2nd Oct 2024 14:28
(Alliance News) - Borders & Southern Petroleum PLC on Wednesday announced it has raised GBP1.5 million to advance the development of its subsidiary Darwin Gas Condensate discovery.
Borders & Southern is a London-based independent oil and gas company with assets offshore the Falkland Islands.
Borders & Southern said it raised the sum through the placing and subscription of 100 million shares at 1.5 pence each, discounted from the closing mid-price of 1.8p as on October 1.
Shares were down 7.8% to 1.66p each in London on Wednesday afternoon.
The company noted that the fundraising received significant support from the majority of the board. Chair Harry Dobson, Chief Executive Officer Harry Baker, and non-executive directors Sean Guest and Will Hodson all participated and subscribed for a total of GBP505,000.
Borders & Southern said it will use the proceeds of the fundraising to advance the Darwin project towards appraisal of the Darwin discovery.
The proceeds will also fund the company's licence fees, discovery area fees, technical and commercial studies and general and administrative expenses.
Baker said: "We are seeking to bring in a partner to move Darwin forward by either testing Darwin East or drilling another target and, as previously stated, have engaged a new international advisor to assist in this process. The funds raised will assist the company in progressing this. We are encouraged by progress on the recently relaunched farm-out process thus far and look forward to providing further updates in the coming months."
By Lydia Doye, Alliance News reporter
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