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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Borders & Southern Petroleum Plc | LSE:BOR | London | Ordinary Share | GB00B08F4599 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.79 | 2.50 | 3.08 | 16,911 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 42k | -1.36M | -0.0019 | -14.68 | 20.39M |
From Apr 2019 to Apr 2024
TIDMBOR
RNS Number : 0453P
Borders & Southern Petroleum plc
27 September 2013
27 September 2013
Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")
Unaudited interim financial statements for the six months ended 30 June 2013
Borders & Southern Petroleum Plc (AIM: BOR) announces its interim financial statements for the six months to 30 June 2013.
Highlights
-- Acquired 1,025 square kilometres of 3D seismic -- Received fast track processed seismic and completed initial interpretation -- Planning for the next drilling campaign underway -- Farmout process is progressing -- Cash balance as of 30 June 2013: $24.46 million
For further information please visit www.bordersandsouthern.com or contact:
Howard Obee, Chief Executive Borders & Southern Petroleum plc Tel: 020 7661 9348 Callum Stewart/Adam James Panmure Gordon (UK) Limited Tel: 020 7886 2500 Simon Hudson / Kelsey Traynor Tavistock Communications Tel: 020 7920 3150
Chief Executive's Statement
Activity during the first half of this year has focused on reservoir engineering studies of the Darwin discovery, the acquisition and processing of new 3D seismic, well planning for the next drilling campaign and the initiation of a farmout of the Company's acreage.
Reservoir engineering has concentrated on building more sophisticated models to incorporate detailed mapping of faults and internal reservoir facies variations in the light of our enhanced understanding of the fluid properties. Well information and mapped seismic attributes have been used to weight modelled reservoir properties. This work will continue and will again be modified once we have received the reprocessed 3D seismic data next year. The work will ultimately result in revised estimated recoverable volumes for the discovery and provide final drilling locations for appraisal wells.
Fast track processed data from the 3D seismic survey completed earlier in the year, has been received and interpreted. Not only does the new data confirm our understanding of the potential of prospects such as Covington, it also provides valuable new insights into the regional geology. Amplitude anomalies, which occur at the same level as the Darwin reservoir, appear very encouraging. Additional amplitude anomalies observed at a slightly younger stratigraphic level than the Darwin reservoir look intriguing. The full assessment of these anomalies will be undertaken on the final product. It is hoped that the merged reprocessed 2008 3D seismic and the new fully processed 2013 seismic will be ready by the end of the first quarter next year.
Planning for the next drilling campaign is underway. Conceptual well designs for appraisal and exploration wells have been completed. Working with other Falkland Island Operators we have completed a market enquiry for a suitable rig. Whilst there is a possibility for the joint operations to commence in the fourth quarter 2014, the most likely timing for the next drilling campaign is 2015. In order to participate in a shared rig programme the Company needs to secure a partner. Our farmout process is in progress and we will report further in due course.
----------------
Borders & Southern Petroleum Plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2013
Hot Features
Premium
12 months
ended
6 months 6 months 31 December
ended ended 2012
30 June 30 June (audited)
2013 2012
(unaudited) (unaudited)
Notes $ $ $
Administrative expenses (1,388,347) (1,237,093) (3,125,685)
--------------- ---------------
loss from operations (1,388,347) (1,237,093) (3,125,685)
Finance income 3 40,254 159,721 2,023,224
Finance expense 3 (2,011,254) - -
LOSS BEFORE TAX (3,359,347) (1,077,372) (1,102,461)
Tax expense - - (178,043)
LOSS FOR THE PERIOD AND TOTAL
COMPREHENSIVE LOSS FOR THE
PERIOD ATTRIBUTABLE TO EQUITY
OWNERS OF THE PARENT (3,359,347) (1,077,372) (1,280,504)
=============== =============== ===============
Loss per share - basic and 2 (0.7) (0.2) cents (0.3) cents
diluted cents
Borders & Southern Petroleum Plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2013
At
At At 31 December
2012
30 June 30 June (audited)
2013 2012
(unaudited) (unaudited) $
$ $
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 16,278 20,773 20,773
Intangible assets 285,289,156 230,313,934 258,011,250
Total non-current assets 285,305,434 230,334,707 258,032,023
CURRENT ASSETS
Other receivables 1,088,298 1,755,844 1,544,557
Restricted use cash 4 30,730 60,191,585 44,715,158
Cash and cash equivalents 24,457,160 62,461,656 11,719,899
--------------- --------------- ---------------
TOTAL CURRENT ASSETS 25,576,188 124,409,085 57,979,614
TOTAL ASSETS 310,881,622 354,743,792 316,011,637
=============== =============== ===============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables (1,567,243) (42,529,315) (3,527,721)
Current tax liability (178,043) - (178,043)
--------------- --------------- ---------------
TOTAL LIABILITIES (1,745,286) (45,529,315) (3,705,764)
TOTAL NET ASSETS 309,136,336 312,214,477 312,305,873
EQUITY
Share capital 8,530,461 8,530,461 8,530,461
Share premium Other reserve 308,602,131 308,602,131 308,602,131
1,797,369 1,313,031 1,607,559
Retained deficit (9,777,229) (6,214,750) (6,417,882)
Foreign currency reserve (16,396) (16,396) (16,396)
TOTAL EQUITY 309,136,336 312,214,477 312,305,873
=============== =============== ===============
Borders & Southern Petroleum Plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2013
Foreign
Share Share premium Other Retained currency
capital account reserve Deficit reserve Total
$ $ $ $ $ $
Unaudited
Balance at 1 January
2013 8,530,461 308,602,131 1,607,559 (6,417,882) (16,396) 312,305,873
Total comprehensive
loss for the period - - - (3,359,347) - (3,359,347)
Recognition of share
based payments - - 189,810 - - 189,810
Balance at 30 June 2013 8,530,461 308,602,131 1,797,369 (9,777,229) (16,396) 309,136,336
========= ============= ========= ============= ========= =============
Unaudited
Balance at 1 January
2012 7,675,453 238,034,095 1,046,565 (5,137,378) (16,396) 241,602,339
Total comprehensive
income for the period - - - (1,077,372) - (1,077,372)
Issue of ordinary shares 855,008 70,568,036 71,423,044
Recognition of share
based payments - - 266,466 - - 266,466
Balance at 30 June 2012 8,530,461 308,602,131 1,313,031 (6,214,750) (16,396) 312,214,477
========= =========== ========= =========== ======== ===========
Audited
Balance at 1 January
2012 7,675,453 238,034,095 1,046,565 (5,137,378) (16,396) 241,602,339
Total comprehensive
loss for the year - - - (1,280,504) - (1,280,504)
Issue of ordinary shares 855,008 70,568,036 - - 71,423,044
Recognition of share
based
payments - - 560,994 - - 560,994
--------- ----------- --------- ----------- -------- -----------
Balance at 31 December
2012 8,530,461 308,602,131 1,607,559 (6,417,882) (16,396) 312,305,873
========= =========== ========= =========== ======== ===========
Borders & Southern Petroleum Plc
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2013
12 months
ended
6 months 6 months 31 December
ended ended 2012
30 June 30 June (audited)
2013 2012 (unaudited)
(unaudited)
Cash flow from operating $ $ $
activities
Loss before tax
Adjustments for: (3,359,347) (1,077,372) (1,102,461)
Depreciation 4,495 4,000 4,000
Share-based payment 189,810 266,466 560,994
Finance income (40,254) (159,721) (2,023,224)
Finance expense 2,011,254 - 532,591
(1,194,042) (966,627) (2,028,100)
Decrease/(Increase) in trade
and other receivables 456,259 (211,741) (454)
(Decrease) / increase in
trade and other payables (1,960,478) 41,199,203 11,248
Tax paid - - -
Net cash (outflow) / inflow
from operating activities (2,698,261) 40,020,835 (2,017,306)
Cash flows used in investing
activities
Interest received 40,254 66,214 225,545
Purchase of intangible assets (27,277,906) (165,670,414) (191,181,369)
Purchase of property, plant
and equipment - (4,144) (4,144)
---------------- ---------------- -----------------
Net cash used in investing
activities (27,237,652) (165,608,344) (190,959,968)
(29,935,913) (125,587,509) (192,977,274)
---------------- ---------------- -----------------
Cash flows from financing
activities
Proceeds from issue of shares - 71,423,044 71,423,044
Net (decrease) / increase
in cash and cash equivalents (29,935,913) (54,164,465) (121,554,230)
Cash, cash equivalents and
restricted use cash at the
beginning of the period
/ year 56,435,057 176,724,199 176,724,199
Exchange (losses) / gains
on cash and cash equivalents (2,011,254) 93,507 1,265,088
---------------- ---------------- -----------------
Cash , cash equivalents
and restricted use cash
at the end of the period 24,487,890 122,653,241 56,435,057
Borders & Southern Petroleum Plc
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2013
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 adopted for use in the European Union (collectively EU IFRSs). 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 2012 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 2013 and 30 June 2012 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 2012 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, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.
2. LOSS per share
The calculation of the basic earnings 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 dilution would relate only to share options.
(Loss) Weighted (Loss)
after tax average per share
for number of cent
the period shares
$
Basic and diluted
Six months ended 30 June 2013
(unaudited) (3,359,347) 484,098,484 (0.7)
Six months ended 30 June 2012
(unaudited) (1,077,372) 442,071,503 (0.2)
Twelve months ended 31 December
2012 (audited) (1,280,504) 463,145,812 (0.3)
3. FINANCE INCOME AND EXPENSE
Finance income Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012
2013 2012 $
$ $
Bank interest receivable 40,254 66,214 225,545
Foreign exchange gain - 93,507 1,797,679
40,254 159,721 2,023,224
========== ========== =============
Finance expense Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012
2013 2012 $
$ $
Exchange loss on cash 2,011,254 - -
========== ========== =============
4. RESTRICTED USE CASH
The Company has placed funds with a bank as security for a letter of credit issued in favour of a company providing it services. As payment for these services is made, these funds will be released to the Company
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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