Borders & Southern Announces Audited Results for the 12 Month Period Ended 31 December 2021

Source: www.gulfoilandgas.com 5/31/2022, Location: South America

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


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