Half-year Results

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

Chief Executive's Statement It's been four months since my last Chairman and CEO review and I'm very pleased to report that everything is progressing as planned. During the first half of 2025 we have continued to move our farm out discussions forward. Darwin continues to elicit fresh and renewed interest from potential tier one industry partners and we are delighted with the progress that Houlihan Lokey, the investment bank we appointed to run the farm out process, is making. We are not only blessed with licences of a quality, scale and optionality that attract major oil companies, but we are lucky enough to be operating within a regime which offers highly competitive fiscal terms and a government executive that is seeking and looking to open up the Falkland Islands as a new hydrocarbon producing basin. We enjoy a very healthy working relationship with the Falkland Islands' Government and look forward to the next phase of that relationship and the development of the Darwin project. The first half of 2025 saw us further strengthen our balance sheet. We raised £2.2m (before costs) from institutional and private investors and we are very grateful for their continuing support. The funds raised will be used to fund the Company's licence fees, the discovery area fees, technical and commercial studies and generaland administrative expenses. Following the fundraise the Company has sufficient funds to cover its expected overheads until the end of 2026, considerably strengthening the Company's position as we seek an appropriate development partner . It is worth noting that the 10p warrants which were issued as part of the transaction are already in the money and have started to be exercised. We have noticed the continued positive statements from Navitas with regards to the Sea Lion development and recent fundraisings by both Navitas and Rockhopper. Final investment decision on Sea Lion is expected in Q4 of this year and this will undoubtedly be a major catalyst for the Falkland Islands basin and thus ourselves. After years of under investment in the sector, there have been many recent reports by oil and gas companies and large consulting firms that capital investment is moving back into upstream development projects to support future earnings and growth. A recent report from the International Energy Agency has highlighted the historical under investment in new projects and an over reliance on shale oil and gas. The world's major oil fields are declining at a faster rate than previously thought. New investment is needed to replace these declining fields. Darwin is a an exceptionally low risk project with compelling economics. We are confident we will complete the partner process in due course for the benefit of all stakeholders. I would like to take this opportunity to thank all shareholders for their continued support and I very much look forward to the remainder of the year ahead and providing further updates on our progress. Harry Baker CEO 23 September 2025 For further information, please visit www.bordersandsouthern.com

Borders & Southern Petroleum plc Tel: 020 7071 6984 Harry Baker, CEO Zeus (NOMAD and Joint Broker) Tel: 0203 829 5000 Nick Searle Simon Johnson Antonio Bossi Andrew de Andrade Hannam & Partners (Joint Broker) Tel: 0207 907 8500 Neil Passmore Leif Powis Tavistock (Financial PR) Tel: 020 7920 3150 Simon Hudson Nick Elwes

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2025

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2025

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.

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.

INTANGIBLE ASSETS

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

Exploration and evaluation costs $000

POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

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