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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
