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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Baron Oil Plc | AQSE:BOIL.GB | Aquis Stock Exchange | Ordinary Share | GB00B01QGH57 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.07 | 0.06 | 0.08 | 0.07 | 0.0641 | 0.07 | 19,214,984 | 15:29:35 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2023 to May 2024
TIDMBOIL
RNS Number : 4230N
Baron Oil PLC
25 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019/310
Baron Oil Plc
("Baron", or the "Company")
Interim Results for the six months ended 30 June 2023
Baron Oil Plc (AIM: BOIL), the AIM-quoted oil and gas exploration and appraisal 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 2023.
Chief Executive's Statement
Timor-Leste TL-SO-19-16 PSC ("Chuditch PSC" or "PSC") (Baron 75% interest)
The Company's strategic and operational priority this year continues to be to prepare for the drilling and testing of an appraisal well on the Chuditch-1 gas discovery. Success here will prove up the commerciality of the 1,165 Bcf of gas (194MMboe) gross Pmean Contingent Resources in the field and de-risk an additional 1,651 Bcf (275MMboe) of gross Pmean Prospective Resources. The granting of a further six-month PSC extension in June 2023 demonstrates the strength of our relationships in Dili.
Our ongoing discussions with potential funding partners provide additional affirmation that the technical case is robust and there is alignment on the requirement for drilling an appraisal well on Chuditch, followed by additional exploration activities to delineate the total on block gas resources for this LNG scale project.
Technical activities during 2023 have been focused on further detailed interrogation of our data, to identify optimal candidate locations for Chuditch appraisal drilling, including additional geophysical work and environmental impact studies. Based on these studies, we have selected a preferred appraisal drilling location, which is approximately 4.8km from the Chuditch-1 discovery well. This represents a substantial step-out, illustrating the size of the field and our confidence in the reprocessed seismic datasets. This location is now being input into the detailed well planning programme. In anticipation of the proposed drilling of an appraisal well, the Company is in discussions with various contractors and is actively assessing the availability of suitable rigs, equipment and personnel.
Dunrobin (UKCS P2478) - Reabold (Admin.) 36%; Baron 32%; Upland Resources 32%
The publication of the CPR by RPS Group in February 2023 provided independent confirmation of the Company's belief that the western part of the Dunrobin complex had matured into a drillable prospect where a relatively low-cost exploration well can target more than 100 MMbbl of gross Pmean Prospective Resources with modest geological risk.
In July 2023, post period end, the joint venture announced that it had been granted a two-year extension to Phase A of the licence by the UK North Sea Transition Authority ("NSTA"). The additional commitment is to acquire a minimum of 30 square kilometres of 3D seismic data which will complete the 3D coverage over the Dunrobin West prospect.
Plans for execution of this new seismic programme during the first half of next year are underway with contractors, stakeholders and the NSTA. On completion of this work, aimed primarily at further reducing pre-drill risks and volumetric uncertainty, the partners intend to re-engage with potentially interested third parties in respect of the drilling of an exploration well. A 'Drill or Drop' decision on P2478 is now required on or before 14 July 2025.
New Ventures
Baron continues to pursue additional new venture opportunities, to enhance and complement the existing portfolio. In particular, we await the outcome of the UK 33rd Round of Licensing where we participated in a licence application as a non-operating partner. The NSTA has recently indicated that any offer would be made before the end of 2023.
Corporate
The net loss after finance costs and tax of GBP847,000 (30 June 2022: net loss of GBP419,000; year to 31 December 2022: net loss of GBP1,387,000), represented a loss of 0.004p per share (30 June 2022: 0.003p; year to 31 December 2022: 0.010p).
We continue to build out our operations, either in support of existing projects or in the pursuit of new opportunities. We are able to do this as the Company has a well-funded balance sheet which more than covers our current activities and commitments. Available cash (excluding monies held as security for the bank guarantee in Timor-Leste) as at 30 June 2023 was GBP4,619,000 (30 June 2022: GBP2,365,000; 31 December 2022: GBP5,807,000).
On 1 July 2023, Dr. Andy Butler joined the Board as Director, Asia Pacific. He has been closely associated with Baron and Chuditch from the outset through our initial new venture partnership to the capture and de-risking of the TL-SO-19-16 PSC in Timor-Leste. He adds technical and commercial capacity to the Board as well as providing access and expertise in Asia. Andy continues to manage the Timor-Leste project.
During August 2023, we completed the switch over of the US$1m Bank Guarantee ("BG") for the Chuditch PSC from United Overseas Bank Limited of Singapore to ANZ Banking Group Limited in Timor-Leste. In line with its full ownership of both SundaGas (Timor-Leste Sahul) Pte. Ltd. and SundaGas Banda Unipessoal Lda., Baron has provided 100% of the funds required for the BG.
John Wakefield, Non-Executive Chairman, commented:
"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. We are making good progress and are in advanced discussions with a number of potential funding partners. We look forward to updating shareholders as soon as we are able."
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and Gas Companies ("AIM MOG"), 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 and indicated where it does not comply with the Society of Petroleum Engineers' SPE PRMS standard.
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, George Payne (Corporate Finance)
Kelly Gardiner (Sales and Corporate Broking)
Cavendish Securities Plc +44 (0) 131 220 6939
Joint Broker +44 (0) 207 397 8900
Neil McDonald, Pearl Kellie (Corporate Finance)
Leif Powis (Sales)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
Glossary
Hot Features
Premium
Bcf Billion standard cubic feet of gas.
Contingent Resources Those quantities of petroleum estimated, as of a given date, to be potentially recoverable
from known accumulations by application of development projects, but which are not currently
considered to be commercially recoverable owing to one or more contingencies.
LNG Liquefied natural gas
Mean or Pmean Reflects a mid-case volume estimate of resource derived using probabilistic methodology. This
is the mean of the probability distribution for the resource estimates and may be skewed by
resource numbers with relatively low probabilities.
MMbbl Million barrels of oil
MMboe Million barrels of oil equivalent. Volume derived by dividing the estimate of the volume of
natural gas in billion cubic feet by six in order to convert it to an equivalent in million
barrels of oil and, where relevant, adding this to an estimate of the volume of oil in millions
of barrels.
Prospective Resources Quantities of petroleum that are estimated to exist originally in naturally occurring
reservoirs,
as of a given date. Crude oil in-place, natural gas in-place, and natural bitumen in-place
are defined in the same manner.
SPE PRMS The Society of Petroleum Engineers' ("SPE") Petroleum Resources Management System ("PRMS"):
a system developed for consistent and reliable definition, classification, and estimation
of hydrocarbon resources prepared by the Oil and Gas Reserves Committee of SPE and approved
by the SPE Board in June 2018 following input from six sponsoring societies: the World
Petroleum
Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation
Engineers, the Society of Exploration Geophysicists, the European Association of Geoscientists
and Engineers, and the Society of Petrophysicists and Well Log Analysts.
Consolidated Income Statement
for the six months ended 30 June 2023
6 months 6 months
to to Year to
30 June 30 June 31 December
2023 2022 2022
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue - - -
Cost of sales - - -
Gross loss - - -
Exploration and evaluation
expenditure (93) (120) (213)
Property, plant and equipment
depreciation (17) (8) (33)
Receivables reduction in impairment - 44 -
Administration expenses 5 (778) (497) (1,191)
Profit/(loss) arising on foreign
exchange (37) 161 43
Operating loss 6 (925) (420) (1,394)
------------------------------------- ----- ------------------ ------------------ ------------------
Finance cost (4) (1) (5)
Finance income 82 2 12
Loss on ordinary activities
before taxation (847) (419) (1,387)
Income tax (expense)/benefit 7 - - -
Loss on ordinary activities
after taxation (847) (419) (1,387)
------------------------------------- ----- ------------------ ------------------ ------------------
Loss on ordinary activities
after taxation attributable
to owners of the parent (847) (419) (1,387)
------------------------------------- ----- ------------------ ------------------ ------------------
Earnings per share: basic 8 (0.004)p (0.003)p (0.010)p
------------------------------------- ----- ------------------ ------------------ ------------------
Diluted 8 (0.004)p (0.003)p (0.010)p
------------------------------------- ----- ------------------ ------------------ ------------------
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2023
6 months 6 months
to to Year to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Loss on ordinary activities after
taxation attributable to owners
of the parent (847) (419) (1,387)
Other comprehensive income: items
which may subsequently be reclassified
to profit and loss
Exchange difference on translating
foreign operations (144) 55 174
Total comprehensive income for
the period (991) (364) (1,213)
------------------------------------------ ---------- ---------- ------------
Total comprehensive income attributable
to owners of the parent (991) (364) (1,213)
------------------------------------------ ---------- ---------- ------------
Consolidated Statement of Financial Position
at 30 June 2023
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
Assets Note GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 58 40 78
Intangible fixed assets 3,728 3,266 3,696
3,786 3,306 3,774
----------------------------------- ----- -------------- ---------------- ------------
Current assets
Receivables 117 119 101
Performance bond guarantee
deposit 9 790 823 827
Cash and cash equivalents 4,619 2,365 5,807
5,526 3,307 6,735
----------------------------------- ----- -------------- ---------------- ------------
Total assets 9,312 6,613 10,509
----------------------------------- ----- -------------- ---------------- ------------
Equity and liabilities
Capital and reserves attributable
to owners of the parent
Called up share capital 10 4,746 3,583 4,730
Share premium account 38,881 34,882 38,846
Share option reserve 319 332 332
Foreign exchange translation
reserve 1,591 1,616 1,735
Retained earnings (36,389) (34,587) (35,555)
Total equity 9,148 5,826 10,088
----------------------------------- ----- -------------- ---------------- ------------
Current liabilities
Trade and other payables 126 760 377
Taxes payable 14 13 14
140 773 391
----------------------------------- ----- -------------- ---------------- ------------
Non-current liabilities
Lease finance 24 14 30
Total liabilities 164 787 421
----------------------------------- ----- -------------- ---------------- ------------
Total equity and liabilities 9,312 6,613 10,509
----------------------------------- ----- -------------- ---------------- ------------
Consolidated Statement of Cash Flows
for the six months ended 30 June 2023
6 months 6 months
to to Year to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Operating activities 11 (1,172) (511) (1,750)
Investing activities
Return from investment and
servicing of finance 82 2 12
Performance bond guarantee
deposit - 119 128
Additions to exploration and
evaluation assets (130) (383) (806)
Acquisition of tangible assets - (15) (17)
(48) (277) (683)
--------------------------------- ----- ------------------ ---------------- ----------------
Financing activities
Proceeds from issue of share
capital 51 1,508 6,619
Lease financing (19) (5) (29)
32 1,503 6,590
--------------------------------- ----- ------------------ ---------------- ----------------
Net cash (outflow)/inflow (1,188) 715 4,157
Cash and cash equivalents
at the beginning of the period 5,807 1,650 1,650
Cash and cash equivalents
at the end of the period 4,619 2,365 5,807
--------------------------------- ----- ------------------ ---------------- ----------------
Consolidated Statement of Changes
in Equity
for the six months ended
30 June 2023
Share Foreign
Share Share Retained option exchange Total
capital premium earnings reserve translation equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 January 2022 2,896 34,061 (34,224) 388 1,561 4,682
----------------------------------- -------------------- ------------------ ----------------- ----------------- ------------------- -----------------
Shares issued 1,834 4,785 - - - 6,619
----------------------------------- -----------------
Transactions with owners
(net of transaction costs) 1,834 4,785 - - - 6,619
----------------------------------- -------------------- ------------------ ----------------- ----------------- ------------------- -----------------
Loss for the year attributable
to equity shareholders - - (1,387) - - (1,387)
Share option reserve released - - 56 (56) - -
Foreign exchange translation
adjustments - - - - 174 174
-----------------------------------
Total comprehensive income
for the period - - (1,331) (56) 174 (1,213)
----------------------------------- -------------------- ------------------ ----------------- ----------------- ------------------- -----------------
As at 1 January 2023 4,730 38,846 (35,555) 332 1,735 10,088
----------------------------------- -------------------- ------------------ ----------------- ----------------- ------------------- -----------------
Shares issued 16 35 - - - 51
-----------------------------------
Transactions with owners 16 35 - - - 51
----------------------------------- -------------------- ------------------ ----------------- ----------------- ------------------- -----------------
Loss for the year attributable
to equity shareholders - - (847) - - (847)
Share based payments - - 13 (13) - -
Foreign exchange translation
adjustments - - - - (144) (144)
-----------------------------------
Total comprehensive income
for the period - - (834) (13) (144) (991)
----------------------------------- -------------------- ------------------ ----------------- ----------------- ------------------- -----------------
As at 30 June 2023 4,746 38,881 (36,389) 319 1,591 9,148
----------------------------------- -------------------- ------------------ ----------------- ----------------- ------------------- -----------------
Notes to the Interim Financial Information
1. General Information
Baron Oil Plc is a company incorporated in England and Wales and quoted on the AIM Market of the London Stock Exchange. The registered office address is Finsgate, 5-7 Cranwood Street, London EC1V 9EE.
The principal activity of the Group is that of oil and gas exploration and appraisal.
This financial information is a condensed set of financial statements and is prepared in accordance with the requirements of IAS 34 and does not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2022. The financial information for the six months to 30 June 2023 is unaudited and does not comprise statutory financial statements within the meaning of Section 435 of the Companies Act 2006.
Statutory financial statements for the year ended 31 December 2022, prepared under UK-adopted IFRS, were approved by the Board of Directors on 22 May 2023 and delivered to the Registrar of Companies.
2. Basis of Preparation
This consolidated interim financial information has been prepared in accordance with UK adopted International Financial Reporting Standards ("IFRS") and IFRIC interpretations issued by the International Accounting Standards Board (IASB), and on the historical cost basis, using the accounting policies which are consistent with those set out in the Company's Annual Report and Financial Statements for the year ended 31 December 2022. This interim financial information for the six months to 30 June 2023, which complies with IAS 34 'Interim Financial Reporting', was approved by the Board on 22 September 2023.
3. Accounting Policies
The accounting policies applied for the six months to 30 June 2023 are consistent with those of the annual financial statements for the year ended 31 December 2022, as described in those annual financial statements.
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. Estimates and assumptions used in the preparation of the financial statements are continually reviewed and revised as necessary. Whilst every effort is made to ensure that such estimates and assumptions are reasonable, by their nature they are uncertain, and as such, changes in estimates and assumptions may have a material impact in the financial information.
4. Segmental information
United South South East Total
Kingdom America Asia
Six months ended 30 June GBP'000 GBP'000 GBP'000 GBP'000
2023
Unaudited
Revenue
Sales to external customers - - - -
Segment revenue - - - -
================================================= ======== ================= === ========================= =============
Results
Segment result (522) (15) (310) (847)
================================================= ======== ================= === ========================= =============
Total assets less liabilities 3,889 2 5,257 9,148
================================================= ======== ================= === ========================= =============
United South South East Total
Kingdom America Asia
Six months ended 30 June GBP'000 GBP'000 GBP'000 GBP'000
2022
Unaudited
Revenue
Sales to external customers - - - -
Segment revenue - - - -
================================================= ======== ================= === ========================= =============
Results
Segment result (178) (6) (235) (419)
================================================= ======== ================= === ========================= =============
Total assets less liabilities 2,322 5 3,499 5,826
================================================= ======== ================= === ========================= =============
United South South East Total
Kingdom America Asia
Year ended 31 December 2022 GBP'000 GBP'000 GBP'000 GBP'000
Audited
Revenue
Sales to external customers - - - -
Segment revenue - - - -
================================================= ======== ================= === ========================= =============
Results
Segment result (712) (71) (604) (1,387)
================================================= ======== ================= === ========================= =============
Total assets less liabilities 5,715 5 4,368 10,088
================================================= ======== ================= === ========================= =============
6 months 6 months
5. Administration expenses to to Year to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Directors' and employee benefit
expense 443 251 632
Legal and professional fees 242 91 410
Other expenses 93 155 149
778 497 1,191
-------------------------------------------------------------- ---------------------- --- -------------------- --------------------
6. Operating loss
6 months 6 months
to to Year to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
The loss on ordinary activities before
taxation includes:
Auditors' remuneration
Audit 24 21 33
Other non-audit services 1 1 4
Exploration and evaluation expenditure 93 - 213
Depreciation of property, plant
and equipment 17 8 33
Impairment reduction of foreign
tax receivables - (44) -
Loss/(gain) on exchange 37 (161) (43)
7. Income tax expense
There was no tax expense during the period (30 June and 31 December
2022: nil).
8. Earnings/(loss) per Share
6 months 6 months
to to Year to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
Pence Pence Pence
Earnings/(loss) per ordinary
share
Basic (0.004) (0.003) (0.010)
Diluted (0.004) (0.003) (0.010)
The earnings/(loss) per ordinary share is based on the Group's
loss for the period of GBP847,000 (30 June 2022: GBP419,000; 31
December 2022: GBP1,387,000) and a weighted average number of
shares in issue of 18,964,459,323 (30 June 2022: 12,373,667,710;
31 December 2022: 13,784,079,264).
9. Performance bond guarantee deposit
The Company's wholly-owned subsidiary, SundaGas Banda Unipessoal,
Lda ("Banda"), has provided a performance guarantee to Autoridade
Nacional do Petróleo ("ANP"), formerly known as Autoridade
Nacional do Petróleo e Minerais ("ANPM"), in respect of the
offshore Timor-Leste TL-SO-19-16 Production Sharing Contract ("PSC").
This performance guarantee was secured by a bank guarantee given
by United Overseas Bank Limited of Singapore ("UOB") backed by
a cash deposit of US$1 million. This arrangement was originally
put in place in November 2019 at the outset of the PSC, was extended
in November 2022, and expired on 1 August 2023. Banda replaced
this guarantee on expiry with a new guarantee secured by a bank
deposit of the same amount given by The Australia and New Zealand
Banking Group Limited ("ANZ"), which expires on 1 February 2024.
It is anticipated that the bank guarantee will be released following
the conclusion of the current phase of the PSC which is currently
18 December 2023 as the Directors consider that all work commitments
to the end of the current phase will have been met.
The original guarantee was set up by SundaGas Pte. Ltd ("SGPL"),
the former owners of Banda, and remained in their name beyond
the acquisition of Banda by the Company, so as not to disrupt
the contractual position of the PSC. As a result, on expiry the
bond was initially released to SGPL which in turn released funds
to Banda on 1 August 2023.
10. Called up Share Capital
On 23 February 2023, the Company issued 62,500,000 Ordinary Shares
of 0.025p each at an issue price of 0.1p per share following the
exercise of options, yielding net proceeds after costs of GBP50,000.
11. Reconciliation of operating loss to net cash outflow from operating
activities
6 months 6 months
to to Year to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Loss for the period (847) (419) (1,387)
Depreciation and amortisation 17 8 33
Finance income shown as an
investing activity (82) (2) (12)
Interest on lease liability 4 - 4
Foreign currency translation (6) (174) (74)
(Increase)/decrease in receivables (16) (65) (47)
(Decrease)/increase in payables (242) 141 (267)
(1,172) (511) (1,750)
=========================================== === ============= ==== ============== ===== =================
12. Related party transactions
SundaGas (Timor-Leste Sahul) Pty. Ltd ("TLS"), a wholly-owned subsidiary,
paid fees amounting to US$152,000 (30 June 2022: US$138,000, 31 December
2022: US$285,000) to SundaGas Pte. Ltd, a company in which Dr. Andrew
Butler, a director of TLS, held a significant interest
The directors' aggregate remuneration, associated benefits and share-based
payments in respect of qualifying services during the period amounted
to GBP308,000 (30 June 2022: GBP161,000, 31 December 2022: GBP390,000).
During the period, key management personnel did not subscribe to
any shares in the Company, nor were any options to subscribe to new
shares granted. During 2022, key management personnel subscribed
for new ordinary shares of GBP0.00025 each in the Company as part
of placings and subscriptions of new ordinary shares as follows.
Announced 29 April Announced 16 November
2022, at a price of 2022, at a price of
0.06p per share 0.12p per share
------------------------------------ ---------------------------------------- -------------------------------
Andrew Yeo 16,150,000 shares 8,000,000 shares
Dr Andrew Butler - 50,000,000 shares
------------------------------------ ---------------------------------------- -------------------------------
Also during 2022, key management personnel were awarded options to
subscribe to new ordinary shares of GBP0.00025 each in the Company
as follows.
Number Exercise Final exercise
price date
-------------------------------------------------------- ------------------- ------------ -----------------
Dr Andrew Butler 175,000,000 0.07p 14 July 2025
-----------------
The share options awarded to Dr Butler are exercisable at 0.07p,
expire three years from grant date and will only vest upon Baron
Oil making an announcement that the first appraisal well on the Chuditch
PSC has spudded, or in certain limited circumstances such as a takeover
event.
On 25 November 2022, the Company assumed 100% of the collateral
for a US$1 million amount (the "Deposit") in relation to the performance
bank guarantee arrangements connected to the Chuditch PSC (the "Guarantee"),
by providing approximately US$667,000 to SundaGas Pte. Ltd ("SGPL")
to replace the two thirds contribution (approximately US$667,000)
previously made by SGPL, which was the other indirect shareholder
in SundaGas Banda Unipessoal Lda. until 18 June 2021. The relationship
agreement between SGPL, its principals and Baron as originally announced
on 18 June 2021 (the "Relationship Agreement") was also varied so
that Baron is entitled to all the bene t of and rights to the return
of the Deposit should it be released or when the Guarantee expires
in due course on 1 August 2023. The changes to the provision of
the funds for the Deposit and the variations to the Relationship
Agreement were deemed to be related party transactions pursuant
to the AIM Rules for Companies. The Guarantee was released on expiry
and the deposit was returned to Baron in full on 1 August 2023.
See also note 9 above.
13. Events after the reporting
period
Following the extension to the second contract year of the TL-SO-19-16
Production Sharing Contract offshore Democratic Republic of Timor-Leste,
announced by the Company on 2 June 2023, the Company entered into
a replacement performance guarantee secured by a bank guarantee
given by The Australia and New Zealand Banking Group Limited ("ANZ")
backed by a cash deposit of US$1 million. See note 9 for further
details.
On 12 July 2023, the Company announced that a two year extension
to Phase A of Licence P2478, in which the Company holds a 32% interest,
was granted by the North Sea Transition Authority. As a result,
a "drill or drop" decision is now required on or before 14 July
2025.
14. Financial Information
The unaudited interim financial information for period ended 30
June 2023 does not constitute statutory financial statements within
the meaning of Section 435 of the Companies Act 2006. The comparative
figures for the year ended 31 December 2022 are extracted from the
statutory financial statements which have been filed with the Registrar
of Companies and which contain an unqualified audit report and did
not contain statements under Section 498 to 502 of the Companies
Act 2006.
Copies of this interim financial information document are available
from the Company at its registered office at Finsgate, 5-7 Cranwood
Street, London EC1V 9EE. The interim financial information document
will also be available on the Company's website www.baronoilPlc.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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