Aug. 2012 - Borders & Southern announced that well 61/25-1 (Stebbing) has been successfully plugged and abandoned, bringing an end to the Company's current two well drilling program. The Leiv Eiriksson (UDW semisub) drilling rig will now be assigned to Falkland Oil and Gas for its two well program at Loligo, after which it will be demobilized.

Jul. 2012 - Borders & Southern Petroleum has abandoned its Stebbing well in the South Falkland Basin because anomalous pressure conditions meant it was unable to reach the deeper zones it was targeting. The Stebbing well (61/25-1) was drilled to a total measured depth of 10,040 feet (3,060 meters) and encountered "very strong gas shows" in the Tertiary section of the drill. Petrophysical analyses of the logs suggest an interval of thin-bedded siltstones and claystones with a net-to-gross of 36-percent and an average porosity of 19 percent. However, Borders said that due to the thin-bedded character of this sequence it was not possible to obtain a clear indication of the fluid type or saturation. Although the geophysical anomalies identified on seismic are coincident with this zone containing hydrocarbons, Borders’ initial assessment is that this upper target is unlikely to be commercial. Consequently, Borders took the decision to cease drilling and now intends to plug and abandon the well. The Leiv Eiriksson rig (DW semisub) will be released.

May. 2012 - Borders & Southern has spud exploration well 61/25-1 at the Stebbing prospect in the Falkland Islands. The Stebbing prospect is a thrust cored anticline structure with an area of 33 square miles (85 square kilometers). Objectives comprise Tertiary and Upper Cretaceous sandstone reservoirs. The well duration is estimated to be 49 days.

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.