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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Borders & Southern Petroleum plc    BOR   GB00B08F4599

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Borders & Southern Petroleum plc : 61/17-1 (Darwin East) Well Results

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04/23/2012 | 09:39am CEST
Borders & Southern Petroleum plc

23 April 2012

Borders & Southern Petroleum plc

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

61/17-1 (Darwin East) Well Results

Borders & Southern (AIM: BOR) is pleased to announce a significant gas condensate discovery.

Well 61/17-1 was drilled to a total depth of 4876m and came in very close to prognosis. As predicted, the strong AVO anomaly represented a porous sandstone reservoir containing hydrocarbons.

Whilst drilling, the well encountered good hydrocarbon shows from 4633m down to 4810m. The main reservoir interval, comprising good quality massive sandstone, was found to be 84.5m thick with net pay of 67.8m. Average porosity for this interval is 22%, with maximum values reaching 30%.

Fluid samples from the reservoir have been recovered and will be brought back to the UK for analysis. Once the lab analysis is complete and the results integrated with other data collected from the well, the Company will be able to comment on the liquid content of the reservoir.

It is too early to give an accurate resource estimate, but this large simple structure, with a seismic amplitude anomaly measuring 26 square kilometres, is likely to contain significant volumes.

The well has successfully proven a working source rock, good quality reservoir and competent seals in the South Falkland Basin. The Company has an extensive prospect inventory to exploit this success.

The Company now intends to complete wireline logging operations, plug and abandon the well in line with regulatory requirements and move to the Stebbing prospect, the second well in the current drilling programme. An announcement will be made once this well has spudded.

Chief Executive, Howard Obee, commented:

"We're delighted to have made a discovery with the Company's first exploration well and to have opened up a new hydrocarbon basin. There is clearly a lot of work ahead of us to understand the size and value of the discovery, but it is a great start and the potential of the basin is exciting. I'd like to thank all the many people that have contributed to this project for their fantastic efforts."

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

Howard Obee, Chief Executive

Borders & Southern Petroleum plc

Tel: 020 7661 9348

Katherine Roe / Brett Jacobs

Panmure Gordon (UK) Limited

Tel: 020 7459 3600

Simon Hudson / Paul Youens

Tavistock Communications

Tel: 020 7920 3150

Notes:

Borders & Southern Petroleum plc is an oil & gas exploration company listed on the London Stock Exchange AIM (BOR). The Company operates and has a 100% interest in five Production Licences in the South Falkland Basin covering an area of nearly 20,000 square kilometres. The Company has acquired 2,862 km of 2D seismic, 1,492 square kilometres of 3D seismic and drilled one exploration well.

This statement has been reviewed, verified and approved by Dr Howard Obee, (a petroleum geologist with 25 years relevant experience, Fellow of the Geological Society and member of the American Association of Petroleum Geologists and the Petroleum Exploration Society of Great Britain), in accordance with the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies.

-ends-


This information is provided by RNS
The company news service from the London Stock Exchange
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Financials ($)
Sales 2016 -
EBIT 2016 -2,00 M
Net income 2016 -
Finance 2016 11,3 M
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017
EV / Sales 2016 0
EV / Sales 2017 0
Capitalization 11,7 M
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Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 0,05 $
Spread / Average Target 89%
Consensus details
Managers
NameTitle
Howard Kevin Obee Chief Executive Officer & Executive Director
David Harry Williamson Dobson Non-Executive Chairman
Peter William Fleming Executive Director & Finance Director
Christopher Nigel Hurst-Brown Non-Executive Director
William John Walton Slack Secretary
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