Monday, April 23, 2012

Borders and Southern makes 'significant' new Malvinas discovery

Explorer Borders & Southern said it made a significant discovery of gas condensate off the coast of the Malvinas Islands, adding to hopes that the British-governed archipelago will be transformed into a new oil producing region.

Borders & Southern said today that a well drilled on the Darwin prospect off the south coast of the Falklands found valuable gas condensate, a liquid which often trades at a premium to crude oil.

"It is too early to give an accurate resource estimate, but this large simple structure, with a seismic amplitude anomaly measuring 26 square kilometres, is likely to contain significant volumes," the company said in a statement.

Borders & Southern said in September that the Darwin prospect could contain an estimated recoverable resource of between 300 million to 760 million barrels.