New Risk • Apr 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 9.1% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (US$1.1m net loss next year). Share price has been volatile over the past 3 months (8.1% average weekly change). Recent Insider Transactions • Feb 04
Non-Executive Director recently bought UK£134k worth of stock On the 31st of January, William John Hodson bought around 2m shares on-market at roughly UK£0.089 per share. This transaction increased William John's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Jan 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£74.7m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 9.1% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$1.1m net loss next year). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (UK£74.7m market cap, or US$100.0m). New Risk • Dec 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 9.1% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable next year (US$1.1m net loss next year). New Risk • Nov 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£75.6m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 8.6% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$1.1m net loss next year). Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (UK£75.6m market cap, or US$99.8m). New Risk • Sep 24
New major risk - Revenue and earnings growth Earnings have declined by 2.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 2.4% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$1.1m net loss next year). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jul 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$1.2m net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Jun 03
Borders & Southern Petroleum plc, Annual General Meeting, Jun 12, 2025 Borders & Southern Petroleum plc, Annual General Meeting, Jun 12, 2025. Location: the institute of directors, 116 pall mall, sw1y 5ed, london United Kingdom New Risk • May 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (US$1.2m net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£42.1m market cap, or US$55.9m). New Risk • Apr 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£42.3m market cap, or US$55.3m). New Risk • Mar 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£43.0m market cap, or US$55.6m). Announcement • Feb 25
Borders & Southern Petroleum plc has completed a Follow-on Equity Offering in the amount of £2.2 million. Borders & Southern Petroleum plc has completed a Follow-on Equity Offering in the amount of £2.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,105,263
Price\Range: £0.0475
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,210,526
Price\Range: £0.0475
Transaction Features: Subsequent Direct Listing Announcement • Feb 20
Borders & Southern Petroleum plc has filed a Follow-on Equity Offering in the amount of £2.2045 million. Borders & Southern Petroleum plc has filed a Follow-on Equity Offering in the amount of £2.2045 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,200,000
Price\Range: £0.0475
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,210,526
Price\Range: £0.0475
Transaction Features: Subsequent Direct Listing New Risk • Jan 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.7m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (UK£28.9m market cap, or US$36.2m). New Risk • Dec 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.7m free cash flow). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (UK£18.4m market cap, or US$23.2m). New Risk • Sep 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$1.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.7m free cash flow). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (UK£13.1m market cap, or US$17.5m). Announcement • Jun 19
Borders & Southern Petroleum plc Appoints W. Sean Guest as Non-Executive Director Borders & Southern Petroleum plc announced that it has appointed Dr. W. Sean Guest as a non-executive director with immediate effect. Dr. Guest is currently President and Chief Executive Officer of Valeura Energy Inc. He has been working internationally in the oil and gas industry for more than 35 years. Prior to joining Valeura, he was the CEO of two private junior companies and has held roles in Woodside, Shell and Schlumberger. Dr. Guest holds a BSc in Geological Engineering from Queen's University and a PhD in Geological Sciences. William Sean Guest, aged 62, currently holds or has held the following directorships in the past five years: Current: Valeura Energy Inc; Valeura Energy Asia Pte. Ltd; Valeura Energy (Thailand) Holdings Ltd; Busrakham Oil (Thailand) Ltd; Jasmine Venture Limited; Busrakham Manora Ltd; Busrakham G11 Ltd; Busrakham Nong Yao Ltd; Busrakham Jasmine Ltd; Valeura Energy (Thailand) Ltd; VE Varuna Ltd; Valeura Holdings Ltd; Northern Hunter Energy Inc; Valeura (BVI) Holdings Ltd; Valeura Energy Marine B.V. Previous 5 years: Valeura Energy (Gulf of Thailand) Ltd; Valeura Energy Netherlands BV. Announcement • Jun 13
Borders & Southern Petroleum plc, Annual General Meeting, Jun 28, 2024 Borders & Southern Petroleum plc, Annual General Meeting, Jun 28, 2024. Location: the institute of directors, 116 pall mall, sw1y 5ed, london United Kingdom New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (UK£20.5m market cap, or US$25.5m). Announcement • Feb 15
Borders & Southern Petroleum plc Announces CEO Changes Borders & Southern Petroleum plc announced that Howard Obee has informed the Board that he intends to stand down as Chief Executive Officer. As one of the co-founders, he has led the Company for nearly 20 years, delivering exploration success, including the Company's Darwin gas condensate discovery. The Board announced that Harry Baker, aged 48 will assume the role of Chief Executive Officer from 1 March 2024. Harry has nearly 24 years of capital markets experience from previous roles with Auctus Advisors, GMP First Energy, Mirabaud Securities and Canaccord Capital. Harry brings a wealth of experience in the Natural Resources sector. Howard has agreed to stay on until 29 February 2024 to support the transition to the new leadership. Announcement • Jun 02
Borders & Southern Petroleum plc, Annual General Meeting, Jun 23, 2023 Borders & Southern Petroleum plc, Annual General Meeting, Jun 23, 2023, at 10:00 Coordinated Universal Time. Location: the Institute of Directors, 116 Pall Mall, London SW1Y 5ED London United Kingdom Agenda: To consider and adopt the accounts of the Company, the Directors' report and the Auditor's report thereon for the year ended 31 December 2022; to consider approve the Directors' Remuneration Report for the year ended 31 December 2022; to consider re-appoint BDO LLP as auditor of the Company until the conclusion of the next Annual General Meeting of the Company at which accounts of the Company are laid before the members and to authorise the Directors to determine its remuneration; to consider re-elect Howard Obee, who retires by rotation, pursuant to the Company's Articles of Association, as a director of the Company; and to consider other matters. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Harry Williamson Dobson was the last independent director to join the board, commencing their role in 2004. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Harry Williamson Dobson was the last independent director to join the board, commencing their role in 2004. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
