Baron Oil shares increased 0.6% to 0.07p in early morning trading on Tuesday, after the energy firm announced a slightly narrowed operating loss to £420,000 in HY1 2022 compared to £448,000 in HY1 2021.
The company reported a widened pre-tax loss to £420,000 against £118,000 the year before, rising on the back of Peru-related costs, surface rental in Timor-Leste and technical consultancy, alongside increased administration costs.
Baron Oil mentioned a pre-tax loss on ordinary activities of £419,000 from £117,000 year-on-year.
The group noted a basic loss per share of 0.003p compared to 0.003p during the financial term.
Baron Oil confirmed a free cash position of £2.3 million at the end of HY1 2022 against £1.6 million in HY1 2021, as a result of a £1.5 million share placing and subscription.
“We believe that Baron is in a strong position to deliver value to shareholders as our two major projects move through key evaluation points at the same time as the oil & gas sector tailwinds of energy security, structural imbalances in LNG, and historically high gas prices are firmly with us,” said Baron Oil non-executive chairman John Wakefield.
“Our strategy remains that of seeking and working up high potential impact exploration and appraisal opportunities at significant equity in proven hydrocarbon basins.”
