Baron Oil plc has doubled losses while remaining focused on appraising the Chuditch gas discovery in Timor-Leste and expanding its operations.
DRILL DECISION
Six months to 30 June resulted in a net loss of £847,000 (H1 2022: net loss of £419,000).
Administrative expenses rose to £778,000 (£497,000) and operating losses increased to £925,000 (420,000).
Available cash nearly doubled to £4,619,000 (H1 2022: £2,365,000), excluding monies held as security for the bank guarantee in Timor-Leste.
The company has as yet no revenue.
Preparations are advancing to drill and test an appraisal well on Chuditch-1 (75%) with assessments of available rigs, equipment and personnel and talks with contractors.
“All of our efforts are currently focused on the Chuditch PSC drilling decision to be made late in 2023 for a Chuditch-1 appraisal well,” said non-executive chairman John Wakefield.
“We are making good progress and are in advanced discussions with a number of potential funding partners.”
Baron is also awaiting the outcome of its licence application as a non-operating partner in the UK 33rd Licensing Round.