Borders & Southern Reports Narrowed Pretax Loss For 2017

4th Apr 2018 13:05

LONDON (Alliance News) - Borders & Southern Petroleum PLC, a London based independent oil and gas exploration company with assets offshore the Falkland Islands, on Wednesday reported a significantly narrowed pretax loss for 2017 mainly due to absence of finance costs.

The company recorded a pretax loss of USD1.2 million for 2017, compared with a pretax loss of USD3.6 million in 2016. No revenue was generated in either financial period. The company recorded a large USD1.9 million expense in 2016.

Administrative expenses for the year were broadly flat at USD1.7 million. The company's cash balance at the end of 2017 was USD8.25 million versus USD9.65 million in 2016.

"Our outlook for 2018 is optimistic. The independent evaluation has reaffirmed our confidence in the quality of the Darwin discovery. Globally, there have been very few large conventional liquid discoveries made in recent years. We believe that on a commercial basis, Darwin stands out," said Chief Executive Howard Obee.

"We will maintain our focus on securing partners and funding for the next phase of operations. If the oil price remains at the current level, then the chance of success will be enhanced. Additionally, we will continue with technical work to increase our understanding of the sub-surface and further improve the attractiveness of the project," Obee added.

Shares in Borders & Southern were trading 12.0% lower at 3.28 pence each.

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