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Zeus Capital report very bullish on Borders full year results.

Based on brent $65 barrel Borders value is 22.3p.

Brent $90

10.5m @ 1.537p

Let's see some director buys.

Matahio NZ assets performing well, with substantial oil lifting in May 2026 at exceptionally high prices, directly benefitting Sunda given effective date of SSPA of 1 January 2026.

Must have added some decent revenue to Sunda.

"Darwin is a world-class asset and we intend to extract full value for all our stakeholders".

Who knows what price this will get to if multiple parties want in.

Just takes two to bid up each other up.

As in any auction there is a reserve price.

That would be all the costs to date, plus the asset and the potential prospects.

What's a new Guyana worth to a major in today's market.

Big bucks is my guess.

Harry Baker very confident.

It's going to be huge for the Falklands. Even bigger for shareholders.

The emphasis on the holdings of major shareholders, with the top four shareholders holding 45% having their say on any deal to make sure it's the right deal and not accepting any first offer, is all about the price of the buyout. Offer is a word I would not associate with a farmout, more a cash offer.

A number of offers rebuffed by the top shareholders. They want over £800m. 100p+ the magic number for the top shareholders. Cheap at that.

Currently any CLN drawdown needs a price 15% above £6m Mcap of 1.5p, = 1.725p

CLN can't be drawn down if the market cap is below £6m.

So there is a floor.

This limits the selling and fall in share price.

They are earning $2-3m per month in production. $10m so far this year.

Year end will be another $10m.

$20-30m total.

That's amazing considering they had no production and revenue.

The price is way too cheap.

It's going to get unbelievable when the news drops.

Harry Baker must be jumping for joy at Navitas looking to send a second FPSO down to Sea Lion and increasing the production by 125k barrels. Surprised he has not made a comment. It bodes well for Borders with more oil coming out of the ground demonstrating the revenues achievable.

Malcy has a 50p target on BOR.

Is that a guess or some inside info?

50p takeaway is cheap as chips.

Someone loading up with £50k and £100k this afternoon.

BOR will be 50p soon is my guess.

Sunk costs to date for the discovery about £250m, plus the 250m barrels of condensate at just $1 a barrel in the ground gives another £185m, so that's £430m.

That is 50p. That's the starting point. imo.

This is nothing for a major.

Expect a bidding war when the first offer comes in. Big oil will want 100%. 50p base line first offer, rising to whoever wants it the most. Farmout still possible, but really they will want 100% of all the production, and recoverable reserves as independently verified based on the data.

The majors are all looking for the next Guyana. Borders and the Falklands are next.

Hi Battle, Shell has always been interested in Borders since 2008, and have shown a lot of interest in the Falklands as they are well aware of what is down there. They see Borders as great fit for their future replacement of production and reserves. An offer by Shell way back was mooted, but Shell decided the time wasn't right, collapse in oil price, Saudi turning on the taps and US shale coming on stream along with ESG and green renewables getting in the way. Times have changed now.

Shell is back at the table to buy Borders. 50p. £430m.

There's a bit of a fight to get down to the Falklands.

Farmin news will drop here very soon...or a buyout.

463MMB at $1 a barrel is $463m = £345m = 39p per share.

Use whatever multiple to arrive at your buy out price.

An acceptable $3 per barrel in the ground value gives 117p which is £1Bn.