Borders & Southern Drills Stebbing Wildcat

Borders & Southern announced that exploration well 61/25-1 was spudded on May 11, 2012. The well is located approximately 66 square miles (170 kilometers) south of the Falkland Islands. Borders & Southern is the operator of the well, holding a 100 percent interest in license PL018. It is the second of a two well exploration program.

The well is designed to test the Stebbing prospect, a thrust cored anticline structure with an area of closure of 33 square miles (85 square kilometers). Objectives comprise Tertiary and Upper Cretaceous sandstone reservoirs.

The well duration is estimated to be 49 days. However, this is a wildcat exploration well and geological challenges might cause variation from this initial estimate. A further announcement will be made once the well has reached its total depth and the wireline logs have been run and their interpretation completed.

With respect to the Darwin gas condensate discovery, fluid samples are being shipped back to the UK for detailed analysis. The results are anticipated in the third quarter of 2012 and will be announced as soon as the work has been completed.

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