Borders & Southern Petroleum plc

("Borders & Southern" or the "Company")

Unaudited Results for the six-month period ended 30 June 2025

Borders & Southern Petroleum plc (AIM: BOR) announces its unaudited half year financial statements for the six months to 30 June 2025. The accounts contained within this report represent the consolidation of Borders & Southern Petroleum plc and its subsidiary Borders & Southern Falkland Islands Limited.

Highlights

·   Operating loss for the period was $441,000 (2024: $578,000)

·   Cash balance on 30 June 2025 was $3.2 million (31 December 2024: $2.09 million)

·   Successfully raised £2.2 million to continue to advance the Darwin discovery towards appraisal

·   Darwin farm out progressing, aided by improved industry sentiment towards upstream assets and the progress of the Sea Lion field in the North Falklands

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.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2025

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2025

1.     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 2024 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 2025 and 30 June 2024 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 2024 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 did include references to any matters to which the auditors drew attention by way of emphasis relating to going concern without qualifying their report and 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 2025, Borders & Southern had a loss from operations of $441,000 (a loss for the same period in 2024 was $578,000). Administrative expenses were $608,000 (2024: $581,000). The cash balance at the 30 June 2025 was $3.2 million compared with a balance of $0.76 million at 30 June 2024.

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 2024 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 2024 Annual Report. The nature and amounts of such estimates have not changed significantly during the interim period.

2.     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 ant-dilutive given the loss in the period.

3.     INTANGIBLE ASSETS

The movement in capitalised exploration and evaluation costs during the period was as follows:

4.     OTHER RECEIVABLES

5.     TRADE AND OTHER PAYABLES

6.     POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

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