Business
Results for six month period ended 30 June 2019
Results for six month period ended 30 June 2019.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n \nRNS Number : 6931N Borders & Southern Petroleum plc 26 September 2019 \n\n26 September 2019\n \nBorders & Southern Petroleum plc\n(\"Borders & Southern\" or \"the Company\")\n \nUnaudited Results for the six month period ended 30 June 2019\n \nBorders & Southern Petroleum Plc (AIM: BOR) is pleased to announce its unaudited interim financial statements for the six months to 30 June 2019. The accounts contained within this report represent the consolidation of Borders & Southern Petroleum Plc and its subsidiary Borders & Southern Falkland Islands Limited. \n \nChief Executive's Statement\n \nThe Company reports an operating loss for the six-month period ending 30 June 2019 of $820,000 (compared to a loss for the corresponding period last year of $961,000). The cash balance at 30 June 2019 was $4.4 million (30 June 2018: $6.8 million), with the majority of the Company's funds continuing to be held in Sterling. The Company does not hold any debt.\n \nWith the help of our advisors we are actively pursuing a farm-in partner for our Darwin project. Industry reach has been extensive and we continue to present our robust technical and commercial proposition to new companies. The external environment remains challenging despite the relative recovery in oil price. Global conventional exploration drilling is recovering slowly but is still significantly below the level seen in 2012. However, discoveries in 2019 have increased, including a significant amount in deep water, which is helping to provide a more positive sentiment. The Board remains confident that the Company will secure funding for the next phase of drilling and further updates will be made as and when appropriate.\n \nIn order to support our farm-out activities we continue to improve our sub-surface technical case. During the past six months we have refined our channel / fan prospects and leads, enhancing our palaeogeographical reconstructions of the Lower Cretaceous. Moving forward we aim to concentrate on detailed structural and stratigraphic analysis of the Darwin reservoir. One of the key objectives of this work will be to evaluate potential additional hydrocarbon pools (some of which have seismic amplitude support) that have been identified adjacent to the Darwin East and West fault blocks. The current un...