Borders & Southern Petroleum PLC - independent oil and gas explorer focused on the Falkland Islands - Raises GBP2.5 million to advance studies in its wholly-owned Darwin Gas Condensate discovery. It raises GBP1.85 million through a firm placing of 105.7 million shares, GBP350,000 via conditional subscription direct with Chair Harry Dobson at 20.0 million shares and GBP300,000 via conditionally placing 17.1 million shares.
"This fundraising will allow us to advance further technical and commercial studies for a potential appraisal and development of Darwin via a conventional floating production storage & offloading and phased development concept," says Chief Executive Officer Howard Obee.
CEO Obee adds: "This is a period of elevated world-wide energy prices and increasing global exploration & production activity and Darwin is a large undeveloped discovery with attractive scoping economics. We look forward to reporting on the phased development concept as our studies progress."
Current stock price: 2.01 pence, down 36% on Wednesday
12-month change: up from 0.64p each on November 30, 2021
By Tom Budszus; tombudszus@alliancenews.com
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Borders & Sth. (BOR)