Borders & Southern gets extension to Falkland Islands licences

Borders & Southern Petroleum announced on Monday that it has been granted an extension to its Falkland Islands licences.

The AIM-traded firm said production licences PL018, PL019 and PL020, which grant exclusive rights for surveying, drilling and production within the specified area, were due to expire on 31 October.

In light of the approaching expiry date, the company said it applied for, and had now been granted, an extension to those licences by the Falkland Islands government.

“The new expiry date for the licences will be 31 January 2022, which brings them in line with the expiry date for the company's Darwin Discovery Area licence,” the board said in its statement.

“There is no additional work programme commitment associated with the licence extension.”

At 1538 GMT, shares in Borders & Southern Petroleum were up 4.17% at 0.62p.