Baron Oil Plc (AIM: BOIL), the AIM-quoted oil and gas exploration company focused on assets in SE Asia and the UK, is pleased to announce its unaudited interim results for the six months ended 30 June 2022.
Key Points
- Considerable technical advances made on Chuditch, offshore Timor-Leste. Our geoscience team are interpreting the improved subsurface image resulting from the TGS 3D reprocessing project and integrating it into a revised evaluation.
- Likewise, in UK Licence P2478, the 3D seismic reprocessing project and geochemical studies have been received and re-interpretation commenced on schedule in July. The revised evaluation of the prospectivity of the licence, including the Dunrobin prospect, is anticipated to be delivered during Q4 2022.
- Relinquishment of legacy Block XXI allows for an orderly withdrawal from Peru.
- A Placing and Subscription in April 2022 raised approximately £1.65m gross (net £1.5m), primarily to progress the Chuditch and P2478 projects towards their key milestones.
- At the end of the half year period, the free cash position stood at £2,365,000 (30 June 2021: £1,650,000).
Commenting on the results, John Wakefield, Non-executive Chairman, said:
“We believe that Baron is in a strong position to deliver value to shareholders as our two major projects move through key evaluation points at the same time as the oil & gas sector tailwinds of energy security, structural imbalances in LNG, and historically high gas prices are firmly with us. Our strategy remains that of seeking and working up high potential impact exploration and appraisal opportunities at significant equity in proven hydrocarbon basins.”
Qualified Person’s Statement
Pursuant to the requirements of the AIM Rules – Note for Mining and Oil and Gas Companies, the technical information and resource reporting contained in this announcement has been reviewed by Jon Ford BSc, Fellow of the Geological Society, Technical Director of the Company. Mr Ford has more than 40 years’ experience as a petroleum geoscientist. He has compiled, read, and approved the technical disclosure in this regulatory announcement.
For further information, please contact:
Baron Oil Plc
+44 (0) 20 7117 2849
Andy Yeo, Chief Executive
