Borders & Sth. Regulatory News (BOR)

5 April 2022

Borders & Southern Petroleum Plc

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

Result of Open Offer

On 4 March 2022, Borders & Southern Petroleum plc (AIM: BOR.L) announced that the Company had conditionally raised US$600,000 by way of a Subscription for 34,702,000 new Ordinary Shares. The Company also announced an Open Offer to existing shareholders to raise up to US$1.2 million through the issue of up to 69,156,914 new Ordinary Shares.

The Company is pleased to announce that the Open Offer was oversubscribed. As a result, the Company has raised a total, including the Subscription, of £1.35 million (US$1.8 million), before expenses, through the issue of a total of 103,858,914 new Ordinary Shares. Due to the oversubscription, excess applications under the Open Offer will be scaled back as set out in the Company's circular dated 11 March 2022.

The issue of the Subscription Shares and the Open Offer Shares is conditional on the passing of two Resolutions at the General Meeting tomorrow. The Company will announce the result of the General Meeting after it has concluded.

Unless otherwise defined, capitalised terms have the same meaning as per the Company's circular dated 11 March 2022.

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

Notes:

Borders & Southern Petroleum plc is an oil & gas exploration company listed on 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 2,862 km of 2D seismic, 1,492 square kilometres of 3D seismic and drilled two exploration wells, making a gas condensate discovery with its first well.