Business
Final Results for the year ended 31 December 2016
Final Results for the year ended 31 December 2016.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5858H Baron Oil PLC 08 June 2017 \n\n8 June 2017\n \nBaron Oil plc\n(\"Baron\" or \"the Company\")\n \nFinal Results for the year ended 31 December 2016\n \nThe Board of Baron is pleased to announce its Final Results for the year ended 31 December 2016. \n \nHighlights:\n \n· Group loss before taxation of £175,000 compared to loss of £1,775,000 in 2015.\n· Loss attributable to equity shareholders after accounting for minority interest of £32,000 (2015 £2,044,000).\n· Exploration and evaluation costs of £739,000, principally unsuccessful well on licence PL1/10 Northern Ireland.\n· Net impairment charges of £283,000.\n· Administration costs down to £700,000 from £1,137,000 in 2015.\n· Fall in value of Pound Sterling against the US Dollar after Brexit vote gives rise to gain of £1,131,000 (2015 gain of £271,000).\n· Net assets of £6,073,000, down from £6,651,000 at the end of 2015.\n· End of year cash balances of £5,231,000, of which £3,073,000 is held in escrow in respect of performance guarantees, leaving £2,158,000 of cash immediately available (2015 £3,010,000).\n \n \nCommenting on the results, Chairman Bill Colvin said:\n\"2016 was a difficult and frustrating year for the Company and its shareholders. Delays to exploration work in Peru block Z-34 continued while we wait for Union Oil & Gas Group (\"UOGG\") to achieve a farm-out of their 80% interest, although the block remains in the Force Majeure period for the time being. On the positive side, the new 2D seismic enabled us to define a drillable prospect in Peru block XXI and we hope to be able to drill on this block during 2017, subject to the availability of funds. However, the unexpected action by UOGG in failing to pay the US$2 million due on approval of the block Z-34 assignment was a setback after our year-end. We hope that we will receive the money owed by UOGG in the very near future and are also hopeful that a farm-out of Z-34 will be achieved by them, although current market and industry conditions continue to make this difficult. We have commissione...