Borders & Southern Pens Seismic Deal with PGS

Borders & Southern has signed a contract with Petroleum Geo-Services (PGS) for the acquisition and processing of a new 3D seismic survey in the South Falkland Basin. The survey, measuring approximately 425 square miles (1,100 square kilometers), will be located in Quad 61 adjacent to the northern margin of the Company's existing 3D area.

The aim of the survey is to provide more data on the proven Early Cretaceous play fairway, deliver greater definition to prospects that have been mapped on 2D data and potentially identify new leads.

PGS, who were responsible for the acquisition and processing of the Company's first 3D survey, will use their vessel the M/V Ramform Challenger. Acquisition is expected to commence around the middle of January 2013.