Business
Final Results for the Year Ended 31 December 2017
Final Results for the Year Ended 31 December 2017.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2101P Baron Oil PLC 24 May 2018 \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 \n24 May 2018\n \nBaron Oil Plc\n(\"Baron Oil\" or \"the Company\")\nFinal Results for the Year Ended 31 December 2017\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 2017.\nKey Points:\n· Net loss before taxation of £2,058,000 (2016: loss of £175,000) with an attributable after-tax loss to equity shareholders of £1,539,000 (2016: loss of £32,000)\n· End of year free cash balance of £3,873,000 (US$5,225,000); (2016: £2,158,000 (US$2,662,000))\n· Increase in cash reserves arises from release of guarantee in Peru of £2,674,000 offset by an operational cash outflow of £959,000\n· Administration costs reduced 27% to £510,000 (2016: £700,000) excluding exchange rate movement which gave rise to an exchange loss of £508,000 (2016: gain of £1,131,000)\n· Relinquishment of Peru block Z-34 and recovery of the US$3.6 million guarantee during the year enabled the Company to execute a change in strategic direction\n· Post year-end farmin to Colter and Wick prospects in UK Offshore will see a well drilled on each in 2018\n· Farmout efforts continue for the El Barco prospect in Peru block XXI\n· Host Government delays continue to hamper progress on the SE Asia initiative\n· Bill Colvin resigned as Chairman in February 2018 and Andy Yeo was appointed as a non-executive director in May 2018.\nCommenting on the results, Malcolm Butler, Chairman & CEO, said:\n\"During 2017 we were finally able to extract the Company from the problems created by our partnership with Union Oil & Gas Group in Peru. The fact that we were able to relinquish block Z-34 and reclaim the entire amount of the U...