6th Sep 2019 10:59
(Alliance News) - Baron Oil PLC on Friday said its loss narrowed in the first half of 2019 after a much larger intangible asset impairment a year before.
For the six months to June 30, Baron's pretax loss was GBP307,000, having been GBP405,000 a year before.
The company posted a GBP6,000 intangible asset impairment in the first half, having reported a substantially larger GBP121,000 impairment a year before on block XXI in Peru.
As at June 30, the firm's available cash balance stood at GBP605,000, having been GBP3.2 million a year before and GBP1.7 million at the end of 2018.
Baron raised GBP440,000 of funds to allow work to continue on its UK assets as well as to help progress its quest to find a drilling partner for block XXI. The money will also support Baron's work with SundaGas on a south east Asia application. The placing and subscription were announced June 10.
Executive Chair Malcolm Butler said: "Following our modest drilling success during the period, we have made significant, high potential additions to the company's UK exploration portfolio. Despite our capital constraints, we have also been looking at ways of getting involved in other international opportunities, targeting larger interests in assets that combine high potential impact with relatively low risks and costs. Your board continues to seek to give shareholders access to near-term drilling with the potential to produce substantial returns."
Shares in Baron Oil were flat at 0.07 pence in London on Friday morning.
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