Borders & Southern Petroleum plc has been granted two further years for its three offshore production licences, including the Darwin discovery area, in the South Falkland Basin.
APPRAISAL
PL018, PL019 and PL020, due to expire at the end of this year, are now valid until 31 December 2026.
The company continues its search for a partner to appraise the gas condensate discovery, containing “462 million barrels of recoverable liquids with material upside in adjacent structures”.
“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,” said chief executive Harry Baker.
Earlier this month Borders raised £1.5 million to advance the project which covers nearly 10,000km2.
The company has to date acquired 2,517km2 of 3D seismic and drilled two exploration wells.