The Chief Executive of Borders and Southern, the oil exploration company, issued a statement yesterday –
“We are now only a few months away from the start of our drilling programme in the Falkland Islands. Our project plan is on track and the logistics team are making good progress with mobilising equipment and supplies. An office has been set up in the Falklands and the supply base will be ready by the end of November. We have assembled a very experienced operations team of drilling superintendents, supervisors and engineers and they are already preparing for the arrival of the rig.
“We are currently anticipating a mid January start date for drilling, although this is still somewhat fluid due to the uncertainty of when the Leiv Eiriksson will finish its current operations in Greenland. Once the rig has left Greenland and has made good progress on its voyage to the Falklands, an announcement will be made with a more accurate estimate for the spud date of the first well.
“Our plan is to drill the Darwin prospect first (estimated recoverable resource of 300 to 760 million barrels), followed by Stebbing (estimated recoverable resource of 710 to 1,280 million barrels). As reported previously, our selected first two prospects are geologically independent, other than they require the same source rock to be present. Success or failure with the first well therefore has no impact on the second. Depending on the well outcomes, our extensive prospect inventory provides multiple follow-up options. These include look-a-like folds and tilted fault blocks along with alternative play types such as stratigraphically trapped basin floor fans.”
The company believes that it has sufficient funds to complete the two well programme, which is estimated to last approximately 90 days.