Business
Half Year Results
Half Year Results.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n Borders & Southern Petroleum plc\n28 September 2007\n\n\nFor Immediate Release 28 September 2007\n\n\n\n Borders & Southern Petroleum Plc\n ('Borders & Southern' or 'the Company')\n\n\n Unaudited interim results for the six months ended\n\n 30 June 2007\n\n\n\nBorders & Southern Petroleum Plc (AIM: BOR) is pleased to announce its interim\nresults for the six months to 30 June 2007. The accounts contained within this\nreport represent the consolidation of Borders & Southern Petroleum Plc and its\nsubsidiary Borders & Southern Falkland Islands Limited. These figures are\npresented under IFRS for the first time.\n\n\n\nOperating highlights during the period\n\n\n • Continued the technical evaluation of the Company's Falkland Islands\n Production Licences with particular emphasis on the high impact leads\n • Planned and completed an Invitation to Tender for a 3D survey over\n high-graded leads\n • Ongoing screening and evaluation of new opportunities\n • Cash balance as at 30 June 2007 is £9.4 million (30 June 2006 : £9.9\n million)\n\n\nPost Balance Date Events\n\n\n • Raised £15 million (pre costs) in capital raising at 30p per share\n • Entered into agreement with PGS for approximately 1,500km of 3D seismic\n • Additional capital raising: PGS subscribed for 16,656,670 new shares at\n 30p per share to raise US$10 million (approx. £5 million)\n\n\n\nChief Executive, Howard Obee said: 'During the first six months of the year the \nCompany consolidated its technical evaluation of its Falklands Islands \nProduction Licences and began to focus on the high impact leads. The Board \ndecided that the best way to further reduce the technical risks ahead of \ndrilling was to acquire an extensive 3D survey over the most attractive leads.'\n\nHe added: 'The next 12 months will be an exciting time for the Company as we get\ngreater clarity on the value of our acreage and prepare the groundwork for the \ndrilling phase.'\n\nFor further information, please call:\n\nHoward Obee, Chief Executive Christopher Caldwell Clemmie Carr / \n Simon Hudson\nBorders & Southern Petroleum plc Insinger de Beaufort Tavistock Communications\nTel: 020 7661 9348 Tel: 020 7190 7022 Tel: 020 7920 3150\n\n\nChief Executive's Statement\n\n\nDuring the first six months of the year the Company consolidated its technical\ne...