AIM-listed hydrocarbon explorer Borders & Southern (B&S) says that the exploration well 61/17-1, south of the Falklands, was spudded yesterday.
The well, which is the first of a two-well exploration programme on licence PL018, is designed to test the Darwin East prospect, "a fault / dip closed structure with a Lower Cretaceous sandstone reservoir target".
"The well will investigate geophysical attributes that include a flat spot, amplitude conformance to structure and an AVO anomaly," B&S said.
Subscribe to 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
Operations are expected to take around 45 days and the group says it will make a further announcement once the well has reached total depth and the interpretation of wireline logs has been completed.
Shares rose 2.95% to 69.75p in early trading.
BC
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
