30th Oct 2024 14:32
Borders & Southern Petroleum PLC - oil and gas company with assets offshore the Falkland Islands - Extends its PL018, PL019 and PL020 production licences by two years to December 31, 2026, as granted by the Falkland Islands government. The licences include the Darwin discovery area.
Chief Executive Officer Harry Baker says: "Our prime focus continues to be the monetisation of the Darwin Gas condensate discovery that contains 462 million barrels of recoverable liquids plus material upside in adjacent structures by identifying a suitable partner to appraise it. The licence extensions will allow us to continue our search for a partner and move the Darwin discovery forward by either testing Darwin East or drilling another target. We strongly believe that the upstream energy industry is rebalancing from [environmental, social & governance] and renewable energy, and is once again investing in upstream exploration with renewed interest in play-opening frontier locations and seeking attractive opportunities, like Darwin".
Current stock price: 1.81 pence, up 2.0% in London on Wednesday afternoon
12-month change: down 31%
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.