Additionally, the Falkland Islands Government has granted a two-year extension to its licenses in the South Falkland Basin, southeast of the Falkland Islands. The extension applies to the Initial Term of licenses PL018 to PL022 with the provision that Borders & Southern acquires in excess of 750 square kilometers of 3D seismic data. This will mean the first exploration period will now be five years and will end on November 1, 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 program 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."
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