Borders & Southern Petroleum plc has raised gross £1,860,000 via a 3% discounted placing of 39,157,895 new ordinary shares and £140,000 through a subscription for 2,947,368 new ordinary shares. DIRECTORS The placing, at 4.75 pence per share, is with “various UK and European institutional investors”, directors, management as well as existing and new sophisticated investors. […]
Tag: Darwin gas condensate discovery
Borders issues 500,000 shares in warrant exercise
Borders & Southern Petroleum plc has issued 500,000 new ordinary shares in the company following an exercise of warrants over 500,000 new ordinary shares of 1 pence each. DARWIN The exercise price of 1.5 pence per warrant share gives the company an aggregate £7,500. Following admission, Borders’ total issued share capital of the company will […]
Borders given more time for Falkland licences
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 […]
Borders & Southern raises £1.5m
Borders & Southern Petroleum plc has raised £1.5 million before expenses by issuing 100m new ordinary shares at a 16.67% discounted price of 1.5 pence per new ordinary share. DIRECTORS DEALINGS The fundraise comprised placing 69,666,666 ordinary shares and subscription of 30,333,334 ordinary shares. Non-executive chairman Harry Dobson subscribed for 28m shares taking his total […]
Borders increases cash as farm-out talks continue
Borders & Southern Petroleum plc has nearly quadrupled its cash balance as talks continue for a farm-out for its licences, including the Darwin gas condensate discovery, offshore Falkland Islands. FINANCES Audited annual results for 2022 showed $4 million (£3.2m) raised before expenses through two capital raises. The company’s cash balance increased to $2.7m (2021: $0.71m) […]
Borders outlines $640m Darwin development concept
Borders & Southern Petroleum plc said its design had been independently validated for a phased development concept for the large gas condensate offshore discovery of Darwin, south of the Falkland Islands. DESIGN The company aims to generate a production profile requiring relatively low initial capital expenditure; deliver accelerated payback; and allow expansion of the production […]