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Here's what my broker say's regarding ISA subscriptions.
If you are an ISA holder who has already fully subscribed for this tax year, please bear in mind that you can no longer make additional cash contributions. Therefore, if you wish to take up the offer, and your account does not contain sufficient cash, you can only do so under a nominee name, hence a valid nominee account must be opened. If you do not currently have such an account please contact us to open one prior to 30th March 2022 deadline.

Anyone read the circular?
https://www.bordersandsouthern.com/media/pdf/Open%20Offer%20and%20Notice%20of%20Shareholder%20Meeting.pdf

I've had my basic 1 for 7 entitlement shares deposited in my account. I've also got a number of entitled excess shares showing in my account should I want to take them. I'm curious as to how many excess shares people are generally getting in their account? The excess shares I've been allotted are 600k.

cperkin, the BoD do seem a dodgy bunch. Not to be trusted, imo.

It does seem the BoD are clueless here. Scirocco was chosen as the wind from North Africa reflecting the company's county of operation and further acquisition interest. Has anyone seen evidence from suitors for the Tanzanian asset that Scirocco say they've had? I have not, and it's all hidden behind the wall of silence and commercial confidentiality For all we know there is no offer and the board just say there has been as a lure to keep investors hopeful and make it sound like they are doing something. A reason why they've not accepted any potential offer would be welcome.

Harry Dobson is a director and Chairman.

The key question is, why haven't the other directors taken part in the fundraising which includes the 1 for 7 open offer.
They are closer to the action and if anything good was happening they would be taking part.

From The RNS:
The other Directors, being Howard Obee, Peter Fleming and William Hodson are not participating in the Fundraising and are therefore deemed to be independent Directors for the purposes of the Fundraising.

Note 11 of the 2020 accounts:
In November 2020 the Company received notice from The Falkland Islands Government that the Company’s application to extend the expiry date of the Second Term for Production Licences PL018, PL019 and part of PL020 was extended until 31 January 2022. The expiry date of Darwin East Discovery Area licence is also 31 January 2022. As noted, the Company has a one exploration well commitment on its production licences.

* It was hoped that a farmout would have been completed by January 2022 to negate the need for a fundraise.

The Chairman had no option but to put the money in. The audit for the the 2021 AR requires that their is enough cash to be a going concern and meet audit requirements. It was hoped that a farmout would have been completed by January 2021 to negate the need for a fundraise. The options mentioned in the RNS to appraise and develop the Darwin discovery refer to the options for reducing costs and reducing the environmental impact to make the project marketable to a partner. I don't believe they are funding options. The funding is also for general working capital.

From the annual report 2020:
If the Company is unable, in the short term, to complete a farm-out to fund the appraisal programme, the Company may
need to raise additional funds to ensure it is able to meet its overheads.
These consolidated financial statements have been prepared on a going concern basis which assumes the continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal course of business.
At 31 December 2020, the Group had a net cash position of $2.184m (31 December 2019 : $3.682m).The Group does not have any external borrowings or debts. The Group has a commitment to drill a well before the expiry of its production license in January 2022. The Group plans to fund the well through a farm-out. If the Group is not able to farm-out before January 2022, the Group is confident that it will be able to extend the production licenses and the associated commitment to drill the well. This is in line with previous extensions.
The Group’s board of directors have reviewed the Group’s forecasts for a period of no less than twelve months from the date of approval of these financial statements, the period to 31 March 2022.
Based on these forecasts, in the absence of a farm-out, the directors have identified that further funding may be required to cover administrative costs and licence fees beyond December 2021. Therefore, a material uncertainty exists which may cast significant doubt about the Group’s continued ability to operate as a going concern beyond December 2021.

Why haven't the other directors participated if it's a reasonable open offer?

What's concerning is that the other directors are not participating in the fundraising, which means they aren't taking up their rights in the 1 for 7 open offer. You'd think they would at least show some support.

Rookie, I need 30p for breakeven. Realistically, you will probably be able to buy below the placing price now we know BOR are no closer to funding. The board have been working on this for ages and everyone knows the economics.
Despite the rise in oil price, there appears to be still no willing partners to fund the project. It's a difficult project to finance and I'm not sure that BOR have that much more time. As we move into the rest of the year, with no further news, the sp will only slide with time running out at the end of the year. imho. I live in hope.

It's pretty clear that if there was any likely funding deal with a partner then the placing would not have been discounted at 1.3p. Why not at a premium of 2p or 2.5p if a deal is on the horizon? Only one director taking part ?? If this is the best they can come up with after all this time, it seem like last chance saloon and desperate to keep the lights on until the licence expires end of the year in the hope a white knight appears. I guess they tried to raise with existing investors or outside sources and they were only offered 0.5p, so Harry decided to put the money up instead or it would be curtains.

Trades today on LSE and AQSE
buys 1,085,218 v sells 1,455,699

Real volume is 603,113 buys v 417,763 sells.

Your trade went through on AQSE 39,768 @ 1.7451p
There's other trades on AQSE, including a sell of 397,090 @ 1.5135p

The extension up until end 31st December 2022 is a continued extension of the phase 1 exploration period which required 1 well to be drilled, which was the Darwin well. The second phase period has not been entered into yet. It is the second phase that will require funds which need to be demonstrated in order the get the second phase. The second phase requires another well to be drilled. I hope the board will update shortly on funding, but it is likely to be funding until the end of the year to remain as a going concern. I do hope they announce funding for the second phase of exploration which includes a well, but they don't have to come up with this until the end of the year, imho.
91,000 barrels is the highest that may be achieved. They will not produce 91,000 barrels a day for 25 years. It's impossible. Production rates will decline as the field depletes. Eventually the pressure drops to the point where no more can be produced. This is normal. Hence, it's impossible to recover 100% of the resource.

Guys, while I am enthusiastic about BOR's asset, like everyone else, let's keep realistic. There is no way all of the recoverable resource can be produced at Darwin. It is a resource not yet proved up to a reserve by appraisal drilling. Even then, as a verified reserve after an appraisal well, they will not be able to recover 100% of the resource. It's geologically impossible. At best you will get a 50-60% recovery from the reservoir, with dry gas re-injection wells. While I'm hopeful BOR can eventually get a partner or funding, the likely scenario is indicated by the 11 month licence extension, which has no funding obligations, as the extension has been granted without the need to demonstrate that BOR has funding. This means BOR are some way off closing any deal, even if there is one on the table. It will take a while still, imho.

I'm trying to decide if the management here are really going to deliver a decent deal on funding. We all know the merits of Darwin. It's about time they got a deal done. I've never mislead anyone. Everything I post is fact. It's just misinterpreted due to lack of understanding.