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Montevideo, October 23rd 2018 - 16:19 UTC

Falklands' Borders & Southern involved in a farm-out process

Wednesday, September 26th 2018 - 09:02 UTC
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“We believe that we have a strong proposition to offer and have been pleased by the level of interest,” said Chief Executive Howard Obee “We believe that we have a strong proposition to offer and have been pleased by the level of interest,” said Chief Executive Howard Obee

Offshore oil & gas exploration company Borders & Southern Petroleum PLC on Tuesday said its loss widened in the first half of the year on finance expense and announced that a farm-out process was active and ongoing.

Borders & Southern, which focuses on exploration on its offshore assets near the Falkland Islands, recorded a pretax loss of US$ 961,000 for the six months to June. This compares with a US$ 871,000 loss the prior year.

Despite cutting its administrative expenses to US$ 783,000 from US$ 811,000 the company's loss widened as it incurred a finance expense of US$ 193,000, versus just US$ 60,000 the year before. At present, it is not revenue producing.

The company said its cash and cash equivalents had reduced to US$ 6.8 million from US$ 8.6 million. At present, it has no debt.

Three wholly-owned and operated production licenses in the south Falkland Basin constitute Borders & Southern's business. The company said a farm-out process is ongoing.

“With an independently evaluated large, liquids-rich, gas condensate discovery, a completed screening development study, positive internal project economics and a clear appraisal strategy, we re-engaged with the industry to secure partners. We believe that we have a strong proposition to offer and have been pleased by the level of interest,” said Chief Executive Howard Obee.

“The farm-out process is active. Our data room is open and will continue to be open for a while yet. At the start of the year our outlook was optimistic and this continues to be the case,” Obee added.

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  • Brit Bob

    President Macri, UN 25th September 18

    President Mauricio Macri reaffirmed, once again, “Argentina's legitimate and imprescriptible sovereign rights over the Malvinas, South Georgia and South Sandwich Islands and their surrounding maritime spaces”, in his speech to the United Nations General Assembly on Tuesday.

    Hm.

    Falklands – Territorial Waters (3 pgs): https://www.academia.edu/10574593/Falklands_Islands_Territorial_Waters

    Sep 26th, 2018 - 12:37 pm 0
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