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## HIGHLIGHTS 

• Sub-surface evaluation of the Darwin discovery and near-field exploration is delivering new insights. 

• Recent technical studies have allowed an upwards revision of Darwin’s estimated resource. The unrisked P50 estimate for wet gas in place is 3.5 tcf. The unrisked P50 estimate for the recoverable resource is 360 million barrels of condensate. 

• Preliminary well planning for an appraisal drilling programme has been completed. 

• Discussions with companies with respect to the farm-out of our acreage have continued. 

• Cash balance as of 31 December 2014: $16 million. 

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THE COMPANY HAS MADE A REALLY EXCITING DISCOVERY. OUR AIM IS TO APPRAISE THE DISCOVERY AND ADD TO IT BY FURTHER EXPLORATION DRILLING. 

HOWARD OBEE, CHIEF EXECUTIVE OFFICER 

For more information please visit: www.bordersandsouthern.com 

