News Oil & Gas

Borders increases cash as farm-out talks continue

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.