Retail Offer

Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in Appendix II of the Placing Announcement (as defined below), unless the context requires otherwise.

Borders & Southern (AIM: BOR), the London based independent oil and gas company with assets offshore of the Falkland Islands is pleased to announce a retail offer to existing retail shareholders of the Company via the BookBuild Platform to raise up to £0.2 million through the issue of new Ordinary Shares in the capital of the Company. Under the Retail Offer, up to 4,210,526 new Ordinary Shares will be made available at a price of 4.75 pence per Retail Offer Share.

In addition to the Retail Offer, the Company is also conducting a placing and subscription of New Ordinary Shares at the Placing Price. A separate announcement has been made on 20 February 2025 at 7:00a.m. (the "Placing Announcement") regarding the Placing and the Subscription and their terms which also sets out the reasons for the Fundraising and the use of Fundraising proceeds. The Retail Offer is not part of the Placing and the Subscription and completion of the Placing and the Subscription is not conditional on the completion of the Retail Offer.

The Placing Price represents a discount of approximately 3 per cent. to the Closing Price of 4.9 pence per Ordinary Share on 19 February 2025, being the latest practicable date prior to the publication of this announcement.

The Retail Offer is wholly conditional upon, inter alia, the Resolutions, which are required to implement the Fundraising, being duly passed by Shareholders at the General Meeting and Admission of the New Ordinary Shares to trading on AIM. Subject to the passing of the Resolutions, application will be made to the London Stock Exchange for admission of the New Ordinary Shares. It is expected that admission of the New Ordinary Shares will become effective and that dealings in the New Ordinary Shares will commence on or around 20 March 2025.

Use of Proceeds

Expected Timetable of Principal Events

Each of the times and dates set out in the above timetable and mentioned in this announcement are subject to change by the Company, in which event details of the new times and dates will be notified by an announcement through a Regulatory Information Service, as the case may be.

Dealing Codes

Retail Offer

The Company values its retail shareholder base. Given the support of retail shareholders, the Company believes that it is appropriate to provide its retail shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available in the United Kingdom through the financial intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/Y75L6Q/authorised-intermediaries

The Retail Offer will be open to eligible investors in the United Kingdom immediately following this announcement. The Retail Offer is expected to close at 4:30pm on 21 February 2025. Investors should note that financial intermediaries may have earlier closing times. The Retail Offer may close early if it is oversubscribed.

There is a minimum subscription of £100.00 per investor under the terms of the Retail Offer which is open to investors in the United Kingdom subscribing via the intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/Y75L6Q/authorised-intermediaries

Further information on the Company can be found on its website at: www.bordersandsouthern.com

The Company's LEI is 2138003IZDI5FDRT6348.

UK Product Governance Requirements

EU Product Governance Requirements