Last checked at 11 Nov 2010 07:00
11 November 2010
Borders & Southern Petroleum plc
(or "the Company")
Letter of Intent
Borders & Southern Petroleum plc is pleased to announce that the Company has signed a Letter of Intent with Ocean Rig UDW Inc. for the provision of mobile drilling rig services using the Eirik Raude drilling unit. The contract is subject to final documentation. Under the terms of the contract the Company is committed to drill two firm wells (to be used for testing the Darwin and Stebbing prospects) and has up to three option wells.
The rig, currently active in West Africa, is a dynamically positioned, harsh environment semi-submersible. On completion of its drilling programme the rig will be mobilised to the Falkland Islands in the fourth quarter 2011.
More details will be provided on signature of the contract.
Contacts:
Borders & Southern Petroleum plc 020 7661 9348
Howard Obee, Chief Executive
www.bordersandsouthern.com
Tavistock Communications 020 7920 3150
Simon Hudson
Notes:
Borders & Southern Petroleum plc, a London Stock Exchange AIM listed (BOR) company, is engaged in the exploration for oil and gas. The Company is focused on frontier or emerging basins where there is potential to identify and commercialise high value prospects. Its project in the Falkland Islands comprises five Production Licences (100% interest) in the South Falkland Basin covering an area of nearly 20,000 square kilometres. The Company has acquired 2,862 km of 2D seismic and 1,492 sqkm of 3D seismic. It is currently planning its first drilling campaign.