Member Info for Mogger

Buffit,

These are the warrants given to those able to participate in the placing last February. They expire 18 months from around that date.

https://bordersandsouthern.com/wp-content/uploads/2025/02/25-02-25-BOR-Circular-NoM-FINAL.pdf

Mogger

All,

JHI have organised their farmout.

https://static1.squarespace.com/static/5d7074fbd8383200018db434/t/69a57c0b73308d1ea3810c21/1772452875058/JHI+Navitas+Deal+Agreed_Final_Web.pdf

Mogger

Gus,

I should also have mentioned that I doubt investors will want to participate in a cash raise until the licence is extended, yet the FIG won't extend until they have assurance of funds throughout the extension.

Have a look at the FIG annual accounts and you'll see the revenue they receive for oil/gas licenses. Its a lot of money!

But I'm sure your "somebody" has told you not to worry

Mogger

Mogger

Gus,

The Half year results are unaudited. Therefore, they lack a huge amount of independent scrutiny from the auditors and only a little assurance of accuracy.

You should look at year end financial statements to give a much more accurate picture . One that the directors and auditors share full responsibility for their accuracy.

In the last Final Results:-

"In performing their assessment of the Group and the Parent Company's ability to continue as going concerns, the Directors have prepared a cashflow forecast for the period ending 30 May 2026, which indicates that in current conditions, the Group and the Parent Company will have sufficient cash to cover its costs. At present the cost base of the business principally consists of administrative costs, listing costs and costs to maintain the licences in good-standing. Therefore, no additional funding will be required, before June 2026 to meet the day-to-day operational cashflow requirements of the Group and the Parent Company."

With the current cash in hand, and year end two months ago, the auditors cannot sign Borders as a going concern. We need a cash raise before the audited accounts are finalised.

I hope that helps

Mogger

LTT,

BOR have stated they will need to do a cash raise in June at the very latest.

Unless of course a deal is close....

Mogger

All,

The team involved in the Sea Lion Finance

https://www.sidley.com/en/newslanding/newsannouncements/2026/02/sidley-represents-lead-arranger-in-us-1-billion-financing-first-ever-development-falklands-islands

Mogger

All,

From 7 mins in

https://youtu.be/8E5t89aDJ2k?si=qn8T8F3g30_IliNJ

Interesting that Navitas provided the boat to transport the heavy machinery down south.

Mogger

All,

Looks like we should hear about whether the licence will get extended again in the not too distant future

https://assembly.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Forward%20Plans/2026%20Forward%20Plans/EXCO%20Public%20Forward%20Plan%202026-February%202026.pdf

Mogger

All,

FIG have a busy month ahead.

Mogger

https://assembly.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Forward%20Plans/2026%20Forward%20Plans/EXCO%20Public%20Forward%20Plan%202026-February%202026.pdf

All,

Some nice discussion ( and identification of the companies that are involved) in the comments.

My money is on the Glas Dowr being the second FPSO....

Mogger

https://www.linkedin.com/feed/update/urn:li:activity:7405516833912639488/

Olivetti,

I agree that the Food Standards Agency wont be interested. However, if a announcement which materially affects the share price, happens in the next 4 weeks, I will definitely be reporting Will to the FCA.

Mogger

Gus,

Even if we are not in a "closed period" NED's are prohibited from dealing if they are in possession of inside information.

Its part of the UK Market Abuse Regulation and AIM rules - especially Rule 21.

Therefore, Will Hodson knows there is nothing going on in the company( which is price sensitive) more than is currently in the public domain. That is not what we wanted to hear.

Only five months to go until more funds are required. Harry is certainly taking this one to the wire!.

Mogger

All,

The key people involved in the project enjoying a meal!

https://www.linkedin.com/company/pec-process-systems-pte-ltd/posts/?feedView=all

Mogger

All,

And confirmed by Noble's Fleet Status Report released today.

https://s201.q4cdn.com/439848451/files/doc_presentations/2026/Jan/26/FSR-01-26-26.pdf

Looks like there is no rig sharing - either on the way down, or in the South Falklands Basin.

Mogger

All,

I may be mistaken but I think this is the first time we have seen the settlement value of the outstanding tax query between RKH and FIG.

"Corporation tax, £2.5m, as expected to be at budget based on the recent final settlement agreement between Rockhopper Exploration and FIG regarding a

previously disclosed disputed taxation amount related to a farm-out to Premier Oil in 2012."

Mogger

https://assembly.gov.fk/jdownloads/Committees/Standing%20Finance%20Committee/SFC%202026/SFC%20Agenda%2028.01.2026%20OPEN.pdf

All,

Good to see the new assembly have started in a positive way

"Motion No: 03/26 by the Honourable Lewis Clifton OBE

Sovereign Wealth Fund

That this House recognises and applauds the heady endeavours of officers to bring together the framework to allow for the long-awaited development of the Sealion discovery. In doing so, this House calls on the Governor (in Council) to bring forward legislation for the establishment and management of a Sovereign Wealth Fund, before the end of the third year of this Assembly and, reports back to the Assembly at the earliest opportunity after conducting an initial review of the principles to underpin the proposed Fund"

https://assembly.gov.fk/jdownloads/Assembly%20Records%20and%20Order%20Papers/Legislative%20Assembly%20Order%20Papers/2026/01%20Legislative%20Assembly%20Order%20Paper%2029%20January%202026.pdf

Mogger

All,

Causeway being built by a fine Tyneside company

https://www.newcivilengineer.com/?p=301524

Mogger

Gus,

Apart from last February, the placings to raise funds have been at the end of the calendar year so that they appear in the accounts in time for financial year end.

That didn't happen at the end of 2025 which is unusual.

There must be a reason why Harry didn't raise any more money. If for no other reason so not to have an awkward conversation with the accountants.

Let's hope he's choosing which of the "oven ready" offers he got last year to accept and not anything that will be slightly less beneficial to the common shareholders.

Mogger

Gus,

Less than 12 months is absolutely not fine. It might not be possible to sign the company accounts as a going concern. Year end was 2 weeks ago.

Unless, of course, the company is heading to private ownership.

Mogger

All,

Our new MLA responsible for Minerals is Cheryl Roberts

https://assembly.gov.fk/jdownloads/Portfolio%20System/Legislative%20Assembly%20Portfolios%202025-2029.pdf

Mogger