Borders & Southern Petroleum announces that is has successfully placed 55,320,000 million new ordinary shares at £0.84 per share with institutional shareholders to raise £46,468,800 million before expenses.
These funds will be used to acquire additional 3D seismic within the Company’s existing acreage, to enable further analysis of the results of the Darwin East well and for general working capital purposes, including further contingency funds for the upcoming exploration well.
Howard Obee, Chief Executive of Borders & Southern said: “We are delighted to announce the success of this conditional fundraising. The proceeds of the Placing will strengthen our already robust balance sheet and allow Borders & Southern to complete additional work including additional seismic and analysis to better understand the recent drilling results.”
Borders & Southern Petroleum plc is an oil & gas exploration company listed on the AIM Market of the London Stock Exchange (BOR). The Company operates and has a 100% interest in five Production Licences in the South Falkland Basin covering an area of nearly 20,000 square kilometres. The Company has acquired 2,862 km of 2D seismic, 1,492 square kilometres of 3D seismic and drilled one exploration well.
Offshore Energy Today Staff, April 26, 2012