Finance News Oil & Gas

Borders to raise $1.8m for Falkland licences

Borders & Southern plc said it planned to raise US$1.8 million (£1.35m) to appraise and develop its Darwin gas-condensate discovery off the Falkland Islands.

Operator: Borders & Southern holds three production licences covering nearly 10,000km2 (Borders & Southern)

FUNDRAISING

The money will also be used for general working capital.

The company added it intended to raise $600,000 (£450,000) in a subscription solely involving chairman Harry Dobson for 34,702,000 new ordinary share at a price of 1.3 pence.

This represents a discount of 25% to the closing mid-market price of 1.73 pence on 3 March 2022.

Borders & Southern also aims to raise $1.2m (£900,000) through an open offer of up to 69,156,926 new ordinary shares. 

The company’s other directors Howard Obee, Peter Fleming and William Hodson are not participating in the proposed fundraising.

LICENCES

Borders & Southern holds a 100% equity interest and operatorship in three production licences in the Falkland Islands covering nearly 10,000km2.

The licences are located approximately 150km southeast of the islands.