![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Borders & Southern Petroleum | AQSE:BOR.GB | Aquis Stock Exchange | Ordinary Share | GB00B08F4599 | Ordinary Shares 1p |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.95 | 2.20 | 3.70 | 2.95 | 2.95 | 2.95 | 0.00 | 07:00:12 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBOR
RNS Number : 9238Z
Borders & Southern Petroleum plc
24 September 2020
24 September 2020
Borders & Southern Petroleum plc
("Borders & Southern" or 'the Company")
Unaudited Results for the six-month period ended 30 June 2020
Borders & Southern Petroleum plc (AIM: BOR) is pleased to announce its unaudited interim financial statements for the six months to 30 June 2020. The accounts contained within this report represent the consolidation of Borders & Southern Petroleum plc and its subsidiary, Borders & Southern Falkland Islands Limited.
Chief Executive's Statement
The Company reports a loss from operations of $579,000 for the six-month period ending 30 June 2020. This compares to $820,000 for the corresponding period last year. The cash balance at 30 June 2020 was $2,560,000 (30 June 2019: $4,407,000), with no debt.
Tough economic conditions have prevailed throughout the first part of the year and in response to this we have made additional cutbacks to the 2020 budget. The Company has always maintained a low overhead, outsourcing many of its non-core disciplines. But further savings have been made, including staff salaries. Executive directors have taken a 50% reduction in salary since 2019. Our objective has been to preserve cash during this industry downturn.
The low oil price, currently around $40 per barrel, has resulted in a dramatic fall in exploration and appraisal activity within the industry, along with a decrease in capital expenditure on new developments. In this setting we have continued our farm-out pursuit. Our endeavors have been far reaching, not only having discussions with other oil companies, but also exploring potential collaborations with service and engineering companies. We continue to investigate all options.
Undoubtedly, within the current climate we face a significant challenge, like so many companies our size. This year, our industry has faced an oil supply surplus coupled with a decrease in demand due to the Covid-19 global pandemic, at a time when the world is starting to transition towards renewable energy. Many commentators believe that hydrocarbons will continue to play a very important role during the transition, but we will potentially see a high-grading of new developments, based on quality of reservoir, break-even oil price and environmental footprint. We believe that Darwin stands out on this basis, with its break-even oil price of less than $35 per barrel, quick payback, excellent reservoir and a relatively small environmental footprint. We therefore remain optimistic that progress towards appraisal and development will be achieved.
For further information, please visit www.bordersandsouthern.com or contact:
Borders & Southern Petroleum plc Howard Obee, Chief Executive Tel: 020 7661 9348 Strand Hanson Limited (Nominated & Financial Adviser) James Spinney / Ritchie Balmer / Georgia Langoulant Tel: 020 7409 3494 Mirabaud Securities Limited (Broker) Peter Krens Tel: 020 7878 3362 Tavistock (Financial PR) Simon Hudson / Nick Elwes Tel: 020 7920 3150
Notes to Editors:
Borders & Southern Petroleum plc is an oil & gas exploration company listed on the London Stock Exchange AIM (BOR). 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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2020
12 months ended 6 months 6 months 31 December ended ended 2019 30 June 30 June (audited) 2020 2019 (unaudited) (unaudited) N otes $000 $000 $000 Administrative expenses (579) (820) (1,447) LOSS FROM OPERATIONS (579) (820) (1,447) Finance income 3 2 17 88 Finance expense 3 (144) (17) (11) LOSS BEFORE TAX (721) (820) (1,370) Tax expense - - - LOSS FOR THE PERIOD AND TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT (721) (820) (1,370) =============== =============== ============== Loss per share - basic and 2 (0.15) (0.17) (0.28) diluted cents cents cents
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2020
At At At 31 December 2019 30 June 30 June (audited) 2020 2019 (unaudited) (unaudited) $000 $000 $000 ASSETS NON-CURRENT ASSETS Property, plant and equipment 71 102 118 Intangible assets 292,019 291,675 291,765 Total non-current assets 292,090 291,777 291,883 CURRENT ASSETS Other receivables 363 416 233 Cash and cash equivalents 2,560 4,407 3,682 --------------- --------------- -------------- TOTAL CURRENT ASSETS 2,923 4,823 3,915 TOTAL ASSETS 295,013 296,600 295,798 =============== =============== ============== LIABILITIES CURRENT LIABILITIES Trade and other payables (171) (489) (235) Current tax liability - - - --------------- --------------- -------------- TOTAL LIABILITIES (171) (489) (235) TOTAL NET ASSETS 294,842 296,111 295,563 EQUITY Share capital 8,530 8,530 8,530 Share premium 308,602 308,602 308,602 Other reserve 1,777 1,775 1,777 Retained deficit (24,051) (22,780) (23,330) Foreign currency reserve (16) (16) (16) TOTAL EQUITY 294,842 296,111 295,563 =============== =============== ==============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2020
Share Share premium Other Foreign Total capital reserve Retained currency $000 $000 Deficit reserve $000 $000 $000 $000 Unaudited Balance at 1 January 2020 8,530 308,602 1,777 (23,330) (16) 295,563 Total comprehensive loss for the period - - - (721) - (721) Balance at 30 June 2020 8,530 308,602 1,777 (24,051) (16) 294,842 ======== ============= ======== ========== ========= ======= Unaudited Balance at 1 January 2019 8,530 308,602 1,775 (21,960) (16) 296,931 Total comprehensive income for the period - - - (820) - (820) Balance at 30 June 2019 8,530 308,602 1,775 (22,780) (16) 296,111 ===== ======= ===== ======== ==== ======= Audited Balance at 1 January 2019 8,530 308,602 1,775 (21,960) (16) 296,931 Total comprehensive loss for the year - - - (1,370) - (1,370) Recognition of share based payments - - 2 - - 2 ----- ------- ----- -------- ---- ------- Balance at 31 December
2019 8,530 308,602 1,777 (23,330) (16) 295,563 ===== ======= ===== ======== ==== =======
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2020
12 months ended 6 months 6 months 31 December ended ended 2019 30 June 30 June (audited) 2020 2019 (unaudited) (unaudited) Cash flow from operating activities $ $ $ (Loss) before tax Adjustments for: (721) (820) (1,370) Depreciation 47 97 92 Share-based payment - - 2 Net finance costs/(income) (142) - (77) Realised foreign exchange gains - - 27 (532) (723) (1,326) Cash flows used in operating activities (Increase)/decrease in trade and other receivables (130) (156) 29 (Decrease)/increase in trade and other payables (8) 72 (176) Net cash outflow from operating activities (138) (807) (1,473) Cash flows used in investing activities Interest received 2 17 27 Purchase of intangible fixed assets (254) (308) (398) Purchase of tangible fixed assets - - (11) Net cash used in investing activities (252) (301) (382) Cash flows from financing activities Lease interest (5) (104) (11) Lease payments (56) (10) (112) (61) (114) (123) Net decrease in cash and cash equivalents (983) (1,212) (1,978) Cash, cash equivalents and restricted use cash at the beginning of the period 3,682 5,626 5,626 Exchange losses on cash and cash equivalents (139) (7) 34 --------- ----------- ----------- Cash, cash equivalents and restricted use cash at the end of the period 2,560 4,407 3,682
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2020
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 2019 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 2020 and 30 June 2019 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 2019 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 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 are not stated as the dilution would relate only to share options and would be considered anti-dilutive.
Loss after Weighted Loss tax for average per share the period number of (cents) $000 shares Basic and diluted Six months ended 30 June 2020 (unaudited) (721) 484,098,484 (0.15) Six months ended 30 June 2019 (unaudited) (820) 484,098,484 (0.17) Twelve months ended 31 December 2019 (audited) (1,370) 484,098,484 (0.28) 3. FINANCE INCOME AND EXPENSE Finance income 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2019 2020 2019 $000 $000 $000 Bank interest receivable 2 17 27 Foreign exchange (loss)/gain (139) (7) 61 Interest on leased assets (5) (10) (11) (142) - 77 ========= ========= ============= 4. Going Concern
The Company regularly assesses its liquidity and available funds to ensure that it has sufficient funds available to cover its costs for at least the following 12 months. As mentioned in the Chief Executive's statement, costs have been recently cut to ensure this remains the case.
-ends-
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR FLFSEASIVFII
(END) Dow Jones Newswires
September 24, 2020 02:00 ET (06:00 GMT)
1 Year Borders & Southern Petro... Chart |
1 Month Borders & Southern Petro... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions