Borders & Southern Petroleum plc has nearly quadrupled its cash balance as talks continue for a farm-out for its licences, including the Darwin gas condensate discovery, offshore Falkland Islands.
FINANCES
Audited annual results for 2022 showed $4 million (£3.2m) raised before expenses through two capital raises.
The company’s cash balance increased to $2.7m (2021: $0.71m)
Administrative expense for the year amounted to $1.2m (2021: $1.1m) while operating losses rose slightly to $1.3m (2021: $1m).
Post period, the company raised before expenses a further $780,000 (£650,000).
Borders & Southern’s number of ordinary shares in issue totals 730,814,456.