Borders & Southern Petroleum PLC - independent oil and gas explorer focused on the Falkland Islands - Raises £2.5 million to advance studies in its wholly-owned Darwin Gas Condensate discovery. It raises £1.85 million through a firm placing of 105.7 million shares, £350,000 via conditional subscription direct with Chair Harry Dobson at 20.0 million shares and £300,000 via conditionally placing 17.1 million shares.

‘This fundraising will allow us to advance further technical and commercial studies for a potential appraisal and development of Darwin via a conventional floating production storage & offloading and phased development concept,’ says Chief Executive Officer Howard Obee.

CEO Obee adds: ‘This is a period of elevated world-wide energy prices and increasing global exploration & production activity and Darwin is a large undeveloped discovery with attractive scoping economics. We look forward to reporting on the phased development concept as our studies progress.’

Current stock price: 2.01 pence, down 36% on Wednesday

12-month change: up from 0.64p each on November 30, 2021

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