Borders & Southern losses narrow as finance costs fall
Source - SMW
Falkland Islands-focused oil and gas explorer Borders & Southern said its annual losses narrowed due to a fall in financing costs.
The company posted a pre-tax loss of $1.2m, compared to a loss in 2016 of $3.6m.
During the year, an independent resource assessment indicated an un-risked best estimate for total recoverable liquids of 462 million barrels with peak liquids production of 91,100 barrels per day.
The company had cash at 31 December of $8.25m and said a farm-out process for its assets was ongoing.
At 2:25pm: (LON:BOR) Borders Southern Petroleum PLC share price was -0.65p at 3.1p