Business
2015 Annual Report and Notice of General Meeting
2015 Annual Report and Notice of General Meeting.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0979A Baron Oil PLC 02 June 2016 \n\n2 June 2016\n \nBaron Oil plc\n(\"Baron\" or \"the Company\")\n \n2015 Annual Report and Notice of General Meeting\n \n \nThe Board of Baron is pleased to announce that it has posted its Annual Report and Accounts for the year ended 31 December 2015 to shareholders today, together with a notice convening the Company's annual general meeting.\n \nThe annual general meeting will be held at 200 Strand, London, WC2R 1DJ at 11:00 a.m. on Monday 27 June 2016.\n \nCopies of the Company's annual report and notice of annual general meeting will shortly be available on the Company's website at www.baronoilplc.com.\n \nFor further information:\nBaron Oil Plc\nBill Colvin (Chairman & CEO) Tel: +44 (0) 7780 684 108\n \nCantor Fitzgerald Europe \nNominated Adviser and Broker\nSarah Wharry (Corporate Finance) Tel: +44 (0) 20 7894 7000\n \n \n \nCHAIRMAN'S STATEMENT & OPERATIONS REPORT\n \nFINANCE AND FINANCIAL RESULTS\nIn the year ended 31 December 2015, the net result for the year was a loss before taxation of £1,775,000, which compares to a loss of £3,347,000 for the preceding financial year. Almost 90% of this loss is accounted for by exploration expenditure and impairment charges in Peru.\n \nTurnover for the year was £1,048,000 compared to £2,830,000 in the preceding year. This drop in turnover arises from the cessation of production in July 2015 from the Nancy-Burdine-Maxine fields (\"NBM\"). This licence subsequently expired in October 2015. Management of Inverisiones Petroleras de Colombia SAS (\"Invepetrol\") had detailed discussions with Ecopetrol AS (\"Ecopetrol\") concerning both an extension of NBM operatorship and also an improvement in the NBM commercial terms of our production contract. Our proposals to continue operating the field were declined by Eco...