28th Sep 2018 12:21
LONDON (Alliance News) - Baron Oil PLC on Friday reported a narrowed loss for the recent interim period, and also said rig contracts have been signed on two prospects.
For the six months to June, Baron's pretax loss was GBP405,000 compared to GBP1.4 million a year prior. It recorded no revenue, as it has no producing assets.
On its Wick and Colter prospects, both offshore UK, Baron said the operator Corallian Energy Ltd has finished assessing the drilling sites and has signed a deal with Ensco UK Ltd for a rig for the wells.
Cash at June 30 was GBP3.4 million, from GBP3.8 million in December.
Chairman Malcolm Butler said: "The rig contract for the Wick and Colter wells has now been signed and the wells will be drilled once the permitting process has been completed.
"Encouragingly, we are now moving ahead with the purchase of wellheads and casing and we believe the remaining permits will be obtained shortly."
Shares were 17% higher on Friday at a price of 0.56 pence each.
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