First step for “Falkland Islands as an oil and gas producing region,” BOR Petroleum
BOR continues to focus on its Darwin prospect in the South Falkland Basin, where it holds 100% interest in three Production Licenses, covering nearly 10,000 square kms
Borders & Southern Petroleum plc (AIM:BOR) said that the Navitas/Rockhopper on its final investment decision (FID) for the Sea Lion development project represents the first step toward establishing the Falkland Islands as an oil and gas producing region.
Borders & Southern, which holds exploration and appraisal assets in the South Falkland Basin, is not a partner in the Sea Lion project but views the development as significant for the broader Falklands oil industry.
Harry Baker, CEO of Borders & Southern, called the decision a transformational moment for all stakeholders in the Falkland Islands in the company statement.
Borders & Southern continues to focus on its own Darwin prospect in the South Falkland Basin, where it holds 100% interest in three Production Licences covering nearly 10,000 square kilometers. The company has previously reported that its Darwin discovery contains recoverable liquids estimated at over 460 million barrels.
The announcement was made via a regulatory news service filing to the London Stock Exchange.
