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29 Nov 2010 07:00
29 November 2010
Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")
Rig Contract
Further to our announcement on 11 November 2010, Borders & Southern Petroleum plc (AIM: BOR) is pleased to announce that it has signed a contract with Ocean Rig UDW Inc. for the provision of mobile drilling rig services using the Eirik Raude drilling unit, a dynamically positioned, harsh environment semi-submersible. On completion of its current contract in West Africa in October 2011, the rig will be mobilised to the Falkland Islands to commence our two well drilling programme. The wells on our Darwin and Stebbing prospects are currently estimated to take approximately 45 days each. The contract allows for up to three option wells.
Within the last year, Borders & Southern has appointed a drilling manager for the campaign and has contracted AGR Peak Well Management Ltd to perform well engineering, procurement, service contracting and operations supervision. Initial well designs for Darwin and Stebbing are already well advanced and we expect to order subsea wellhead systems and casing strings shortly. Detailed well planning and the contracting of third party services will also commence shortly.
Chief Executive Howard Obee commented: "We are delighted to have signed this contract. It represents a significant milestone for the Company and is the culmination of an intense period of technical and contractual effort. The Eirik Raude is a high specification, harsh environment rig that is ideally suited for our work programme."
For further information please visit www.bordersandsouthern.com or contact:
Borders & Southern Petroleum plc Howard Obee, Chief Executive | 020 7661 9348 |
Panmure Gordon (UK) Limited Katherine Roe / Callum Stewart | 020 7459 3600 |
Tavistock Communications Simon Hudson | 020 7920 3150 |
Notes:
Borders & Southern Petroleum plc, a London Stock Exchange AIM quoted company, is engaged in 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 sq km of 3D seismic.
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