## STRATEGIC REPORT 

01 Highlights 

02 Company Overview 

04 Chairman’s Statement 

06 Progress Report 

08 Business Model & Strategy 

10 Operations Review 

12 Principal Risks and Uncertainties 

13 Corporate Responsibility 

## DIRECTORS’ REPORT 

14 Board of Directors 

16 Corporate Governance 

17 Directors’ Report 

19 Remuneration Committee Report 

## FINANCIAL STATEMENTS 

20 Independent Auditor’s Report 

21  Consolidated Statement of Comprehensive Income 

22  Consolidated Statement of Financial Position 

23  Consolidated Statement of Changes in Equity 

24  Company Statement of Financial Position 

25  Company Statement of Changes in Equity 

26 Consolidated Statement of Cash Flows 

27 Company Statement of Cash Flows 

28 Notes to the Financial Statements 

39 Corporate Directory 

## Borders & Southern 

is an independent oil and gas exploration Company. Headquartered in London, the Company’s principal area of activity is in the Falkland Islands. 

The Company holds a 100% operated interest in three Production licences covering an area of nearly 10,000 square kilometres. In 2012 Borders & Southern made a significant gas condensate discovery with its first exploration well. The Company is currently working towards the appraisal of this discovery along with further exploration of the surrounding area. 

