Half-year Financial Report
Summary by AI BETAClose X
September 21 2026
Borders & Southern Petroleum plc
(“Borders & Southern” or the “Company”)
Unaudited Results for the six-month period ended 30 June 2026
Borders & Southern Petroleum plc (AIM: BOR) announces its unaudited half year financial statements for the six months to 30 June 2026. The accounts contained within this report represent the consolidation of Borders & Southern Petroleum plc and its subsidiary, Borders & Southern Falkland Islands Limited.
Highlights
- Company continues to engage with multiple third parties in the farm out process with significant progress being made
- Operating loss for the period was $726,000 (30 June 2025: $441,000)
- Cash balance on 30 June 2026 was $1.02 million (31 December 2025: $2.56 million)
For further information, please visit www.bordersandsouthern.com or contact:
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Notes to Editors:
Borders & Southern Petroleum plc (AIM: BOR) is an oil & gas exploration company listed on the AIM Market of the London Stock Exchange. The Company operates and has a 100% interest in three Production Licences in the South Falkland Basin covering an area of nearly 10,000 square kilometres. The Company has acquired 2,517 square kilometres of 3D seismic and drilled two exploration wells, making a significant gas condensate discovery with its first well.
Chief Executive’s Statement
Borders & Southern has a major world class undeveloped liquids rich resource, being 462 MM bbls (P50) of recoverable liquid hydrocarbons with huge potential exploration upside. Our number one priority remains bringing in the right partner with the technical knowledge and financial capacity to develop the Darwin project. During the reporting period this results RNS covers, the company has been very active in marketing the licences and negotiating with potential farm-in partners. As we reported at the end of August, we are engaged with multiple third parties, significant progress has been made and look forward to reporting a successful conclusion of these negotiations.
In the light of the recent geo-political tensions between Argentina, The Falkland Islands and the UK government, we were delighted to receive a letter of support from The Foreign Office.
“The United Kingdom Government fully supports the right of the Falkland Islanders to exploit their natural resources, including hydrocarbons, for their own economic benefit. This is an integral part of their right of self-determination. All hydrocarbon activities on the continental shelf of the Falkland Islands are regulated by Falkland Islands Legislation, in strict accordance with the United Nations Convention on the Law of the Sea (UNCLOS).”
It is to be noted that our licences were lawfully granted by the Falkland Islands Government (FIG), with full and ongoing support from the UK Government. The Company has a close working relationship with FIG and we have been guided to expect to see the licence extensions signed before year end.
We remain extremely optimistic about the outlook for our company and look forward to updating the market in due course.
Harry Baker
CEO
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2026
|
6 months ended 30 June 2026 (unaudited) |
12 months ended 31 Dec 2025 (audited) |
6 months ended 30 June 2025 (unaudited) | |
|
Notes |
$000 |
$000 |
$000 |
|
|
|
|
|
Administrative expenses |
|
(730) |
(1,502) |
(608) |
|
|
|
| |
LOSS FROM OPERATIONS |
|
(730) |
(1,502) |
(608) |
|
|
|
|
|
Finance income |
|
5 |
11 |
168 |
Finance costs |
|
(1) |
104 |
(1) |
|
|
|
| |
LOSS BEFORE TAX |
|
(726) |
(1,387) |
(441) |
Tax expense
|
|
-
|
- |
-
|
LOSS FOR THE PERIOD AND TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT |
(726) |
(1,387) |
(441) | |
|
|
| ||
Loss per share – basic and diluted |
2 |
(0.08) cents |
(0.16) cents |
(0.05) cents |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2026
|
|
At 30 June 2026 (unaudited) $000 |
At 31 December 2025 (audited) $000 |
At 30 June 2025 (unaudited) $000 |
ASSETS
NON-CURRENT ASSETS |
|
|
|
|
Property, plant and equipment |
|
2 |
5 |
7 |
Intangible assets |
3 |
295,822 |
295,306 |
294,787 |
Total non-current assets |
|
295,824 |
295,311 |
294,794 |
CURRENT ASSETS |
|
|
|
|
Other receivables |
4 |
606 |
1,087 |
626 |
Cash and cash equivalents |
|
1,016 |
2,560 |
3,199 |
TOTAL CURRENT ASSETS |
|
1,622 |
3,647 |
3,825 |
TOTAL ASSETS |
|
297,446 |
298,958 |
298,619 |
|
|
|
|
|
LIABILITIES CURRENT LIABILITIES |
|
|
|
|
Trade and other payables |
5 |
(64) |
(1,163) |
(90) |
TOTAL LIABILITIES |
|
(64) |
(1,163) |
(90) |
|
|
|
|
|
TOTAL NET ASSETS |
|
297,382 |
297,795 |
298,529 |
|
|
|
|
|
EQUITY |
|
|
|
|
Share capital |
|
13,118 |
13,086 |
12,533 |
Share premium Other reserve |
|
313,435 1,948 |
313,154 1,948 |
313,592 1,851 |
Retained deficit |
|
(31,103) |
(30,377) |
(29,431) |
Foreign currency reserve |
|
(16) |
(16) |
(16) |
|
|
|
|
|
TOTAL EQUITY |
|
297,382 |
297,795 |
298,529 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2026
|
Share capital
$000 |
Share premium
$000 |
Other reserve $000 |
Retained Deficit
$000 |
Foreign currency reserve
$000 |
Total
$000 |
Unaudited |
|
|
|
|
|
|
Balance at 1 January 2026 |
13,086 |
313,154 |
1,948 |
(30,377) |
(16) |
297,795 |
Total comprehensive loss for the period |
- |
- |
- |
(726) |
- |
(726) |
Issue of shares |
32 |
281 |
- |
- |
- |
313 |
Balance at 30 June 2026 |
13,118 |
313,435 |
1,948 |
31,103 |
(16) |
297,382 |
Audited |
|
|
|
|
|
|
Balance at 1 January 2025 |
12,456 |
310,977 |
1,851 |
(28,990) |
(16) |
296,278 |
Total comprehensive loss for the year |
- |
- |
- |
(1,387) |
- |
(1,387) |
Share Issue |
630 |
2,177 |
97 |
- |
- |
2,904 |
Balance at 31 December 2025 |
13,086 |
313,154 |
1,948 |
(30,377) |
(16) |
297,795 |
Unaudited |
|
|
|
|
|
|
Balance at 1 January 2025 |
12,456 |
310,977 |
1,851 |
(28,990) |
(16) |
296,278 |
Total comprehensive loss for the period |
- |
- |
- |
(441) |
- |
(441) |
Issue of shares |
77 |
2,615 |
- |
- |
- |
2,692 |
Balance at 30 June 2025 |
12,533 |
313,592 |
1,851 |
(29,431) |
(16) |
298,529 |
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2026
|
|
6 months ended 30 June 2026 (unaudited) |
12 months ended 31 December 2025 (audited) |
6 months ended 30 June 2025 (unaudited) |
Cash flow from operating activities |
|
$(‘000) |
$(‘000) |
$(‘000) |
Loss before tax Adjustments for: |
|
(726) |
(1,387) |
(441) |
Depreciation |
|
3 |
5 |
3 |
Share-based payment |
|
- |
97 |
- |
Finance Income |
|
(5) |
(11) |
(168) |
Finance costs |
|
1 |
(104) |
1 |
Cash flows used in operating activities |
|
(727) |
(1,400) |
(605) |
|
|
|
|
|
Decrease/ (increase) in trade and other receivables |
4 |
481 |
3 |
464 |
(Decrease)/ increase in trade and other payables |
5 |
(1,099) |
(18) |
(1,093) |
Net cash outflow from operating activities |
|
(1,345) |
(1,415) |
(1,234) |
|
|
|
|
|
Cash flows used in investing activities |
|
|
|
|
Purchase of tangibles fixed assets |
|
|
- |
- |
Purchase of intangible fixed assets |
3 |
(516) |
(1,037) |
(518) |
Interest received |
|
5 |
11 |
- |
Net cash used in investing activities |
|
(511) |
(1,026) |
(518) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Share issue |
|
313 |
2,807 |
2,693 |
Net cash generated from financing activities |
|
313 |
2,807 |
2,693 |
Net (decrease)/ increase in cash and cash equivalents |
|
(1,543) |
366 |
941 |
|
|
|
|
|
Cash, cash equivalents and restricted use cash at the beginning of the period |
|
2,560 |
2,090 |
2,090 |
Exchange gains/loss on cash and cash equivalents |
|
(1) |
104 |
168 |
Cash, cash equivalents and restricted use cash at the end of the period |
|
1,016 |
2,560 |
3,199 |
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2026
- Basis of preparation
The unaudited condensed consolidated interim financial statements have been prepared using the recognition and measurement principles of International Accounting Standards, International Reporting Standards and Interpretations as applied in accordance with the provisions of the Companies Act 2006. The Group has not elected to comply with IAS 34 “Interim Financial Reporting” as permitted. The principal accounting policies used in preparing the interim financial statements are unchanged from those disclosed in the Group’s Annual Report for the year ended 31 December 2025 and are expected to be consistent with those policies that will be in effect at the year end.
The condensed financial statements for the six months ended 30 June 2026 and 30 June 2025 are unreviewed and unaudited. The comparative financial information does not constitute statutory financial statements as defined by Section 435 of the Companies Act 2006. The comparative financial information for the year ended 31 December 2025 is not the company’s full statutory accounts for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditors’ report on those accounts was unqualified and included an emphasis relating to going concern. In addition, their report did not contain a statement under section 498(2)-(3) of the Companies Act 2006.
For the six-month reporting period up until 30 June 2026, Borders & Southern had a loss from operations of $726,000 (a loss for the same period in 2025 was $441,000). Administrative expenses were $730,000 (2025: $608,000). The cash balance at the 30 June 2026 was $1.02 million compared with a balance of $3.2 million at 30 June 2025.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company’s medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the 2025 Annual Report, a copy of which is available on the Company’s website: www.bordersandsouthern.com. The key financial risks are access to capital and market volatility risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 2 the 2025 Annual Report. The nature and amounts of such estimates have not changed significantly during the interim period.
- LoSS per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Diluted loss per share is not stated as the result would be anti-dilutive given the loss in the period.
|
Loss after tax for the period $000 |
Weighted average number of shares |
Loss per share (cents) |
Basic and diluted |
|
|
|
|
(726) |
879,753,802 |
(0.08) |
Six months ended 30 June 2026 (unaudited) |
|
|
|
|
|
|
|
Six months ended 30 June 2025 (Restated & unaudited) |
(441) |
868,174,103
|
(0.05) |
|
|
|
|
Twelve months ended 31 December 2025 (audited) |
(1,387) |
868,315,310 |
(0.16) |
|
|
|
|
- INTANGIBLE ASSETS
The movement in capitalised exploration and evaluation costs during the period was as follows:
|
Exploration and evaluation costs $000 |
Cost As at 1 January 2026 |
295,306 |
Additions |
516 |
As at 30 June 2026 |
295,822 |
Net book value As at 1 January 2026 |
295,306 |
As at 30 June 2026 |
295,822 |
- OTHER RECEIVABLES
|
30 June 2026 $000 |
31 December 2025 $000 |
Current Other receivables |
91 |
57 |
Prepayments |
515 |
1,030 |
Total |
606 |
1,087 |
- TRADE AND OTHER PAYABLES
|
30 June 2026 $000 |
31 December 2025 $000 |
Trade payables |
12 |
1,045 |
Other taxes and social security |
40 |
41 |
Accruals |
12 |
77 |
Total |
64 |
1,163 |
- SHARE-BASED PAYMENTS
|
2026 Weighted average exercise price |
2026 Number |
2025 Weighted average exercise price |
2025 Number |
Outstanding at 1 January |
5p |
66,894,131 |
2p |
48,026,666 |
Lapsed during the year Granted during the year Exercised during the year |
- - - |
- - 2,409,271 |
- - - |
- 21,052,631 2,185,166 |
Outstanding at 31 December |
4p |
64,484,860 |
5p |
66,894,131 |
Exercisable at 31 December |
9p |
19,084,860 |
9p |
21,494,131 |
During the period, several warrant holdes exercised warrants over 2,409,271 new ordinary shares of 1 pence each in the capital of the Company at the exercise price of 10 pence per Warrant Share, for an aggregate cash value of £240,927.
- POST BALANCE SHEET EVENTS
There have been no significant post balance sheet events.
-ends-
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