Acquisition of 3D Seismic commences and extension of licences

31/10/2007
Borders & Southern is pleased to announce that it has commenced the acquisition of 3D seismic data across its South Falkland Basin acreage. Petroleum Geo-Services (PGS), a worldwide geophysical services specialist, is carrying out the survey using their vessel Ocean Explorer. PGS will be acquiring 1,500 sq km of 3D seismic data. The survey is anticipated to take approximately four months to complete depending on weather conditions.


Ocean Explorer

The Company is also pleased to announce that the Falkland Islands Government has granted a two-year extension to its licences in the South Falkland Basin, southeast of the Falkland Islands. The extension applies to the Initial Term of licences PL018 to PL022 with the provision that Borders & Southern acquires in excess of 750 sq km of 3D seismic data. This will mean the first exploration period will now be five years and will end on 1 November 2009. There will be no relinquishment of acreage before that date.

Commenting on the announcement Howard Obee, CEO of Borders & Southern said: "We are delighted to see our programme to acquire 3D seismic off and running. In recent weeks we have announced a successful fundraising to finance the 3D survey as well as our new partnership with PGS. Now that 3D data acquisition has started, we are a step closer to identifying the optimum sites for drilling on the key prospects in our acreage." He added: "I look forward to updating shareholders with further developments once the process of 3D data collection is completed in the first quarter of 2008."