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## DIRECTOR’S REPORT 

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The Directors present their report and the audited consolidated financial statements for the year ended 31 December 2014. 

## DIRECTORS AND THEIR INTERESTS 

The beneficial and other interests of the Directors and their families in the share capital at the beginning of the year or the date of their appointment to the Board, whichever is later, and at 31 December 2014, were as follows: 

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The ordinary shares in which Harry Dobson is interested are held by the Zila Corporation, a Company owned by the Whitmill Trust Company Limited, as trustee of The Lotus Trust of which he is a beneficiary. 

The Group has provided the Directors with qualifying third party indemnity insurance. 

## SHARE OPTIONS 

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## SUBSTANTIAL SHAREHOLDERS 

At 27 March 2015 the following held 3% or more of the nominal value of the Company’s shares carrying voting rights: 

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## DOMICILE 

The Parent Company of the Group, Borders & Southern Petroleum Plc, is a public limited Company and is registered and domiciled in England. 

## RESULTS AND DIVIDENDS 

The Group statement of comprehensive income is set out on page 21 and shows the result for the year. 

The Directors do not recommend the payment of a dividend (2013: $nil). 

## REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS 

A review of the operations of the Group is contained in the Operations review on pages 10 to 11. 

## POST REPORTING DATE EVENTS 

There are no events that have occurred since the year end which require reporting. 

## CHARITABLE AND POLITICAL DONATIONS 

There were no political or charitable contributions made by the Company or the Group during the year (2013: $nil). 

