June 20, 2013
Malvinas: UK's oil firm announces end of drilling after disappointing results
After two disappointing results, Borders & Southern has officially completed its deep water drilling programme in the South Malvinas basin, the company announced today.
The company said well Stebbing has been “successfully plugged and abandoned,” bringing to an end the Company's current two well drilling programme.
According to the Borders & Southern, the Leiv Eiriksson drilling rig will now be assigned to Falkland Oil and Gas company in the East Falkland basin to drill for its two well programme after which it will be demobilised.
Meanwhile, Borders has yet to reveal the results of its analysis of the Darwin gas-condensate discovery, where it is currently assessing the relative liquid content.
The industry’s specialized press also reported today Oriel Securities downgraded Borders to “reduce”, saying that Darwin looks like a challenging development given the water depth and its distance from the islands.
It added that further resources need to be discovered to advance the project and the company is not funded for further drilling.