Borders & Southern Rises by Most in Five Months on FalklandsBrian Swint
Borders & Southern Petroleum Plc rose the most in five months in London after raising estimates for a gas condensate discovery off the Falkland Islands.
The company jumped 14 percent, the biggest gain since Aug. 23, to 27.25 pence. The Darwin find may hold about 210 million barrels of gas condensate, a light crude associated with gas production, rather than the prior 190 million-barrel estimate.
Borders last year found gas and some oil in a drilling campaign south of the islands, two years after Rockhopper Exploration Plc made the first commercial discovery to the north of the archipelago Margaret Thatcher went to war to keep British in 1982. Darwin would be commercial at an oil price of $65 a barrel, according to a feasibility study commissioned by Borders. It’s looking for partners for its next drilling campaign as Brent crude trades at higher than $100 a barrel.
“We have a portfolio containing a very attractive discovery along with an exploration prospect inventory of quality and depth,” Borders Chief Executive Officer Howard Obee said in a statement. “The company is now moving into an exciting new phase, as we look to appraise the discovery and add to the discovered resources through further exploration.”
Falkland Oil & Gas Ltd., an explorer with licenses to the south of the islands, climbed 4.8 percent in London trading.