26th Sep 2019 12:29
(Alliance News) - Borders & Southern Petroleum PLC on Thursday said it is focusing on the development of its Darwin project as its loss narrowed in the first half of 2019.
The hydrocarbons exploration company's loss narrowed in the six months to the end of June to USD820,000 from USD961,000 a year ago due to a reduction in operating expenses.
Borders & Southern said it was focused on pursuing a farm-in partner for its Darwin project, located in the Falkland Islands. In order to support its farm-out activities, the company said it continues to improve its sub-surface technical case.
During the past six months, Borders & Southern said it has refined its channel prospects and leads, enhancing its palaeogeographical reconstructions of the Lower Cretaceous.
"Moving forward we aim to concentrate on detailed structural and stratigraphic analysis of the Darwin reservoir. One of the key objectives of this work will be to evaluate potential additional hydrocarbon pools that have been identified adjacent to the Darwin East and West fault blocks," said chief Executive Howard Obee.
Obee added: "The board remains confident that the company will secure funding for the next phase of drilling and further updates will be made as and when appropriate."
Borders & Southern shares were trading 9.0% higher in London on Thursday at 1.58 pence each.
By Evelina Grecenko; [email protected]
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