AIM-listed oil and gas exploration company Borders & Southern Petroleum has reported that the PGS vessel Ramform Challenger has commenced the company's 3D seismic programme in the South Falkland Basin.
Located approximately 140km south of the Falkland Islands and covering an area in excess of 1,000 square kilometres, the survey is situated in an area known as 'Quad 61', which is adjacent to the company's 2007/2008 3D survey.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company reported that the 3D programme has been designed to "evaluate a number of fault/dip closed structures similar to the Darwin discovery, tracking the high quality shallow marine sands that comprise the Darwin reservoir".
Additional objectives are to further investigate the Early Cretaceous slope fan system and to identify new prospects in areas where current data coverage is low, the company added.
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.
Borders & Southern Petroleum's share price was unchanged at 21.50p at 11:52 on Tuesday following a morning high of 23.06p.
MF
-
ChatGPT turns three: what’s next for the ‘AI era’?Three years after its launch kickstarted the age of AI, ChatGPT and its maker OpenAI are driving the stock market. But concerns are growing over whether OpenAI will be able to turn its AI dominance into profit.
-
What to do with old £1 coinsThe old one pound coin was demonetised in 2017, but there are still millions out there in the UK. Here’s what to do if you find an old £1.
