Baron Oil losses more than double in H1 on higher costs

Fri, 11th Sep 2020

Baron Oil reported losses that more than doubled in the first half of the year on increased costs. For the six months ended 30 June 2020, pre-tax losses widened to £703K from £307K on-year. Administration expenses rose to £367K from £227K. 'The increase in administration expenses is largely accounted for by higher professional fees related to fund raising activities which includes legal, registrar and corporate advisory costs,' the company said. The company said that efforts to drill the proposed 1,850 metre El Barco-3X well had been severely hampered by the ongoing COVID-19 issues. 'We are pleased that the seismic data on the Dunrobin area has finally been located, enabling reprocessing work to take place. Once the COVID issues have been resolved, we believe the drilling of El Barco-3X should be able to move forward,' the company said. At 9:32am: (LON:BOIL) Baron Oil share price was -0.02p at 0.09p Story provided by

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