Business
Final Results & Notice of AGM
Final Results & Notice of AGM.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6618A Baron Oil PLC 31 May 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n31 May 2019\n \nBaron Oil Plc\n(\"Baron Oil\" or \"the Company\")\n \nFinal Results for the Year Ended 31 December 2018\nNotice of Annual General Meeting\n \nBaron Oil (AIM: BOIL), the oil and gas company with a strategy of exploring near-term drilling opportunities in established producing areas, is pleased to announce its audited financial results for the year ended 31 December 2018.\nOperations\n· Well 98/11a-6 encountered oil in the Sherwood sandstone of the Colter South Prospect, Licence P1918 offshore Dorset. Re-mapping and evaluation is underway to determine route to commerciality\n· Adjacent Purbeck Prospect and other leads in onshore PEDL330 and PEDL345 upgraded by shows in the Cornbrash formation in 98/11a-6z side-track\n· Applications pending in UKCS 31st Licensing Round to strengthen existing licence position\n· Peru Block XXI farmout discussions continue with several parties; new period of Force Majeure agreed by Perupetro to run from 1 January 2019\n· Application with SundaGas for SE Asia Block remains live and new opportunities being discussed\n· Recent Board changes increase execution capacity and broaden deal access\nFinancial\n· Net result for the year was a loss before taxation of £3,280,000 (2017: loss of £2,058,000)\n· Loss after taxation attributable to shareholders was £2,495,000 (2017: loss of £1,539,000)\n· End of year free cash balance of £1,709,000 (2017: £3,873,000), reduced post year-end by Colter and Wick drilling costs of £1,071,000\n· Exploration and evaluation expenditure of £1,526,000 written off in Income Statement\n· IFRS6 intangible asset impairment charge of £1,360,000 on Peru Block XXI\n· Administration expenditure for the year was £549,000 (2017: £510,000)\n \nCommenting on the results, Malcolm Butler, Executive Chairman, said:\n\"This has been an eventful time for the Company, with participation in two wells after a long period ...