Borders & Southern Petroleum (LSE:BOR) reported audited results for 2025, posting an operating loss of $1.4 million, slightly higher than the previous year as administrative expenses increased to $1.5 million. Despite the wider loss, the company strengthened its financial position through a $2.8 million fundraising, ending the year with cash reserves of $2.5 million and net assets approaching $298 million.
The explorer highlighted growing industry interest in its Falkland Islands assets following the final investment decision by Navitas Petroleum and Rockhopper Exploration to proceed with development of the Sea Lion field. Scheduled to begin production in 2028, Sea Lion is expected to become the first producing oil project in the Falkland Islands and is viewed as a significant milestone for the basin’s development.
According to the company, the decision has renewed interest in its Darwin gas condensate discovery and broader exploration portfolio. Several parties are currently reviewing data relating to the assets, with Borders & Southern actively pursuing a farm-out agreement that could provide funding, technical support and a pathway toward further appraisal and development activities.
Management believes the increasing attention from potential partners could enhance the value of the company’s portfolio and strengthen its position within the region as industry confidence in the Falkland Islands grows. The company continues to focus on securing a partnership structure that maximises value for shareholders while advancing its long-term development objectives.
More about Borders & Southern Petroleum
Borders & Southern Petroleum is a London-based oil and gas exploration company focused on the South Falkland Basin. The company operates and holds a 100% interest in three offshore production licences covering almost 10,000 square kilometres and has invested extensively in seismic data acquisition and exploration activities across the region.
Listed on AIM under the ticker BOR, the company is targeting frontier hydrocarbon opportunities in the Falkland Islands, including its Darwin gas condensate discovery. Its portfolio is positioned to benefit from renewed exploration and development activity in the basin as energy companies seek new resource opportunities and greater geographic diversification in response to evolving global energy security priorities.
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