28th Aug 2026 17:23
(Alliance News) - Borders & Southern Petroleum PLC shares fell on Friday after the company said it welcomed the news of accelerated developments at the Sea Lion oil project operated by Navitas Petroleum LP and Rockhopper Exploration PLC.
The company congratulated Tel Aviv-based Navitas and England-based Rockhopper on their progress at the project, located offshore north of the Falkland Islands. "The commitment to secure a second floating production, storage, and offloading and the concomitant substantial capital committed, reinforces the irrevocable journey the Falkland Islands is making to becoming a new oil province," Borders & Southern said.
Shares in the London-based oil and gas exploration company closed down 4.8% at 11.80 pence in London on Friday.
Borders & Southern added that it has a 100% interest in all its production licences, located south of the Falkland Islands and centred around the Darwin discovery project.
The company commented: "After a decade of under investment by the major oil companies, there has been a plethora of mergers and acquisitions transactions along the Atlantic margins over the past 18 months as 'big oil' looks to replace their declining reserves. De-risked resources of Darwin's scale are few and far between and are highly attractive to the oil industry."
Borders & Southern said it continued to engage with multiple third parties to seek farm-out partners and said "significant progress" had been made.
By Camilla Borri, Alliance News reporter
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Related Shares:
Borders & Sth.Rockhopper