LONDON (Alliance News) - Borders & Southern Petroleum PLC said Monday it has continued to focus on securing partners for the next phase of drilling in its Falklands licences, and reported a narrowed pretax loss for its first half.
The independent oil and gas exploration company, which is focussed on the Falkland Islands, reported a pretax loss of USD810,000 for the half year to end-June, narrowed from a pretax loss of USD933,000 a year before, mostly as a result of lower administrative expenses.
In the previous year the company reported a USD698,000 foreign exchange gain.
Borders & Southern said the first half of 2015 had been particularly challenging due to the continued depressed oil price, and its efforts in securing partners for the next phase of drilling have been "largely frustrated."
It noted that the downturn means it could benefit from lower drilling costs, and that history suggests "commodity prices are cyclical", so it is preparing itself to take advantage of a recovery in the oil price when it comes.
Shares in Borders & Southern were up 1.5% at 3.45 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Borders & Sth. (BOR)