Borders & Southern Raises Cash for Falklands Seismic Work
Borders & Southern Petroleum has, subject to the terms and conditions of the Placing and the passing of resolutions by shareholders at the EGM, successfully raised £15 million before expenses through a placing of 50,000,000 Ordinary Shares at 30 pence each. The Placing Shares have been conditionally placed with institutional investors by the Company's broker, Ocean Equities Limited, and Panmure Gordon & Co.
The net proceeds from the Placing will be used by the Company to fund the acquisition of 3D seismic data over a number of prospects within its Falkland Islands Acreage. The 3D seismic data will be used to provide information on the potential reservoir distribution, enhance prospect delineation and to assist in the location of exploration wells. In addition the 3D seismic data will be used to investigate the numerous amplitude anomalies identified on the Company's 2D seismic data to authenticate the presence of direct hydrocarbon indicators and thereby reduce the exploration risk.
The Company has received tenders from a number of seismic contractors for the provision of the proposed 3D seismic survey. It is anticipated that, subject to agreeing final terms, the 3D seismic survey will commence in the fourth quarter of this calendar year.