Borders & Sth. Share News (BOR)

LONDON (Alliance News) - Borders & Southern Petroleum PLC Tuesday said new data on the Darwin gas condensate discovery in the Falkland Islands show the potential for wider hydrocarbon distribution.

The Falkland Islands-focused oil and gas exploration company said that new data, from enhanced seismic data, has confirmed its previous interpretation of the potential distribution of hydrocarbons over Darwin East and West.

It said its new base case model estimates a wet gas in place of 2.6 trillion cubic feet and the recovered condensate of 263 million barrels, up from previous estimates, which it said was due to improved net pore volume and an improvement in fluid recovery. The company said that its new base case estimate of recoverable condensate of 263 million barrels is dependent on successful appraisal wells.

The company operates and has a 100% interest in three production licences in the South Falkland Basin covering an area of nearly 10,000 square kilometres. It has acquired 2,862 kilometres of 2D seismic, 2,517 square kilometres of 3D seismic and drilled two exploration wells, making a gas condensate discovery with its first well.

Shares in the company were up 1.0% at 12.50 pence Tuesday morning, having touched an intraday high of 13.00p.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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