TIDMBOR
RNS Number : 8894N
Borders & Southern Petroleum plc
28 September 2023
28 September 2023
Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")
Unaudited Results for the six-month period ended 30 June
2023
Borders & Southern Petroleum plc (AIM: BOR) announces its
unaudited half year financial statements for the six months to 30
June 2023. The accounts contained within this report represent the
consolidation of Borders & Southern Petroleum plc and its
subsidiary, Borders & Southern Falkland Islands Limited.
Highlights
-- Operating loss for the period was $558,000 (2022: $857,000)
-- Cash balance on 30 June 2023 was $2.4 million (30 June 2022: $1.2 million)
An updated investor presentation will be uploaded to the
Company's website.
For further information, please visit www.bordersandsouthern.com
or contact:
Borders & Southern Petroleum Tel: 020 7661 9348
plc
Howard Obee, Chief Executive
Strand Hanson Limited (Nominated Tel: 020 7409 3494
Adviser)
Ritchie Balmer / James Bellman
SP Angel Corporate Finance LLP Tel: 020 3470 0470
(Broker)
Richard Hail / Adam Cowl
Tavistock (Financial PR) Tel: 020 7920 3150
Simon Hudson / Nick Elwes
Notes to Editors:
Borders & Southern Petroleum plc (AIM: BOR) is an oil &
gas exploration company listed on the AIM Market of the London
Stock Exchange. The Company operates and has a 100% interest in
three Production Licences in the South Falkland Basin covering an
area of nearly 10,000 square kilometres. The Company has acquired
2,517 square kilometres of 3D seismic and drilled two exploration
wells, making a significant gas condensate discovery with its first
well.
Chief Executive's Statement
The Company incurred a loss from operations for the six-month
period up to 30 June 2023 of $0.55 million (30 June 2022: $0.857
million). The Company's cash balance as of 30 June 2023 was $2.4
million (30 June 2022: $1.2 million). The cash balance reflects the
funds raised through a conditional Placing and Subscription
Agreement, initiated in the last quarter of 2022, and approved by
shareholders at a General Meeting in January 2023. Most of these
funds are held in a sterling treasury account. The Company
continues to be debt-free.
Global oil and gas prices have remained resilient throughout the
year. Brent crude has been trading within the range $70-$90, and
there are no obvious signs that it will weaken in the immediate
future.
As reported earlier in the year, the Company has been sharing
details of its technical and commercial work with potential
industry collaborators. This work highlights that, following
successful appraisal test results, a phased development of the
Darwin gas condensate discovery in the South Falkland Basin would
be economically attractive. This activity continues.
The Company's current project work is focused on technical and
commercial sensitivities associated with its initial three well,
phased development scheme for Darwin. This includes assessing
variations in production volumes that could allow us to take
advantage of FPSO vessels that are available for redeployment. All
our efforts continue to be focused on reducing project risks,
shortening cycle time, and advancing Darwin's monetisation.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2023
6 months 6 months 12 months
ended ended ended
30 June 30 June
2023 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
N otes $000 $000 $000
Administrative expenses (603) (747) (1,229)
--------------- -------------- --------------
LOSS FROM OPERATIONS (603) (747) (1,229)
Finance income 3 45 - (172)
Finance costs 3 - (110) 42
LOSS BEFORE TAX (558) (857) (1,359)
- - -
Tax expense
LOSS FOR THE PERIOD AND TOTAL
COMPREHENSIVE LOSS FOR THE
PERIOD ATTRIBUTABLE TO EQUITY
OWNERS OF THE PARENT (558) (857) (1,359)
=============== ============== ==============
Loss per share - basic and 2 (0.08) (0.15) (0.26) cents
diluted cents cents
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2023
At At At
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
$000 $000 $000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 7 9 -
Intangible assets 293,378 293,064 293,244
--------------- -------------- --------------
Total non-current assets 293,385 293,073 293,244
CURRENT ASSETS
Other receivables 494 383 576
Cash and cash equivalents 2,410 1,207 2,707
--------------- -------------- --------------
TOTAL CURRENT ASSETS 2,904 1,590 3,283
TOTAL ASSETS 296,289 294,663 296,527
=============== ============== ==============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables (105) (287) (565)
--------------- -------------- --------------
TOTAL LIABILITIES (105) (287) (565)
TOTAL NET ASSETS 296,184 294,376 295,962
=============== ============== ==============
EQUITY
Share capital 11,160 9,833 10,718
Share premium 310,527 308,993 310,195
Other reserve 1,788 1,778 1,778
Retained deficit (27,271) (26,212) (26,713)
Foreign currency reserve (20) (16) (16)
TOTAL EQUITY 296,184 294,376 295,962
=============== ============== ==============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2023
Foreign
Share Retained currency
Share capital premium Other Deficit reserve Total
reserve
$000 $000 $000 $000 $000 $000
Unaudited
Balance at 1 January 2023 10,718 310,195 1,778 (26,713) (16) 295,962
Total comprehensive loss
for the period - - - (558) (4) (562)
Issue of shares 442 332 10 - - 784
Balance at 30 June 2023 11,160 310,527 1,788 (27,271) (20) 296,184
============= ======== ======== ======== ========= =======
Unaudited
Balance at 1 January 2022 8,530 308,602 1,778 (25,355) (16) 294,561
Total comprehensive loss
for the period - - - (857) - (446)
Share Placement 1,303 391 1,693
----- ------- ----- -------- ---- -------
Balance at 30 June 2022 9,832 308,993 1,778 (26,213) (16) 294,376
===== ======= ===== ======== ==== =======
Audited
Balance at 1 January 2022 8,530 308,602 1,778 (25,354) (16) 293,540
Total comprehensive loss
for the year - - - (1,359) - (1,359)
Share Issue 2,188 1,593 - - - 3,781
Balance at 31 December
2022 10,718 310,195 1,778 (26,713) (16) 295,962
====== ======= ===== ======== ==== =======
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2023
12 months
6 months
ended 6 months ended
31 December
30 June 2023 ended 2022
30 June 2022
(unaudited) (unaudited) (audited)
Cash flow from operating $ $ $
activities
Loss before tax
Adjustments for: (558) (857) (1,359)
Depreciation - 13 22
Finance costs - 110 172
Cash flows used in operating
activities (558) (734) (1,165)
Decrease/ (increase) in
trade and other receivables 82 (200) (393)
(Decrease)/ increase in
trade and other payables (460) 161 452
Net cash outflow from
operating activities (936) (773) (1,106)
Cash flows used in investing
activities
Purchase of tangibles
fixed assets (7) - -
Purchase of intangible
fixed assets (134) (318) (498)
Net cash used in investing
activities (141) (318) (498)
Cash flows from financing
activities
Lease payments - (110) (13)
Share issue 784 1,693 3,781
Net cash generated from
financing activities 784 1,583 3,768
Net (decrease)/ increase
in cash and cash equivalents (293) 492 2,164
Cash, cash equivalents
and restricted use cash
at the beginning of the
period 2,707 714 714
Exchange gains on cash
and cash equivalents (4) 1 (172)
--------------- -------------- -------------
Cash, cash equivalents
and restricted use cash
at the end of the period 2,410 1,207 2,707
--------------- -------------- -------------
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
For the six months ended 30 June 2023
1. Basis of preparation
The unaudited condensed consolidated interim financial
statements have been prepared using the recognition and measurement
principles of International Accounting Standards, International
Reporting Standards and Interpretations as applied in accordance
with the provisions of the Companies Act 2006. The Group has not
elected to comply with IAS 34 "Interim Financial Reporting" as
permitted. The principal accounting policies used in preparing the
interim financial statements are unchanged from those disclosed in
the Group's Annual Report for the year ended 31 December 2022 and
are expected to be consistent with those policies that will be in
effect at the year end.
The condensed financial statements for the six months ended 30
June 2023 and 30 June 2022 are unreviewed and unaudited. The
comparative financial information does not constitute statutory
financial statements as defined by Section 435 of the Companies Act
2006. The comparative financial information for the year ended 31
December 2022 is not the company's full statutory accounts for that
period. A copy of those statutory financial statements has been
delivered to the Registrar of Companies. The auditors' report on
those accounts was unqualified and did include references to any
matters to which the auditors drew attention by way of emphasis
relating to going concern without qualifying their report and did
not contain a statement under section 498(2)-(3) of the Companies
Act 2006.
For the six-month reporting period up until 30 June 2023,
Borders & Southern had a loss from operations of $558,000 (a
loss for the same period in 2022 was $857,000). Administrative
expenses were $603,000 (2022: $747,000). The cash balance at the 30
June 2023 was $2.41 million compared with a balance of $1.20
million at 30 June 2022. The Company has no debt.
2. LoSS per share
The calculation of the basic loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period. Diluted loss
per share is not stated as the result would be ant-dilutive given
the loss in the period.
Loss after
tax for Weighted Loss
the period average number per share
$000 of shares (cents)
Basic and diluted
Six months ended 30 June 2023
(unaudited) (558) 730,814,138 (0.08)
Six months ended 30 June 2022
(unaudited) (857) 587,957,318 (0.15)
Twelve months ended 31 December
2022 (audited) (1,359) 596,766,841 (0.26)
3. FINANCE INCOME AND COSTS
6 months 6 months 12 months
ended
ended ended 31 December
30 June 30 June 2022
2023 2022 $000
$000 $000
Finance Income
Bank interest receivable 9 - -
Foreign exchange gain 36 - (172)
Finance costs
Foreign exchange loss - (110) -
Interest on leased assets - - -
--------- --------- -------------
45 (110) (172)
========= ========= =============
4. Going Concern
The Company regularly assesses its liquidity and available funds
to ensure that it has sufficient funds available to cover costs for
at least the following 12 months. This remained the case at 30 June
2023.
-ends-
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