Operating losses narrow for Borders & Southern
Falkland Islands-focussed oil and gas exploration and production company Borders & Southern reported cash balances of $2.18m at year-end in its results on Wednesday, down from $3.68m a year earlier.
The AIM-traded firm said administrative expenses for the year ended 31 December totalled $1m, narrowing from $1.45m in 2019.
That made for an operating loss of $1.01m, compared to the $1.37m loss it reported in the prior year.
“The farm-out process has been extensive and far-reaching,” the board said in its short statement.
“The company continues to investigate all possible options for funding the next drilling programme.”
At 1039 BST, shares in Borders & Southern Petroleum were down 7.81% at 1.25p.