News listings

energy-pedia general news

Falklands flagFalklands

South America / GoM >>> Falklands

Falklands: Borders & Southern announces half-year report


30 Sep 2022

Photo - see caption

AIM-listed Borders & Southern Petroleum has announced its unaudited half year financial statements for the six months to 30 June 2022. The accounts contained within this report represent the consolidation of Borders & Southern Petroleum plc and its subsidiary, Borders & Southern Falkland Islands Limited.

Highlights

  • Operating loss for the period was $857,000 (2021: $446,000)
  • Cash balance on 30 June 2022 was $1.207 million (30 June 2021: $1.352)
  • An independent facilities study has been commissioned to provide preliminary cost estimates for a phased development of Darwin East

Chief Executive's Statement

The Company incurred a loss from operations for the six-month period up to 30 June 2022 of $857,000. The increase on the previous year's equivalent reporting period is partly due to the higher administrative costs associated with advisory support for the successful Open Offer, that was completed in the first half of this year, as well as the adverse foreign exchange conditions (the majority of the Company's expenditures are currently in Sterling, but our reporting is in US dollars). As of the 30 June 2022, the Company's Cash Balance was $1.2 million, compared to $1.3 for the same point last year.  

The surging oil and gas prices during the first half of the year have had a positive impact on industry sentiment, with energy security becoming an important consideration. In this context, we have experienced an increase in interest in our project and continue to talk with potential partners. As previously reported, one of our objectives for the year was to commission an independent facilities study to further evaluate our development concepts and to provide current CAPEX and OPEX estimates. We are focusing on a phased development, consistent with the industry and economic environment, whereby we could minimize initial capital expenditure and deliver fast project payback. This study is now underway.

The study is assessing a development that commences on Darwin East, with initial production of 25,000 to 30,000 barrels per day of condensate, based on two subsea production wells and one subsea gas injection well, tied back to an FPSO. Production could be increased by additional wells on Darwin East and the subsequent full development of Darwin West. All equipment required for such a subsea development would be industry standard.

The Company's Production Licences and Discovery Area have an expiry date of 31 December 2022. In line with other Operators active in the Falkland Islands, we intend to request an extension to our Licences and Discovery Area. As part of the approval process, we recognise that we will need to demonstrate the Company's financial capability during the extension period. It is therefore likely additional funds will be sought before the end of the year.

With positive industry sentiment, and a global need to bring additional resources into production to help manage the energy transition, we remain convinced that the appraisal and development of the Darwin discovery is a commercially viable proposition.

Click here for full announcement

Source: Borders & Southern





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 285

Completed Deals

Completed Upstream Deals: 6384

Company Profiles

Current Company Profiles: 2854

Corporate Activity

Current Corporate Activity articles: 3977

Companies Looking

Current number of articles: 457

Company Sales

Current Company Sales articles:1580

Geostudies

Current Geostudies articles: 884

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Government of South Australia
Syntillica
Union Jack Oil 149
OPC
energy365
Borchwix
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com