Last checked at 
Borders & Southern Petroleum PLC - Falkland Islands-focused oil & gas exploration firm - For first half of 2020 posts pretax loss of GBP721,000, narrowing from GBP820,000 a year prior as administrative expenses fall to GBP579,000 from GBP820,000. Says low oil price - currently around USD40 per barrel - led to "dramatic" fall in exploration and appraisal activity, along with a decrease in capital expenditure on new developments.
Looking ahead: "This year, our industry has faced an oil supply surplus coupled with a decrease in demand due to the Covid-19 global pandemic, at a time when the world is starting to transition towards renewable energy. Many commentators believe that hydrocarbons will continue to play a very important role during the transition, but we will potentially see a high-grading of new developments, based on quality of reservoir, break-even oil price and environmental footprint."
Borders & Southern believes its Darwin project stands out with a break-even oil price of less than USD35 per barrel, quick payback, excellent reservoir and a relatively small environmental footprint, adding it remains optimistic that progress towards appraisal and development will be achieved.
Cash as at June end is USD2.6 million, down from USD4.4 million.
Current stock price: 0.74 pence
Year-to-date change: down 53%
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.