Stebbing Prospect - Well Spud

RNS Number : 1911D

Borders & Southern Petroleum plc

11 May 2012

 



11 May 2012

Borders & Southern Petroleum plc

("Borders & Southern" or "the Company")

Stebbing Prospect - 61/25-1 Well Spud

Borders & Southern (AIM: BOR) is pleased to announce that exploration well 61/25-1 was spudded on 11 May 2012.  The well is located approximately 170 km south of the Falkland Islands.  Borders &Southern is the operator of the well, holding a 100% interest in licence PL018. It is the second of a two well exploration programme.

The well is designed to test the Stebbing prospect, a thrust cored anticline structure with an area of closure of 85 square kilometres.  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.

For further information please visit www.bordersandsouthern.com or contact:

Howard Obee, Chief Executive Borders & Southern Petroleum plc Tel: [phone]

Katherine Roe / Brett Jacobs Panmure Gordon (UK) Limited Tel: [phone]

Simon Hudson / Paul Youens Tavistock Communications Tel: [phone]

Notes:

Borders & Southern Petroleum plc is an oil & gas exploration company listed on the London Stock Exchange AIM (BOR). The Company is focused on frontier or emerging basins where there is potential to identify and commercialise high value prospects. Its project in the Falkland Islands comprises five Production Licences (100% interest) in the South Falkland Basin covering an area of nearly 20,000 square kilometres. The Company has acquired 2,862 km of 2D seismic and 1,492 sqkm of 3D seismic and drilled one exploration well.

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