full
field development options to be considered
• 49o API condensate and LPG
• Initial Production > 90,000 blpd
• Break-even oil price < $35 per barrel
• Short project pay-back time – less than 3 years
• Expansive portfolio of growth options

[honigbaer]

Änderungen im Verwaltungsrat:
https://en.mercopress.com/2021/01/01/falklands-borders-south…

[honigbaer]

Jahreszahlen sind auf der Homepage:
https://ir.q4europe.com/Tools/newsArticleHTML.aspx?solutionI…

Pressebericht:
https://www.morningstar.co.uk/uk/news/AN_1586871777052133100…

"The company said it has continued to work on developing the Darwin discovery in the South Falkland basin, however progress has been slow, due to an industry already affected by constraints on capital availability exacerbated by the Covid-19 pandemic and over-supply of crude oil leading to a fall in oil prices."

[honigbaer]

Eine HV Präsentation ist auf der Homepage zu finden:
https://www.bordersandsouthern.com/investor-relations/report…

Slow progress. Appraisal plans in place, but still require funding.

[Andrija]

Antwort auf Beitrag Nr.: 57.809.159 von Andrija am 22.05.18 18:04:56

https://www.bordersandsouthern.com/media/pdf/AGM1.june2018.p…

Progress During Past Year:
• Technical evaluation - completed reservoir evaluation and near field prospectivity assessment
• Commissioned an independent resource assessment
• Preliminary planning for the next phase of operations
• Continued farm-out discussions

[Andrija]

Vielleicht wissen wir bald mehr.

25 April 2018

Borders & Southern Petroleum plc
("Borders & Southern" or the "Company")

Notice of Annual General Meeting

Posting of Annual Report

Borders & Southern (AIM: BOR), a London based independent oil and gas exploration company, announces that its Annual Report for the financial year ended 31 December 2017, together with the Notice of Meeting, has been posted to shareholders. Both documents are available on the Company's website.

The Annual General Meeting will be held on Tuesday, 5 June 2018 at 10.00 a.m. at the Institute of Directors, 116 Pall Mall, London SW1Y 5ED.

For further information please visit www.bordersandsouthern.com or contact:

Howard Obee, Chief Executive
Borders & Southern Petroleum plc
Tel: [phone]

Adam James/Atholl Tweedie
Panmure Gordon (UK) Limited
Tel: [phone]

Simon Hudson
Tavistock
Tel: [phone]

[Andrija]

Da ist die RNS. Möglicherweise ist es ein Auftragsgutachten eines potentiellen Partners. Bekommen wir ein zweites Ölförderungsprogramm auf den Falklands?

Wed, 28th Feb 2018 07:00
RNS Number : 1543G
Borders & Southern Petroleum plc
28 February 2018

28 February 2018



Borders & Southern Petroleum plc

("Borders & Southern" or "the Company")



Darwin Independent Evaluation

Borders & Southern (AIM: BOR), the London based independent oil and gas exploration company with assets offshore the Falkland Islands, announces the results of an independent evaluation of the Darwin East discovery and the adjacent Darwin West untested fault block.

Highlights

· Substantial increase in estimated resource. Un-risked Best Estimate total recoverable liquids (condensate and LPG) for Darwin East and West is 462 MMbbl.

· The geological chance of success of finding hydrocarbons in a well located on Darwin West is assessed to be 0.81.

Borders & Southern asked Gaffney, Cline & Associates (GCA) to perform an independent evaluation of the Darwin East gas condensate discovery along with the adjacent, technically similar fault block, Darwin West. GCA was given access to the Company's extensive 3D seismic and well data, including technical studies, interpretations and dynamic models of the reservoir.

GCA's comprehensive analysis confirmed Borders & Southern's geological interpretations and derived the following estimate for Wet Gas Initially in Place:

Estimated Wet Gas Initially In-Place (Bscf)

Low

Best

High

Darwin East

659

1,096

1,759

Darwin West

1,361

2,110

3,160

Note: Borders & Southern is the operator with a 100% working interest

It was noted that the untested Darwin West fault block displayed very similar seismic characteristics and attributes to the Darwin East fault block. The geological chance of success of finding hydrocarbons in Darwin West was assessed to be 0.81.

Composition analysis of the hydrocarbon samples collected in the Darwin discovery well (61/17-1) demonstrated that the gas is a very rich, sweet gas capable of producing liquid condensate and LPG. Borders & Southern has previously discussed development concepts whereby the liquid condensate could be produced and the "dry" gas re-injected back into the reservoir, allowing it to be available for a future LNG project, subject to commerciality. GCA's work investigated the potential to produce the LPGs (Propane and Butane) in addition to the condensate. They prepared a revised Equation of State model of the rich gas and updated the dynamic reservoir model for Darwin East and Darwin West. Utilising six vertical production wells and four vertical gas injector wells (five wells on each fault block) they derived the following best estimate:

Best Estimate Gross Contingent & Prospective Resources (un-risked)

Condensate

(MMSTB)

Condensate & LPG (MMbbl)

Darwin East

(Contingent Resources (2C))

115

170

Darwin West

(Prospective Resources)

202

292

Note: Borders & Southern is the operator with a 100% working interest

The above volumes were based on a combined development of the core areas of both structures into a single FPSO, with 480 MMscf produced gas. Total recovery of liquids from the 25 year period evaluated is 462 MMbbl. The combined liquids production of condensate and LPG peaks at 91,100 bbl/day.

The Company will comment further on the economic impact of these new resource estimates in the announcement of final results for 2017, due at the end of March 2018.

Chief Executive, Howard Obee, commented:

"We are delighted with the results of this independent evaluation. It reaffirms our belief that Darwin East and West represent a very material resource. And with the recent recovery of Brent crude we are optimistic that this evaluation will assist in our efforts to secure partners and funding for the next phase of drilling."

[Andrija]

Borders nachrichtenlos über 4 Pfund. Diesmal scheint es nicht nur heiße Luft zu sein. Der Anstieg wirkt nachhaltig.

[Andrija]

B&S still on lookout for partner for Falklands well
04/03/2017

LONDON – Borders & Southern (B&S) remains hopeful of securing a farm-out of its offshore acreage in the South Falkland basin, following the recent oil price recovery.

Many of the large and mid-sized companies that have been cutting costs and strengthening their balance sheets are now considering growth ventures again, and B&S hopes this will allow it to finally move forward with appraisal drilling on its Darwin gas/condensate discovery.

Last year’s facilities engineering studies and reservoir modeling suggested a break-even oil price of $40/bbl for an initial 270-MMbbl FPSO, phased development.

More detailed engineering work could reduce the break-even price further, B&S claims, with the attractive economics due to the Falkland Islands government’s fiscal terms and the need for only a limited number of development wells in the laterally continuous, good-quality reservoir.

Of other prospects identified nearby, the largest and most likely candidate for an exploration well (following appraisal of Darwin) is Sulivan.

This prospect, defined by a strong seismic amplitude anomaly measuring 120 sq km (46 sq mi), is stratigraphically older than the Darwin reservoir, in a section not yet penetrated by a well, and the AVO response is very similar to that associated with the Darwin discovery.

If this anomaly does represent another gas condensate accumulation, B&S assesses potential in-place resources as 5.6 tcf of gas with 473 MMbbl of recoverable condensate.
04/03/2017

http://www.offshore-mag.com/articles/2017/04/b-s-still-on-lo…

[Andrija]

Borders steigt um 40%

[Andrija]

Borders & Southern Petroleum Plc: Unaudited half year financial statements for the six months ended 30 June 2015 Monday, Sep 28, 2015
Borders & Southern Petroleum Plc (AIM: BOR), a London based independent oil and gas exploration company, announces half year financial results for the six months to 30 June 2015. The unaudited accounts below represent the consolidation of Borders & Southern Petroleum Plc and its subsidiary Borders & Southern Falkland Islands Limited.

2015 first half highlights

· Technical studies completed during the first half of the year resulted in a resource upgrade to 360 million barrels of recoverable condensate (best estimate (P50) un-risked) for the Darwin discovery and has defined a number of low risk near-field prospects.

· The farm-out process continues, but has been impacted by the industry downturn.

· Cash balance as of 30 June 2015: $14.6 million ($16.1 million at 31 December 2014).

Chief Executive's Statement

The first half of 2015 has been particularly challenging for the Company due to the continued depressed oil price and the industry's reaction to it. Borders & Southern's prime focus has continued to be on securing partners for the next phase of drilling in its Falkland's licences. However, the Company's efforts have been largely frustrated. Industry E&P expenditure has dropped significantly, with some analysts reporting a 25% reduction for the year, clearly reflected by the many idle drilling rigs. Frontier exploration discretionary expenditure is an obvious first target for companies wishing to trim budgets. More positively, the downturn does provide an opportunity to benefit from lower drilling costs due to reduced contract rates should a partner be secured. And whilst the short-term oil price continues to look uncertain, history tells us that commodity prices are cyclical. So we are preparing ourselves to take advantage of a recovery in the o il price when it comes.

One area where we can continue to add significant value during this industry downturn is through our technical work - reducing risk and improving our understanding of the acreage prospectivity. In doing so, we can demonstrate how technically and commercially competitive we believe our project is relative to other global opportunities. Borders & Southern has been a successful explorer, finding a rich gas condensate resource with the Company's first well. In May this year, we reported that the resource estimate for the Darwin Gas Condensate discovery had been revised upwards to 360 million barrels of recoverable condensate (best estimate (P50) unrisked). If these resource estimates can be substantiated through appraisal drilling, we believe that the discovery would be commercial at current oil prices.

The technical work completed during the year to date has included a reservoir characterisation study, a seismic inversion study and a reassessment of the structural / stratigraphic evolution of the South Falkland Basin. In our May announcement we reported on a number of relatively low risk mapped prospects surrounding the Darwin discovery. Technical work has continued on these prospects but is now incorporating other play types in the area covered by 3D seismic. From a technical perspective, the prospectivity of our acreage continues to look extremely strong.

During the first half of the year we have maintained tight budgetary control and continue to run a low overhead base. Administrative expenses for the half-year were $0.96 million (first half 2014: $1.67 million). The balance sheet remains strong, with cash reserves of $14.6 million as at the end of June 2015. The Group reports a loss for the period of $0.81 million (30 June 2014: $0.93 million).

For more information, please visit : http://www.bordersandsouthern.com

[tardigrade]

FALKLAND OIL&GAS derzeit 36% im Plus, Gerüchte eines Multi-Billion-Barell Find im Humbpack Well..

BORDERS&SOUTHERN heute 18,57% im Plus (16:57 MEZ)

Neuigkeiten sind erhofft für nächste Woche.

[Andrija]

Antwort auf Beitrag Nr.: 50.264.610 von tardigrade am 25.07.15 13:48:22

Ich würde aber zumindest den Analysten mal fragen wollen wie B&S das Rig denn bezahlen soll? Wird "eng" mit 15 Mio. Pfund.

[tardigrade]

Antwort auf Beitrag Nr.: 50.241.723 von Andrija am 22.07.15 15:40:38

Verfolge die Falkland Exploration seit dem Jahre 1999 und bin seit 2009 in B&S (BOR) investiert. Derzeit interessant ist die seit dem 15. Juni laufende Bohrung des "Humbpack"-Well durch Falkland Oil & Gas Limited mit 52% Beteiligung, nebst Noble Energy als Operateur. "Humpack" liegt im "Diomedea" Fächer-Komplex nordöstlich des lizenzierten Gebietes von B&S ("Tilted Fault Block Area"). Ein positives Ergebnis aus der "Humbpack"-Bohrung dürfte der B&S-Aktie etwas Anschub verleihen, da in diesem Fall vorgesehen wäre in naher Zukunft, bei einer voraussichtlich nächsten Kampagne, in unmittelbarer Nähe zu B&S's "Darwin"-Well den "Scharnhorst"-Well zu Prospektieren.

Im Falle eines negativen Ergebnises in der "Humbpack"-Bohrung wird das Interesse für die erwähnten südlichen Zonen für Jahre vom Tisch sein.

Trotzdem bleibt Borders & Southern PLC in der Falkland Kampagne ein sog. "Black Horse". Ein Pferd welches unerwartet gewinnen könnte. Denn, wie Harry Dobson noch im März diese Jahres erwähnte:

In today’s financial results statement chairman Harry Dobson said that once funded it would try to agree a new contract for the Erik Raude rig, which is already in use in the Falklands, but if that proves unachievable it would also be prepared to mobilise a separate rig.

Capital commitments would likely be materially lower than in the past, due to much reduced rig demand and rates in the sector, the company said.

Sam Wahab, analyst at Cantor Fitzgerald, said a funding via the equity route would in his view be more likely than a farm-out.

Nach meinem persönlichen Dafürhalten ist die "Tilted Fault Block Area" südlich der Falkland Inseln eine der weltweit attraktivsten Oel Provinzen überhaupt.

BUY

[Andrija]

Borders and Southern (LON:BOR) is no longer worthy of a ‘buy’ recommendation, according to Numis Securities, which today reset its crude mark-to-market for London’s oil equities.

Brent crude forecasts were cut back by the broker to account for the anticipated rise in Iranian oil exports and higher than expected production from OPEC generally.

Numis reduces the 2016 forecast to US$70 from US$80 per barrel, though the broker says it remains ‘on the fence’ about the longer term.

Analyst Sanjeev Bahl believes that cheaper fuel prices mean the economics of Borders’ condensate project in the Falklands will be marginal, and as a result he expects it will be difficult for the company to secure amicable farm-out terms with a development partner.

http://www.proactiveinvestors.co.uk/companies/news/109244/fa…

Bei einer historischen Cash-burn-rate von 3 Mio Pfund/Jahr kann man noch rd. 5 Jahre auf einen steigenden Ölpreis hoffen.