27th Sep 2013 12:07
LONDON (Alliance News) - Borders & Southern Petroleum PLC Friday said its first-half pretax losses widened following increased financial expenses as a result of a USD2.0 million exchange loss on cash.
Borders & Southern made a USD3.4 million pretax loss for the six months to June 30, compared with USD1.1 million after financial expenses increased to USD2.0 million from nil for the corresponding period the previous year.
Administrative expenses were up 13% to USD1.4 million.
Borders & Southern said planning for its next drilling campaign was underway, with conceptual well designs and exploration wells completed. It said it completed a market enquiry for a suitable rig, after working with other Falkland Island operators. It said that although it was possible to start in the final quarter of 2014, the drilling campaign would most likely begin in 2015. It also needs a partner to participate in a shared-rig programme.
"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," Howard Obee, chief executive, said in a statement.
Borders & Southern said it had a cash balance of USD24.5 million, down from USD122.7 million this time last year, though last year it was buoyed by a USD71.4 million share issue. It reported a net cash outflow from operating activities of USD2.7 million, a swing from last year's inflow of USD40.0 million.
Borders & Southern records total assets of USD310.9 million, up from USD354.7 million. Of this figure, non-current assets are made up by USD285.3 million in intangible assets and USD16,278 in property, plant and equipment. Current assets made up USD25.6 million.
Its liabilities hold a value of USD1.7 million, down from USD45.5 million.
Chief Executive Howard Obee, Finance Director Peter Fleming, and Business Development Manager Bruce Farrer, were not immediately available for comment.
Borders & Southern shares were Friday quoted at 15.35 pence, down 0.4 pence or 2.5%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Borders & Sth.