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Borders & Southern reports 'breakthrough' 2012

Borders & Southern Petroleum said 2012 was a "breakthrough year" for the company, with a successful drilling campaign and significant discovery in the Falkland Islands.

Borders & Southern Petroleum said 2012 was a "breakthrough year" for the company, with a successful drilling campaign and significant discovery in the Falkland Islands.

The group narrowed its loss before tax for the year ended December 31st 2012 to $1.1m from $1.7m the previous year.

During the period the firm made a gas condensate discovery at its first exploration well, Darwin, which was estimated to have a recoverable resource between 130m to 250m barrels.

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However, post-well studies, a re-evaluation of the seismic data and the development of new reservoir models suggest that it may be a conservative estimate.

"Last year Borders & Southern enjoyed its first taste of exploration success," said non-Executive Chairman Harry Dobson.

"In April 2012 the company announced a gas condensate discovery with its first exploration well. Subsequent post-well technical studies have endorsed our initial opinion that Darwin has the potential to develop into a significant field."

The company ended the year with a cash balance of $56m, compared to $176.7m in 2011.

Shares rose 7.35% to 18.25p at 13:13 on Monday.

RD

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