Borders & Southern Petroleum plc announced unaudited consolidated earnings results for the year ended December 31, 2012. For the year, the company reported loss from operations of $3,125,685 against $2,081,967 a year ago. Loss before tax was $1,102,461 against $1,735,395 a year ago. Loss for the year and total comprehensive loss for the year attributable to owners of the parent was $1,280,504 against $1,740,901 a year ago. Basic and diluted loss per share was 0.3 cents against 0.4 cents a year ago. Net cash outflows from operating activities were $2,017,306 against $187,154 a year ago. Purchase of intangible assets was $191,181,369 against $17,545,073 a year ago. Purchase of property, plant and equipment was $4,144 against $21,125 a year ago. The company reported a loss for the year of $1.3 million compared to $1.7 million for 2011. The reduction in losses was due to foreign exchange gains partially offset by higher administrative expenses due to higher staff related costs in 2012.

Borders & Southern Petroleum plc provides an update on its activities in the South Falkland Basin. Since the completion of its 2012 drilling campaign the Company has undertaken a number of technical and commercial studies. Whilst a number of these studies are still in progress, some of the initial key findings are summarised below. Particular emphasis is placed on the Darwin discovery. The Darwin structure comprises two adjacent tilted fault blocks: Darwin East (which contains the discovery well 61/17-1) and Darwin West (untested). The fault blocks are clearly defined by high quality 3D seismic data. Fluid analysis has revealed that the discovery contains a relatively high liquid content. Initial reservoir engineering studies, suggested that 130 to 250 million barrels of liquid could be recovered, with a mid case of 190 million barrels (split almost equally between the two fault blocks). Subsequent studies have shown that, if there is strong aquifer support, the mid case could be as high as 210 million barrels. The reservoir engineering study has also demonstrated that more liquid could be recovered by gas recycling than by gas depletion. A geochemical analysis of the condensate liquid has been undertaken along with a screening level marketing study. Whilst the quantity of condensate available for analysis was limited, and further analysis will be required, preliminary observations indicate that the liquid is typical of an ultra-light crude oil and somewhat heavier than most condensates (API gravity of 44.5 to 49°). A comparison product, albeit slightly lighter, would be Alba condensate, produced in Equatorial Guinea.

Borders & Southern Petroleum plc reported unaudited consolidated earnings results for the six months ended June 30, 2012. For the six months, the company reported loss from operations of $1,237,093 against $942,784 a year ago. Loss before tax was $1,077,372 against profit before tax of $761,211 a year ago. Profit for the period and total comprehensive income for the period attributable to equity owners of the parent was $1,077,372 or 0.2 cents per basic and diluted share against loss for the period and total comprehensive loss for the period attributable to equity owners of the parent of $441,211 or 0.10 cents per basic and diluted share a year ago. Net cash inflow from operating activities was $40,020,835 against $2,908,503 a year ago. Exploration and evaluation expenditure was $165,670,414 against $1,418,395 a year ago. Purchase of property, plant and equipment was $4,144.