Borders & Sth. Regulatory News (BOR)

8 Dec 2005 11:00

Borders & Southern Petroleum plc08 December 2005 For release at 11.00 a.m. 8 December 2005 Borders & Southern Petroleum plc AGM Update At the annual general meeting of Borders & Southern Petroleum plc ("theCompany") a presentation to shareholders is being given. A copy of thepresentation is available on the Company's web site atwww.bordersandsouthern.com. The presentation includes a map showing the new 2-Dseismic lines shot on behalf of the Company and selected seismic lines showingthe types of structures identified. Howard Obee, Chief Executive said; "The seismic has identified frontal folds,tilted fault blocks, sub-thrust closures and stratigraphic traps. None of theseplay types have been tested in the South Falkland Basin. "Our initial review has identified many structures, more than anticipated, andsome leads have a mapped area of closure up to 140 sq km. We have also seenextensive evidence for gas hydrates and many "amplitude anomalies" throughoutthe acreage, some of which are associated with the simple folds. These may beindicative of hydrocarbons. "The Company's ongoing project work includes structural modelling, gravity andmagnetic modelling, thermal and geochemical modelling and will lead intoreserves calculations, risk analysis and economic analysis. "Our tasks over the next few months will be to complete the technical evaluationand generate a ranked prospect inventory, defining the 10 top ranked prospects.We also need to increase awareness of the South Falkland Basin to the industry.In the medium term we will need to decide whether to place our own 3D seismiccontract or farmout acreage during 2006 with the intention of being able to havea target drilling programme for 2007." For further information please contact: Howard Obee Simon Hudson/Richard SunderlandChief Executive Tavistock CommunicationsBorders & Southern Petroleum plc Tel: 020 7920 3150Tel: 020 7661 9348 Notes to Editors B&S was formed as a public limited company in June 2004. At that time, theCompany submitted an application for its first project, offshore explorationacreage (19,598 square kilometers) in the South Falkland Basin, southeast of theFalkland Islands. The Company was subsequently granted five production licencesby the Governor of the Falkland Islands with effect from 1 November 2004. This information is provided by RNS The company news service from the London Stock Exchange