Borders & Sth. Regulatory News (BOR)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, THE UNITED STATES (OR TO ANY U.S. PERSON), CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION EU NO. 596/2014, AS RETAINED AND APPLICABLE IN THE UK PURSUANT TO SECTION 3 OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

10 March 2022

Borders & Southern Petroleum plc

("Borders & Southern" or the "Company")

Open Offer to raise up to approximately US$1.2 million (£0.9 million)

Borders & Southern (AIM: BOR), a London-based independent oil and gas exploration company, is pleased to announce that, further to the Company's announcement on 4 March 2022 regarding a fundraising to raise up to US$1.8 million, the Company will tomorrow be posting a Circular to Qualifying Shareholders regarding the Open Offer of up to 69,156,914 Open Offer Shares in the Company at the Issue Price of 1.3 pence per Open Offer Share to raise up to approximately US$1.2 million (£0.9 million) before expenses.

Pursuant to the Open Offer, Qualifying Shareholders will be given the opportunity to subscribe for:

1 Open Offer Share for every 7 Existing Ordinary Shares

held by each Qualifying Shareholder on the Record Date.

Any Open Offer Shares not subscribed for by Qualifying Shareholders will be available to Qualifying Shareholders under the Excess Application Facility and as such, Qualifying Shareholders seeking to limit their dilution from the Subscription can also request additional Open Offer Shares under the Excess Application Facility. The Open Offer is not being underwritten. 

The Open Offer is conditional, inter alia, upon the passing of the Resolutions by Shareholders at the General Meeting of the Company to be held on 6 April 2022.

Posting of Circular 

Further details regarding the Open Offer are available in the Circular, which is expected to be posted tomorrow to Qualifying Shareholders, along with the Application Form (where applicable).   The Circular will also be made available on the Company's website: https://www.bordersandsouthern.com/investor-relations/

Notice of General Meeting

A notice convening a General Meeting of the Company will be set out at the end of the Circular. The General Meeting is being convened for 11.00 a.m. on 6 April 2022 at the offices of Wedlake Bell LLP at 71 Queen Victoria Street, London EC4V 4AY.

Capitalised terms used in this announcement have the meanings given to them in the Circular, unless the context provides otherwise.

For further information please visit www.bordersandsouthern.com or contact:

Expected timetable of principal events:

Notes to Editors:

Borders & Southern Petroleum plc is an oil & gas exploration company listed on AIM, a market operated by the London Stock Exchange (AIM: BOR). The Company operates and has a 100% interest in three Production Licences in the South Falkland Basin covering an area of nearly 10,000 square kilometres. The Company has acquired 2,517 square kilometres of 3D seismic data and has drilled two exploration wells, making a significant gas condensate discovery with its first well. 

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