14th May 2014 09:10
LONDON (Alliance News) - Borders & Southern Petroleum PLC Wednesday said its pretax loss widened significantly in 2013 as a fall in administrative expenses failed to offset a significant drop in finance income and a finance expense charge.
The Falkland Islands-focused oil and gas exploration company, which is yet to produce any revenues, said its pretax loss widened to USD3.0 million in 2013 from USD1.1 million in 2012.
The company said its administrative expenses fell 9.9% to USD2.8 million from USD3.1 million, but Borders & Southern said it was hit by a USD207,096 finance expense charge and its finance income fell to USD71,163 from USD2.0 million during the period.
Despite this, the company said its cash balance of USD23.2 million at December 31 is sufficient to cover its forward overhead costs and all of its planned and necessary short-term technical studies.
During the period, the company focused on driving forward the technical evaluation of its Darwin gas condensate discovery, but it struggled to achieve a partner in order to help develop the find.
"The board and senior management remain completely focused on securing partners so that we can accelerate the appraisal of Darwin and exploration of the adjacent areas," Chief Executive Howard Obee said in a statement.
Borders & Southern shares were down 12% to 11.17 pence, putting it in the top ten AIM ALL-Share fallers during early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Borders & Sth.