TIDMBOR
RNS Number : 4540N
Borders & Southern Petroleum plc
30 September 2021
30 September 2021
Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")
Unaudited Results for the six-month period ended 30 June
2021
Borders & Southern Petroleum plc (AIM: BOR) announces its
unaudited half year financial statements for the six months to 30
June 2021. The accounts contained within this report represent the
consolidation of Borders & Southern Petroleum plc and its
subsidiary, Borders & Southern Falkland Islands Limited.
Highlights
-- An application to extend the current phase of the Falkland Islands licences has been submitted
-- Operating loss for the period was $446,000 (2020: $721,000)
-- Cash balance on 30 June 2021 was $1.35 million (30 June 2020: $2.56 million)
Chief Executive's Statement
The current phase of the Company's Falkland Islands Production
Licences (PL018, PL019, PL020) and its Discovery Area Licence are
due to expire at the end of January 2022. An application has been
submitted to the Falkland Islands Executive Council requesting an
extension to all licences. As part of the approval process the
Company will have to demonstrate that it can meet its financial
obligations under the terms of the licences.
For the six-month reporting period up until 30 June 2021,
Borders & Southern incurred a loss from operations of $446,000
(loss for the same period in 2020 was $721,000). Administrative
expenses were $546,000 (2020: $579,000). The cash balance at 30
June 2021 was $1.35 million compared with a balance of $2.56
million at 30 June 2020. The Company has no debt.
Given the decreasing cash balance, it is likely that additional
funds will be sought before the end of January 2022 in order to
meet licence and working capital needs and in order to meet the
"going concern" tests of the 2021 year-end audit.
During the last six months the Company has undertaken a
re-marketing initiative to attract partners. This work is in
progress. We have always emphasised the outstanding sub-surface
characteristics of the project, the quality of the reservoir and
its exceptional imaging, but to support the current farmout,
technical work has focused on defining different development
options, early production possibilities and minimising the
environmental impact of a development.
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 and Joint
Broker)
James Spinney / Ritchie Balmer / Abigail Wennington
Tel: 020 7409 3494
Auctus Advisors LLP (Joint Broker)
Jonathan Wright
Tel: 07711 627449
Tavistock (Financial PR)
Simon Hudson / Nick Elwes
Tel: 020 7920 3150
Notes to Editors:
Borders & Southern Petroleum plc (AIM: BOR) is an oil &
gas exploration company listed on the AIM Market of the London
Stock Exchange. 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 2021
6 months 6 months 12 months
ended ended ended
30 June 30 June
2021 2020 31 Dec 2020
(unaudited) (unaudited) (audited)
N otes $000 $000 $000
Administrative expenses (546) (579) (1,046)
-------------- -------------- --------------
LOSS FROM OPERATIONS (546) (579) (1,046)
Finance income 3 101 2 55
Finance costs 3 (1) (144) (11)
LOSS BEFORE TAX (446) (721) (1,002)
- - -
Tax expense
LOSS FOR THE PERIOD AND TOTAL
COMPREHENSIVE LOSS FOR THE
PERIOD ATTRIBUTABLE TO EQUITY
OWNERS OF THE PARENT (446) (721) (1,002)
============== ============== ==============
Loss per share - basic and 2 (0.09) (0.15) (0.21) cents
diluted cents cents
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2021
At At At
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
$000 $000 $000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 88 71 151
Intangible assets 292,494 292,019 292,241
-------------- -------------- --------------
Total non-current assets 292,582 292,090 292,392
CURRENT ASSETS
Other receivables 361 363 225
Cash and cash equivalents 1,352 2,560 2,184
-------------- -------------- --------------
TOTAL CURRENT ASSETS 1,713 2,923 2,409
TOTAL ASSETS 294,295 295,013 294,801
============== ============== ==============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables (180) (171) (240)
-------------- -------------- --------------
TOTAL LIABILITIES (180) (171) (240)
TOTAL NET ASSETS 294,115 294,842 294,561
============== ============== ==============
EQUITY
Share capital 8,530 8,530 8,530
Share premium 308,602 308,602 308,602
Other reserve 1,777 1,777 1,777
Retained deficit (24,778) (24,051) (24,332)
Foreign currency reserve (16) (16) (16)
TOTAL EQUITY 294,115 294,842 294,561
============== ============== ==============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2021
Foreign
Share Retained currency Total
Share capital premium Other Deficit reserve
reserve
$000 $000 $000 $000 $000 $000
Unaudited
Balance at 1 January 2021 8,530 308,602 1,777 (24,332) (16) 294,561
Total comprehensive loss
for the period - - - (446) - (446)
Balance at 30 June 2021 8,530 308,602 1,777 (24,778) (16) 294,115
============= ======== ======== ========== ========= =======
Unaudited
(23 ,330
Balance at 1 January 2020 8,530 308,602 1,777 ) (16) 295,563
Total comprehensive loss (7 21
for the period - - - ) - (721)
Balance at 30 June 2020 8,530 308,602 1,777 (24,051) (16) 294,842
===== ======= ===== ======== ==== =======
Audited
Balance at 1 January 2020 8,530 308,602 1,777 (23,330) (16) 295,563
Total comprehensive loss
for the year - - - (1,002) - (1,002)
Balance at 31 December
2020 8,530 308,602 1,777 (24,332) (16) 294,561
===== ======= ===== ======== ==== =======
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2021
12 months
6 months
ended 6 months ended
30 June 31 December
2021 ended 2020
30 June
(unaudited) 2020 (unaudited) (audited)
Cash flow from operating activities $ $ $
(Loss) before tax
Adjustments for: (446) (721) (1,002)
Depreciation 63 47 95
Net finance (income) / costs (100) 142 (43)
Realised foreign exchange gains - - 2
(483) (532) (948)
Cash flows used in operating activities
(Increase)/decrease in trade and
other receivables (136) (130) 8
Increase/(decrease) in trade and
other payables 5 (8) (61)
Net cash outflow from operating activities (131) (138) (1,000)
Cash flows used in investing activities
Interest received - 2 2
Purchase of intangible fixed assets (253) (254) (476)
Net cash used in investing activities (253) (252) (474)
Cash flows from financing activities
Lease interest (1) (5) (11)
Lease payments (65) (56) (62)
Net cash used in financing activities (66) (61) (73)
Net decrease in cash and cash equivalents (933) (983) (1,547)
Cash, cash equivalents and restricted
use cash at the beginning of the
period 2,184 3,682 3,682
Exchange gains on cash and cash equivalents 101 (139) 49
------------- ------------------- -------------
Cash, cash equivalents and restricted
use cash at the end of the period 1,352 2,560 2,184
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
For the six months ended 30 June 2021
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 as applied in accordance
with the provisions of the Companies Act 2006. 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 2020 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 2021 and 30 June 2020 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 2020 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 and did include references to any
matters to which the auditors drew attention by way of emphasis
relating to going concern without qualifying their report and did
not contain a statement under section 498(2)-(3) of the Companies
Act 2006.
For the six-month reporting period up until 30 June 2021,
Borders & Southern had a loss from operations of $446,000 (a
loss for the same period in 2020 was $721,000). Administrative
expenses were $546,000 (2020: $579,000). The cash balance at the 30
June 2021 was $1.35 million compared with a balance of $2.56
million at 30 June 2020. The Company has no debt.
Given the decreasing cash balance it is likely that additional
funds will be sought before the end of January 2022 in order to
meet licence and working capital needs and in order to meet the
"going concern" tests of the 2021 year-end audit.
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 is not stated as the result would be ant-dilutive given
the loss in the period.
Loss after
tax for Weighted Loss
the period average number per share
$000 of shares (cents)
Basic and diluted
Six months ended 30 June 2021
(unaudited) (446) 484,098,484 (0.09)
Six months ended 30 June 2020
(unaudited) (721) 484,098,484 (0.15)
Twelve months ended 31 December
2020 (audited) (1,002) 484,098,484 (0.21)
3. FINANCE INCOME AND COSTS
6 months 6 months 12 months
ended
ended ended 31 December
30 June 30 June 2020
2021 2020 $000
$000 $000
Finance Income
Bank interest receivable - 2 2
Foreign exchange gain 101 - 53
101 2 55
Finance costs
Foreign exchange loss
Interest on leased assets - 139 -
1 5 11
--------- --------- -------------
1 144 11
========= ========= =============
4. Going Concern
The Company regularly assesses its liquidity and available funds
to ensure that it has sufficient funds available to cover costs for
at least the following 12 months. This remained the case at 30 June
2021, however, as noted above, the Company intends to secure
additional funds by the end of January 2022 in order to continue
operations as normal.
-ends-
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