Borders & Southern Petroleum (LSE:BOR), the London-based oil and gas explorer with 100% interests in appraisal and exploration licences offshore the Falkland Islands, said progress by Navitas and Rockhopper on the Sea Lion project reinforces confidence in the basin's prospects.
The company highlighted Rockhopper's capital raise, completed at a minimal discount, to fund its share of additional capital expenditure tied to securing a second floating production, storage and offloading (FPSO) vessel for Sea Lion.
Borders & Southern said the commitment of substantial capital to that project points to the Falklands' maturing status as a new oil province.
The company holds a 462 million barrel (P50) recoverable liquid hydrocarbons discovery across its acreage, which it frames against a wave of merger and acquisition activity along the Atlantic Margins over the past 18 months, as major oil companies seek to replace declining reserves after a decade of underinvestment.
Borders & Southern said resources of this scale, already de-risked, remain scarce and attractive to the industry.
The company said it continues to engage with multiple third parties in its farm-out process, with significant progress made, and will update the market when that process concludes.
