(Alliance News) - Borders & Southern Petroleum PLC on Thursday said it recorded a loss in 2022 on increasing expenses, but is confident in the future of its Darwin discovery.
Borders & Southern shares rose 22% to 3.29 pence each in London on Thursday morning.
The oil and gas exploration company focused on the Falkland Islands reported pretax loss of USD42,000 in 2022, compared to no loss in 2021. The company did not record revenue.
The firm noted that finance expenses increased to GBP172,000 from GBP1,000 and administrative expenses widened to GBP1.2 million, from GBP1.1 million the year prior.
Rising costs brought the firm's total loss to GBP1.4 million, widening from GBP1.0 million.
Looking ahead, the company said it is focused on monetising its Darwin discovery, where it is currently defining new development concepts for a potential project. It noted that the positive results of an independent engineering study - which indicates that the project can be developed at a lower cost - are being shared with potential collaborators on the project.
The firm said it expects a further small increase in expenditure in 2023 as a result of inflation.
By Harvey Dorset, Alliance News reporter
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Borders & Sth. (BOR)