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I get it, thanks. I'm wondering if someone is building a position to take this out on the cheap via Calgary.

Thanks. It would be nice to see some buys.

Yeah thought so. There is no buying to create competition with the bidder. If they keep feeding the bid then hopefully the order is nearly filled and if it's Mr Calgary we get an RNS. He can't be far away. He's picked up a few over the last weeks. 6m is 1%, so must be near that figure. What's L2 like? Not much on the Ask?

How much is left?

I take it no one went to the AGM.

Someone's taken a 7% interest in Rockhopper this morning.

Phil, yes it's a deterrent. Navitas ignored Argentina and have been banned from working there for 20 years for farming into Sea Lion. I guess they thought the Falklands is more attractive financially and resource wise. The majors will weigh up the potential of the Falklands and the fiscal regime compared to Argentina and their banning offshore exploration aswell as seizing assets back to the state. Is Argentina worth their hassel, when there is billions of untapped barrels on BOR's acreage and a sensible government with low corporation tax and royalties, particularly when you look at the low entry cost for an already world class discovery and the need for LNG.

I reckon Mr Calgary mopped up over 500k today. 8% on it's way.

With a Mcap of £18m, a major will snap this up. They need projects like Darwin. Governments are now telling oil companies to go and find projects and invest for the long term as we need LNG. Darwin's fast production profile and the current oil price is just what majors are looking for. Can't be long before they enter commercial discussions. Navitas already in, others won't want to miss out..Falklands as a whole the place to build a huge production and export hub. It's out the way and safe and gas can go East/West, North/South globally.

Conventional deep water FPSO development of Darwin
East – target initial production of 25,000 bpd.
Project expansion through additional wells on Darwin East, then full development of Darwin West.

https://www.bordersandsouthern.com/media/pdf/AGM.June2022.pdf

Phased Development - 2 wells, 1 gas injection well - 25,000 bbls/d
Full Field development - 6 production wells, 4 gas injection wells - 90,000 bbls/d

Huge production profile at Darwin.
25,000 bbls/d at $100 = $2.5m a day revenue / $875m pa.
90,000 bbls/day at $100 = $9m a day revenue / $3.15b pa.

At least they have an active farmout. We know they like the data. Data room open.

How can they have so many billions of barrels of P50 prospects along with Darwin already proving the basin for HC's and no one farming in? Oil at $110 and staying there, LNG crisis for the next few years, no one able to get LNG unless they pay extortionate rates. An asset of billions of barrels in a safe location just sitting there.

The Board believe that the Darwin project can make a valuable contribution to energy security during the energy
transition. It can be developed with a small environmental footprint, produce lower carbon emissions than many global alternatives and provide significant economic benefit to all its stakeholder.

Near field prospects: > 1 billion bbl**
Other structural / stratigraphic: > 6.5 billion bbl**
** Management estimated un-risked P50 prospective resource

Greater than 6.5 billion barrels. How big?

It's still low volume here. Must be below Mr Calgary's average so expect he is accumulating any sells from impatient holders. Some printed buys would be nice to show that he's still accumulating. The LNG situation is going to be very acute this winter and beyond. new supply is desperately needed to come on stream. The board need to act fast, whether to get a farm-out completed or project investment for early production. Market screaming for LNG and BOR have load of it with high production rates. Something got to give soon.

Thanks Gus. I presume it is Calgary bidding for stock. Getting nearer 8%.

When's the buying going to start again?

I wanted to know if Harry gave any indication at the AGM on discussions with partners and if they have any partner(s) in advanced discussions.

Out of all the Falkland oilies I'd much rather be in BOR.

At the end of the Outlook statement.
"Recognising that growth will require funding, the Board has been investigating sources of parallel investment which would reduce the call on Scirocco's balance sheet in the short term by bringing in third party capital alongside Scirocco balance sheet cash."