Borders & Southern, the London based independent oil and gas exploration company with assets offshore the Falkland Islands, has announced its audited results for the year ended 31 December 2021.
Summary
- Cash balance on 31 December 2021: $0.714 million (2020: $2.18 million)
- Administrative expense for the year: $1.1 million (2020: $1.0 million)
- Operating loss of $1.0 million (2020: $1.0 million)
- Farm-out process continues
- Post year-end events:
- extended Production Licences and Discovery Area through to 31 December 2022
- raised $1.8 million (before expenses) through the issue of 103,858,914 new Ordinary shares
- the total number of Ordinary shares in issue is now 587,957,318
- the Open Offer for excess shares was significantly over-subscribed
- currently evaluating different development options including an accelerated production development
