Borders & Southern Petroleum (LON:BOR) is at a 52-week high. Warrants are on traders’ radar now. London, July 2, 2026, 19:03 BST
- Borders & Southern ended the session at 14.00p, gaining 10.24% and setting a fresh 52-week high. Volume for the day came in at 1.17 million shares.
- Only 154,558 warrants were exercised this round at 10p, totaling £15,455.80. Admission is set for July 6.
- The company ended the year with $2.56 million in cash, but says it needs a farm-out or new funding if it can’t secure more capital.
Borders & Southern Petroleum plc (LON:BOR) jumped 10.24% to 14p on Thursday, touching a one-year high. The Falklands player’s shares traded further above its reported cash line, putting focus back on a potential Darwin farm-out. LSEG delayed data had the stock up 125.81% in 12 months, with 1.17 million shares changed hands by 16:40 BST.
The FTSE AIM All-Share edged up 0.18% to 777.45 even as Brent crude dropped 1.44% to $70.54 a barrel on Thursday. The move was not just linked to oil prices.
| Market read | Latest cited level | Day move |
|---|---|---|
| Borders & Southern | 14.00p | up 10.24% |
| FTSE AIM All-Share | 777.45 | edged up 0.18% |
| Brent futures | $70.54/bbl | fell 1.44% |
The gap is key. Borders hasn’t posted revenue yet, with shares trading on hopes that progress at Sea Lion up north might bring in a partner for Darwin in the south, not on any earnings now.
Borders said a warrant holder exercised 154,558 warrants at 10p on June 30, bringing in £15,455.80. The shares make up about 0.018% of voting rights after admission and around 13% of Thursday’s trading volume.
| Item | Figure |
|---|---|
| Thursday’s finish | 14.00p |
| Warrant price | 10.00p |
| Premium to strike | +40.0% |
| Gross proceeds from last exercise | £15,455.80 |
| Number of warrant shares issued | 154,558 |
| Total voting rights after issue | 881,724,682 |
The accounts are trickier here. Borders closed 2025 holding $2.56 million in cash, no outside debt. But its going-concern note flagged that cash won’t last the assessment period unless conditions improve. A capital raise will be needed in 2026 or early 2027 if a farm-out doesn’t happen.
Sea Lion in the Falklands is led by Navitas Petroleum LP (TLV:NVPT), with Rockhopper Exploration plc (LON:RKH) as a partner. Navitas says it’s under development and aiming for first oil in March 2028. Rockhopper puts the target for phase 1 at 170 million barrels, and sees peak output reaching about 50,000 barrels per day.
Borders isn’t part of the Sea Lion partnership. Its Darwin gas-condensate find is in the South Falkland Basin. The firm says an outside review puts Darwin’s unrisked P50 recoverable resource at 462 million barrels of liquids. Borders has looked at FPSO development, but says that will depend on appraisal.
Management has linked the two stories. Chairman Harry Dobson and CEO Harry Baker said in the 2025 results that Sea Lion drew “new and old potential partners back into the data room.” Baker, speaking in December, said Sea Lion FID “proves that projects in the Falklands are bankable.” Investegate
Oil didn’t help the rally. Brent slipped to a four-month low, Reuters said, as supply concerns faded after U.S.-Iran talks in Doha. SEB’s Bjarne Schieldrop said China’s crude buying “has not really properly revived yet.” Reuters
Recent filings show the main risk for shareholders is clear: the stock has moved before any Darwin deal. The RNS list details warrant exercises on June 30, June 22, June 17 and June 12, with AGM results released June 25. There’s still no sign of a new Darwin farm-out.
