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) […]
Tag: Falkland Islands
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 […]
Borders’ Falkland licences extended two years
Borders & Southern Petroleum plc has been granted a two-year extension for its production licences, including the Darwin gas condensate discovery area, offshore the Falkland Islands. APPLICATION Licences PL018, PL019 and PL020, due to expire on the 31 December 2022, are now valid until 31 December 2024. The Falkland Islands Government approved the company’s application […]
Borders targets £2.5m in 44% discounted fundraise
Borders & Southern Petroleum plc has raised £2.5 million before expenses through a firm placing and a conditional placing and conditional subscription. ISSUE PRICE Subject to the shareholder approval, the company will issue 142,857,138 new ordinary shares each at 1.75 pence, an approximate 44% discount to its closing price of 3.15 pence on 30 November […]
Rockhopper raises £5.75m via placing and subscription
Rockhopper Exploration plc has raised US$7 million (£5.75m) through a placing and subscription. DISCOUNT The company placed 82,182,776 units each at the issue price of 7 pence, which is a 12.5% discount to the closing price on 14 June 2022. Each unit comprises one new ordinary share and, for every two new ordinary shares subscribed for, […]
Borders mulls further fundraise
Borders & Southern Petroleum plc said it might need to raise additional funds before mid-2023 if it fails to find a farm-out partner for its oil and gas licences offshore Falkland Islands. FINANCES The company’s decision was included in its audited results for 12 months ended 31 December 2021, which showed its cash balance fell […]