Jan. 2013 - In 4Q 2012 Borders and Southern commissioned a study to determine if Darwin East and Darwin West were technically viable as stand-alone developments. Results indicate that it is feasible to develop them individually, in parallel, or phased in spite of the harsh environment and lack of local infrastructure. The study also indicated that the most likely development option be through subsea wells tied back to an FPSO for processing and storage of condensate. Gas would be re-injected into the formation to enhance liquid recovery. The company's next step is to prove up the recoverable resources through appraisal drilling and well testing.

Aug. 2012 - Borders & Southern received positive results from the fluid analysis performed on samples from Well 61/17-1 located offshore the Falkland Islands. The initial condensate yield from the Darwin gas samples, as measured in a laboratory separator test, varies from 123 to 140 stb/MMscf. The API gravity of the condensate is 46 to 49 degrees. Based on the condensate yield and ongoing reservoir modeling, the Company estimates the recoverable volume of condensate to be 130 to 250 million barrels with a mid-case of 190 million barrels. The company will now move forward with the acquisition of additional 3D seismic data in 2013 and explore the best way to fund an exploration and appraisal campaign.

Apr. 2012 - Borders & Southern has made a gas discovery in the 61/17-1 well on the Darwin East prospect in the South Falkland Basin. The well, reaching a total depth of 16,000 feet (4,876 meters), encountered good hydrocarbon shows from 15,200 to 15,780 feet (4,633 to 4,810 meters). The main reservoir interval comprises good quality massive sandstone and is found to be 277 feet (84.5 meters) thick with net pay of 222 feet (67.8 meters). Fluid samples from the reservoir have been recovered and will be brought back to the UK for analysis. The operator will complete wireline logging operations, plug and abandon the well, then move the Leiv Eiriksson rig (DW semisub) on to the Stebbing prospect.

Mar. 2012 - Borders & Southern reports that although drilling operations on Darwin East are going according to design, technical issues with equipment on the Leiv Eiriksson (UDW semisub) may result in another four to five weeks of activity on well 61/17-1. The operator said rig issues were resolved and drilling is progressing. Further announcements are anticipated once the well reaches total depth and wireline log interpretations are completed.

Feb. 2012 - Borders & Southern Petroleum have spud exploratory well 61/17-1, which is designed to test the Darwin East prospect off the Falkland Islands. The prospect is a fault/dip closed structure with lower Cretaceous sandstone, reservoir target. Additionally, the exploration well will investigate geophysical attributes that include a flat spot, amplitude conformance to structure and an AVO (amplitude versus offset) anomaly. The Leiv Eiriksson (UDW semisub) is drilling the well and should take roughly 45 days to complete. Darwin East is located in the South Falklands Basin in the South Atlantic, about 87 miles (140 kilometers) south of the Falkland Islands.

Sep. 2011 - Borders & Southern anticipates a mid-January spud start-date at its Darwin prospect, followed by the Stebbing prospect. According to the company, the start-date is still fluid due to uncertainty on when semisub Leiv Eriksson will conclude its current Greenland operations. These two prospects are geologically separate other than requiring the same source rock to be present, stated the operator. The two-well program, located off the Falkland Islands, is estimated to take nearly 90 days.

May. 2011 - Borders & Southern Petroleum has signed a new contract with Ocean Rig for the provision of mobile drilling services using the Leiv Eiriksson instead. The drilling unit will mobilize to the Falkland Islands in the South Atlantic to commence the company's two-well drilling program by year-end.

Nov. 2010 - Borders & Southern Petroleum has signed a contract with Ocean Rig UDW to use the Eirik Raude semisub, a dynamically positioned, harsh environment semisubmersible. Once the rig completes its current drilling schedule, the drilling unit will mobilize to the Falkland Islands to commence Borders & Southern's two-well drilling program. The two wells, Darwin and Stebbing, are estimated to take about 45 days each. The contract allows for up to three well options. The rig will begin the two-well drilling program off the Falkland Islands after it completes its current contract in West Africa in October 2011.

Nov. 2010 - Borders & Southern Petroleum has signed a Letter of Intent with Ocean Rig UDW Inc. to use the Eirik Raude semisub. Under the terms of the contract, Borders & Southern is committed to drill two firm wells on the Darwin and Stebbing prospects, and has up to three option wells. The rig is scheduled for mobilization to the Falkland Islands in the fourth quarter 2011. The Darwin and Stebbing prospects are estimated to have P50 recoverable oil volumes of 300 million and 710 million barrels, respectively.