Borders & Southern Petroleum PLC on Monday reported a widened loss during 2024, as it continues to progress exploration efforts at its Darwin gas condensate field.
The oil and gas company with assets offshore the Falkland Islands said its pretax loss in 2024 widened to $1.2 million from $1.1 million in 2023, as administrative expenses increased 9.1% to $1.2 million from $1.1 million.
Finance income for the year fell to $15,000 from $81,000 while the firm also recorded a one-off finance expense of $73,000.
Borders & Southern raised around £3.7 million before expenses during the year through two capital raises, which together with existing resources is expected to give the firm ‘well over’ two years runway.
‘It is worth pointing out that Darwin is an appraisal project. Hundreds of millions of dollars have already been spent in the high risk exploration phase,’ said Chief Executive Officer Harry Baker.
‘Whilst the appraisal and development phases require significant capital, the exploration risk has been much reduced and will be eliminated once we have tested a well as part of the appraisal program. We know we have a world class project which is attracting interest from tier one industry potential partners.
‘We are really excited by Darwin and the prospects nearby as well as the size and scale of the remainder of the portfolio which can be seen in detail in our latest presentation on the website. We look forward to reporting progress to the market in due course.’
Shares in Borders & Southern were up 3.2% at 6.45 pence each in London on Monday morning. The stock has multiplied from 2.50p over the past year.
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