Using industry leading expertise to explore for oil and gas around the world
Financial news

2009 Preliminary Results Announcement

24/05/2010
Borders & Southern Petroleum plc (or �the Company�) (AIM: BOR) is pleased to announce its preliminary results for the year to 31 December 2009.

Highlights

  • Consolidated the prospect inventory and submitted Environmental Impact Statement
  • Completed initial well designs and cost estimation study
  • Received a three year extension to the first Phase Exploration Term with an obligation to drill one exploration well
  • Raised $184 million (net of expenses) through the placement of 234,234,234 Ordinary Shares
  • Cash balance as at 31 December 2009 was $206.3 million

Harry Dobson, Chairman of Borders & Southern, commented “Our successful capital raise in November allows us to comfortably fund a drilling programme on our exciting prospects in the South Falkland Basin without diluting our 100% ownership of our acreage. We continue to progress our understanding of the prospects with additional technical work but the principal focus is now on drilling - securing a deep water rig and undertaking detailed well engineering studies.

We look forward to updating shareholders on progress in this next, and critical, phase of the exploration programme.”

For further information please visit contact :
Howard Obee
Borders & Southern Petroleum plc
Tel: 020 7661 9348

Simon Hudson
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 - 56kb