www.bordersandsouthern.com  01 Borders & Southern Petroleum plc Annual Report & Accounts 2014 HIGHLIGHTS STRATEGIC  REPORT DIRECTORS’  REPORT F INANCIAL  S T ATEMENTS • 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. For more information please visit:  www.bordersandsouthern.com 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