Business
Final Results for the Year Ended 31 December 2022
Final Results for the Year Ended 31 December 2022.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n\n23 May 2022\nBaron Oil Plc\n \n(\"Baron Oil\", \"Baron\", the \"Company\", or the \"Group\")\n \nFinal Results for the Year Ended 31 December 2022\n \nBaron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration company, is pleased to announce its audited financial results for the year ended 31 December 2022.\n \nOperational Highlights (including post period)\n \n\n\n\n\n•\n\n\nDuring the year, both the Chuditch PSC and Dunrobin projects, were subject to intensive technical work aimed at maturing the assets to \"drill ready\" status.\n \n\n\n\n\n•\n\n\nDelivery of the reprocessed Chuditch 3D seismic data and its interpretation significantly improved the subsurface image, enabling for the first time, the delineation of the Chuditch discovery and its adjacent prospects.\n \n\n\n\n\n•\n\n\nThe key Dunrobin technical work components of the Phase A commitments - those of seismic reprocessing plus geochemical studies - were delivered during second half of 2022 on time and budget. Detailed seismic attribute analysis, designed to investigate candidate direct hydrocarbon indicators, followed in early 2023.\n \n\n\n\n\n•\n\n\nIn early 2023 two Competent Person's Reports (\"CPRs\") were published which validate both projects to the industry standard SPE PRMS Contingent and/or Prospective Resource estimates.\n \n\n\n\n\n•\n\n\nThroughout the period the Company kept updated Virtual Datarooms for the benefit of potentially interested funding partners for the next phase of both Chuditch and P2478 projects, a process which continues.\n \n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Highlights\n \n\n\n\n\n•\n\n\nTwo oversubscribed funding events in 2022, as a result we have a well-funded balance sheet covering our current activities and commitments.\n \n \n\n\n\n\n•\n\n\nCash Reserves at 31 December 2021 were £5,807,000 (31 December 2021: £1,650,000).\n \n\n\n\n\n•\n\n\nExploration and evaluation expenditure of £213,000 (2021: £218,000).\n \n\n\n\n\n•\n\n\nAdministration expenses for the year were £1,191,000 (2021: £1,321,000), an overall reduction on the prior year of £130,000.\n \n\n\n\n\n•\n\n\nLoss after taxation of £1,387,000 (2021: £1,127,000 loss).\n \n\n\n\n\n \nCommenting on the results, John Wakefield, Non-executive Chairman, said: \"2022 was a year of ...