Borders & Southern (AIM: BOR), the London based independent oil and gas exploration company with assets offshore the Falkland Islands, announces its audited results for the year ending 31 December 2019. Full copies of the Company's Annual Report and Accounts, including the Company Overview, Chairman's Statement, Remuneration Committee Report, Directors' Report, Auditor's Report and full Financial Statements, will be available shortly on the Company's website and posted to Shareholders in May.
Highlights
· Farm-out process remains active. Progress has been impacted by current industry capital allocation constraints.
· The Company's prospect inventory has been updated to include additional smaller pools close to the Darwin discovery.
· The loss before tax for the year was $1.37 million (2018: $1.96 million).
· Cash Balance at 31 December 2019: $3.7 million (2018: $5.6 million).
· Reduced administrative expense for the year: $1.45 million (2018: $1.8 million). A 25% cost reduction target has been set for 2020.
For further information please visit www.bordersandsouthern.com