UK's Borders & Southern H1 operating loss widens on higher costs

UK oil & gas explorer Borders & Southern reported that its unaudited H1 operating loss widened year-on-year, driven by higher administrative costs. The company's cash balance at the end of June fell to $1.02 million from $3.2 million a year earlier. Exploration and evaluation costs capitalized in H1 amounted to $516,000. Borders and Southern expects licence extensions to be signed before year-end and continues to engage in farm-out negotiations.