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Preliminary Results for the 12 months ended 31st December 2007

04/06/2008
Borders & Southern Petroleum plc (or “the Company”) (AIM: BOR) is pleased to announce its preliminary results for the 12 months to 31 December 2007.

Highlights

  • Completed the Falkland Islands 2D seismic interpretation and compiled first phase prospect inventory – numerous structural leads identified within a new fold belt play
  • Awarded a 2 year extension to the first Exploration Term with an obligation to acquire a minimum of 750 sq km of 3D seismic data
  • Raised £15 million through Placing of 50,000,000 Ordinary Shares
  • Following a competitive public tender process, awarded 3D seismic acquisition contract to PGS
  • Signed a Subscription Agreement with PGS raising $10 million
  • 3D seismic acquisition was completed ahead of schedule and within budget
  • Received 3D fast track processed data
  • Cash balance as at 31 December 2007 was £19.6 million
  • Loss for the year was £167,723 (2006 £527,024)

Harry Dobson, Chairman of Borders & Southern, commented "With the successful completion of our 3D seismic operations and the receipt of fast track processed data our exploration programme in the Falkland Islands is gathering pace. Our aim is to work up drillable prospects by the end of the year and in parallel, we hope to progress access to a suitable rig. Mapping and prospect generation will be undertaken using the final processed product, but already the fast track data is giving us much more confidence of the quality of our acreage and the prospect of delivering real value to our shareholders. Importantly, this new data confirms the integrity of our earlier work. As an untested frontier basin the South Falkland basin and particularly the fold belt trend looks a very exciting proposition."

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

Howard Obee
Borders & Southern Petroleum plc
Tel: 020 7661 9348

Simon Hudson / Clemmie Carr
Tavistock Communications
Tel: 020 7920 3150

Katherine Roe
Panmure Gordon (UK) Limited
Tel: 020 7459 3600

Guy Wilkes
Ocean Equities
Tel: 020 77864370

Acrobat PDF document Click here to download a PDF file of the full Preliminary Results - 204kb