AIM-listed Baron Oil has announced its audited financial results for the year ended 31 December 2023. In conjunction with this announcement, the Company has also released an 'Operational Update'.
Operational Highlights for 2023
- Considerable progress with Chuditch asset in Timor-Leste, moving from evaluation into the drilling preparation phase.
- Competent Person's Report ("CPR") published assessing gross Pmean Contingent Resources of Chuditch-1 discovery as 1.16 Tcf of gas with an additional 1.56 Tcf of gross Pmean Prospective Resources.
- Senior well engineering personnel appointed as detailed drilling preparations commenced.
- Farm-up agreed with TIMOR GAP (completed post-period), increasing their working interest from 25% to 40%, resulting in TIMOR GAP being responsible for 20% of PSC costs.
- Extension granted for UK Offshore Licence P2478, but owing to ongoing wind farm construction in the area, seismic operations were unable to be conducted and the licence was relinquished post-period end, with all commitments having been fulfilled.
Financial Highlights for 2023
- Cash reserves at 31 December 2023 were £3.76m (31 December 2022: £5.81m).
- Loss after taxation of £1.71m (2022: £1.39m).
- Post-period Placing, Subscription and WRAP Retail Offer (February 2024), raising £3.26m (gross).
Commenting on the results, Gerry Aherne, Non-Executive Chairman, said:
'I am pleased to report that Baron made significant progress in its work on the Chuditch PSC during 2023, a year when foundations were placed for the exciting appraisal drilling for which the Company is preparing. Having recently joined the Board, I've been impressed by both the quality of the Timor-Leste asset and the capabilities and professionalism of Baron's personnel. The Company is thus in a strong position for the rest of 2024 and beyond as reinforces its focus on the energy hungry markets of SE Asia.
'We are grateful for the ongoing support of our shareholders and other stakeholders, and I would like to particularly thank our team for their hard work and dedication.'
Source: Baron Oil
