Borders & Southern Petroleum plc Operations Update / New Investor Presentation (8882M)
2023年1月17日 - 4:00PM
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RNS Number : 8882M
Borders & Southern Petroleum plc
17 January 2023
17 January 2023
Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")
Operations Update
New Investor Presentation
Borders & Southern Petroleum plc (AIM: BOR), the London
based independent oil and gas exploration company with assets
offshore the Falkland Islands, is pleased to provide an update on
its activities in the Falkland Islands.
The Company has designed a phased development concept for its
large gas condensate discovery (Darwin), located to the south of
the Falkland Islands and had it validated in a new independent
engineering study by an international engineering consultancy. The
objectives were threefold: to generate a production profile that
would require relatively low initial capital expenditure; to
deliver accelerated payback; and to allow expansion of the
production profile from free cash flow. We believe this has been
achieved, and in this regard, an updated investor presentation will
be uploaded to the Company's website giving further details of this
development concept. The material points are highlighted below.
The preliminary development would focus on Darwin East. Assuming
appraisal well flow rates meet reservoir modelling expectations,
then initial production of 26,000 bpd could be achieved from two
production wells and one gas injector well. The recently
commissioned independent facilities engineering report validated
the development concept, confirming that a conventional FPSO
development concept could be utilised, typical of global deep water
petroleum field developments. The proposed subsea components and
topsides processing technologies would all be standard industry
technology. The report also provided up to date cost estimates, per
the below.
Assuming the FPSO is leased, the capital requirement, excluding
contingency, for the drilling, subsea, and project costs is
estimated to be approximately $640 million. Based on Management's
scoping study economic modelling, payback could be achieved within
two years of first production (assuming $60/bbl oil price). This
changes to one year with a $90/bbl oil price. The project economics
are positively impacted by the high-quality reservoir with
favourable fluid properties that does not require a large number of
development wells, the application of a conventional FPSO
development and the attractive fiscal terms set by the Falkland
Islands Government.
Following the initial exploitation phase, project expansion
could occur from free cash flow by drilling further production
wells on Darwin East and the full development of Darwin West.
Several options have been identified that could, subject to certain
assumptions, elevate production towards 70,000 bpd.
The Company believes that this new phased development concept
with accelerated payback, presents an attractive opportunity for
industry collaborators and will help attract the necessary funding
to advance this exciting project.
For further information, please visit www.bordersandsouthern.com
or contact:
Borders & Southern Petroleum plc
Howard Obee, Chief Executive
Tel: 020 7661 9348
Strand Hanson Limited (Nominated Adviser)
Ritchie Balmer / James Bellman
Tel: 020 7409 3494
SP Angel Corporate Finance LLP (Broker)
Richard Hail / Adam Cowl
Tel: 020 3470 0470
Tavistock (Financial PR)
Simon Hudson / Nick Elwes
Tel: 020 7920 3150
Notes to Editors:
Borders & Southern Petroleum plc is an oil & gas
exploration company listed on the London Stock Exchange AIM (BOR).
The Company operates and has a 100% interest in three Production
Licences in the South Falkland Basin covering an area of nearly
10,000 square kilometres. The Company has acquired 2,517 square
kilometres of 3D seismic and drilled two exploration wells, making
a significant gas condensate discovery with its first well.
-ends-
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