TIDMBOIL

RNS Number : 6796Y

Baron Oil PLC

11 September 2020

Market Abuse Regulation (MAR) Disclosure

Certain 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.

11 September 2020

Baron Oil Plc

("Baron" or "the Company")

Interim Results for the six months ended 30 June 2020

Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company focused on opportunities in SE Asia, Latin America and the UK, announces its unaudited interim financial information and results for the six months ended 30 June 2020.

Operations

Timor-Leste

-- Work on the Chuditch PSC has been progressed as far as possible in the absence of the original raw seismic data. SundaGas has written to ANPM requesting a satisfactory response and remedy of the situation.

Peru

-- As soon as free movement in Peru is restored the Company intends to push on with the drilling of the El-Barco-3X well. Assuming that COVID restrictions are lifted by the end of the calendar year, between May and August 2021 is a realistic target.

UK

-- Inner Moray Firth - On licence P2478 (the Dunrobin Prospect), the original seismic field data has been located, copied and is being validated. We look forward to receiving the results of the studies being carried out by the large European exploration and production company in due course.

-- Dorset - The Joint Venture has agreed to relinquish Licence P1918 (the Colter Prospect); work on PEDL330 & PEDL 345 continues.

Financial

-- GBP2,500,000 (gross) Placing and Subscription at 0.1p per share was announced on 14 February 2020.

-- Available cash balance (excluding monies held as security for bank guarantees in Peru and Timor-Leste) at 30 June 2020 of GBP1,798,000 (30 June 2019: GBP605,000; 31 December 2019: GBP347,000).

-- Net loss after finance costs and tax of GBP703,000 (June 2019: net loss of GBP307,000; 2019 year: net loss of GBP1,674,000), representing a loss of 0.02p per share (June 2019: 0.02p; year to 31 December 2019: 0.01p).

-- On 22 April 2020, the Company acquired a 33.33% interest in SundaGas (Timor-Leste Sahul) Pte. Ltd at a cost of US$188,000, which is fully impaired under associated company accounting rules. Baron also paid a further US$333,000 in respect of a guarantee bond deposit which is included in receivables.

-- The increase in administration expenses is largely accounted for by higher professional fees related to fund raising activities which includes legal, registrar and corporate advisory costs. In addition, there is a non-cash charge of GBP63,000 in respect of share-based payments arising on the issue of Placing warrants and options.

Malcolm Butler, Executive Chairman commented...

"There are encouraging signs that industry activity is beginning to move again, although oil and gas prices remain depressed. We are pleased that the seismic data on the Dunrobin area has finally been located, enabling reprocessing work to take place. Once the COVID issues have been resolved, we believe the drilling of El Barco-3X should be able to move forward. The situation in Timor-Leste is very frustrating but we will keep shareholders informed of progress."

For further information, please contact:

 
Baron Oil Plc                               +44 (0)20 7117 2849 
Dr Malcolm Butler, Executive Chairman 
Andy Yeo, Managing Director 
 
Allenby Capital Limited                     +44 (0)203 328 5656 
Nominated Adviser and Joint Broker 
Alex Brearley, Nick Harriss, Nick Athanas 
 
Turner Pope Investments (TPI) Limited       +44 (0)20 3657 0050 
Joint Broker 
Andy Thacker, Zoe Alexander 
 

TL-SO-19-16 Production Sharing Contract ("Chuditch PSC"), offshore Timor-Leste - Indirect 25% interest

As outlined in Baron's AGM statement in June, since signing the Chuditch PSC in November 2019, SundaGas has progressed the project as far as possible in the absence of the original raw seismic acquisition data to which it is entitled under the terms of the Chuditch PSC. SundaGas has still not received these data.

The Board believes that the failure of Timor-Leste's public institution responsible for managing and regulating petroleum and mining activities, Autoridade Nacional do Petróleo e Minerais ("ANPM"), to provide these data is the result of a conflicting seismic licensing and revenue sharing agreement, including the Kyranis 3D volume recorded in 2012 over the Chuditch area, understood to have been signed between ANPM and TGS, a provider of multi-client seismic data, an agreement of which SundaGas had no knowledge at the time of the signing of the Chuditch PSC.

Baron supports SundaGas in its efforts to work constructively with ANPM and others to make progress with the Chuditch PSC. However, in order to fulfil the agreed specific technical aims of the data reprocessing and its national training commitment, which were previously agreed to by all parties, it is crucial for SundaGas to access the original raw seismic data and be able to closely direct the reprocessing work. Various seismic products within Timor-Leste offshore now being marketed by TGS to third parties will neither satisfy the Chuditch PSC obligations nor provide the detailed local analyses required.

It should be noted that ANPM has also failed to take steps to provide other necessary data required to fulfil the Chuditch PSC obligations, such as raw 2D seismic data, that do not fall within their agreement with TGS. This means that SundaGas has been unable to make further progress in relation to the Chuditch PSC's 2020 work programme. SundaGas considers that these issues indicate that ANPM is in breach of contract of the Chuditch PSC and is failing to fulfil its obligations under Timor-Leste Petroleum Law. Accordingly, SundaGas has also informed its partner in the Chuditch PSC, TIMOR GAP, that it is unable to submit a 2021 work programme and budget at this time.

During the first two years of the initial three-year term of the Chuditch PSC, there is an obligation to reprocess 800 sq. kilometres of 3D seismic and 2,000 line kilometres of 2D seismic data and, if justified by the results of the reprocessing, drill a well during the third year. The Board believes that, with ten months having already elapsed since signing the Chuditch PSC, it will be difficult, once the data access issues referred to above have been satisfactorily resolved, to complete the required work programme on the Chuditch PSC in sufficient time for a drilling decision to be made.

Since June 2020, SundaGas has received no response or feedback from ANPM on these specific matters. In seeking to expedite a resolution to the situation, SundaGas has written to ANPM requesting a satisfactory response and remedy of the data access issues, the absence of which would mean that the project could not move forward.

Peru - Block XXI, Onshore Licence - 100% interest

We continue to pursue efforts to drill the proposed 1,850 metre El Barco-3X well to test for low-risk gas in the Mancora Sands and higher-risk oil and gas in fractured basement, but progress has been severely hampered by the ongoing COVID-19 issues. The Piura region is one of the most infected areas in Peru and current restrictions suggest that it will not open up for meetings until early 2021. The local settlements of El Barco and Belisario remain COVID free, since they have closed access to both villages. The Company is required to hold three workshops to present its drilling and environmental plans in Piura and in the villages and has to complete negotiations to gain access to the site with the local community President. None of this can take place until free movement is allowed. Taking into account these issues, our current indicative target for drilling El Barco-3X is between May and August 2021.

Block XXI will remain in Force Majeure until the Company is able to conclude the workshops and reach agreement regarding access to the site with the local community. Baron will have approximately six months left in which to drill when Force Majeure is lifted. The pre-COVID estimate for site preparation and drilling of El Barco-3X was US$1.2 million and updated estimates have been requested from four drilling companies. The Company's aim continues to be to bring in a new drilling and equity partner, but the previous negotiations with an interested company based in Piura have been interrupted by the COVID situation and have not yet been able to be resumed. Meanwhile, the continuing focus is on ensuring that the licence remains in good order and working with Perupetro to confirm the three-year extension option for Block XXI, contingent on the drilling of El-Barco-3X.

UK - Inner Moray Firth, Offshore Licence P2478 - Baron 15% interest

Further to the update made in our 2020 AGM statement, Corallian Energy Limited, the Operator of Licence P2478 which contains the large Dunrobin and smaller Golspie prospects, has informed the Joint Venture that the original seismic field data necessary to perform specialised reprocessing has recently been located and copied and is now being validated. Once this has been checked and loaded, reprocessing work will be able to take place. The initial Exclusivity period of the Work Sharing and Confidentiality Agreement, which was signed with a large European exploration and production company in April 2020, currently expires at the end of September 2020 and we look forward to receiving the results of the studies undertaken in due course.

UK - Dorset, Offshore Licence P1918; Onshore Licences PEDL330 & PEDL345 - Baron 8% interest

Licence P1918: The Joint Venture has agreed that in the present oil price environment any development of the Colter South discovery is sub-commercial and it has therefore been decided to give notice to the UK Oil & Gas Authority to relinquish the licence at the expiry date of the second term on 31 January 2021.

PEDL330 & PEDL345: The prospectivity of these onshore Licences, to the south of Wytch Farm oilfield, remains under evaluation in order to inform a decision on whether to request an extension of the licences beyond the current term expiry date of 20 July 2021.

 
 Baron Oil plc 
 
 
 Consolidated Income Statement 
 for the six months ended 30 June 2020 
                                                6 months                6 months 
                                                      to                      to                       Year to 
                                                 30 June                 30 June                   31 December 
                                                    2020                    2019                          2019 
                            Note               Unaudited               Unaudited                       Audited 
                                                 GBP'000                 GBP'000                       GBP'000 
 Revenue                                               -                       -                             - 
 Cost of sales                                         -                       -                             - 
 
 Gross loss                                            -                       -                             - 
 
 Exploration and 
  evaluation 
  expenditure                                       (67)                    (53)                         (160) 
 Intangible asset 
  impairment                                       (120)                     (6)                       (1,047) 
 Receivables impairment                             (14)                     (8)                            16 
 Administration expenses     5                     (367)                   (227)                         (442) 
 Profit/(loss) arising on 
  foreign exchange                                    37                    (13)                          (41) 
 
 Operating loss                                    (531)                   (307)                       (1,674) 
-------------------------  -----  ----------------------  ----------------------      ------------------------ 
 
 Income from interest in 
 associated 
 undertaking                                        (15)                       -                             - 
 Impairment of investment 
 in associated 
 undertaking                                       (159)                       -                             - 
 
 Loss before interest and 
  taxation                                         (705)                   (307)                       (1,674) 
-------------------------  -----  ----------------------  ----------------------      ------------------------ 
 
 Finance cost                                          -                     (1)                           (1) 
 Finance income                                        2                       1                             1 
 
 Loss on ordinary 
  activities 
  before taxation            6                     (703)                   (307)                       (1,674) 
 
 Income tax 
 (expense)/benefit           7                         -                       -                             - 
 
 Loss on ordinary 
  activities 
  after taxation                                   (703)                   (307)                       (1,674) 
-------------------------  -----  ----------------------  ----------------------      ------------------------ 
 
 Loss on ordinary 
 activities 
 after taxation is 
 attributable 
 to: 
 Equity shareholders                               (703)                   (307)                       (1,674) 
 Non-controlling 
 interests                                             -                       -                             - 
 Loss on ordinary 
  activities 
  after taxation                                   (703)                   (307)                       (1,674) 
-------------------------  -----  ----------------------  ----------------------      ------------------------ 
 
 Earnings/(loss) per 
  share: 
  basic                      8                   (0.02)p                 (0.02)p                       (0.01)p 
-------------------------  -----  ----------------------  ----------------------      ------------------------ 
 
 Diluted                     8                   (0.02)p                 (0.02)p                       (0.01)p 
-------------------------  -----  ----------------------  ----------------------      ------------------------ 
 
   Baron Oil plc 
 
 
 Consolidated Statement of Comprehensive Income 
 for the six months ended 30 June 2020 
                                                6 months                6 months 
                                                      to                      to                     Year to 
                                                 30 June                 30 June                 31 December 
                                                    2020                    2019                        2019 
                                               Unaudited               Unaudited                     Audited 
                                                 GBP'000                 GBP'000                     GBP'000 
 
 Loss on ordinary activities 
  after 
  taxation attributable to the 
  parent                                           (703)                   (307)                     (1,674) 
 
 Other comprehensive income 
 Currency translation 
  differences                                         88                       6                        (69) 
 Total comprehensive income for 
  the period                                       (615)                   (301)                     (1,743) 
--------------------------------  ----------------------  ----------------------  -------------------------- 
 
 Total comprehensive income 
 attributable 
 to : 
 Owners of the company                             (615)                   (301)                     (1,743) 
--------------------------------  ----------------------  ----------------------  -------------------------- 
 
 
 
 Baron Oil plc 
 
 
 Consolidated Statement of Financial Position 
 at 30 June 2020 
 
                                                           30 June                 30 June             31 December 
                                                              2020                    2019                    2019 
                                                         Unaudited               Unaudited                 Audited 
                                      Note                 GBP'000                 GBP'000                 GBP'000 
 Non-current assets 
 Property, plant and equipment                                   -                       -                       - 
 Intangibles                                                    14                   1,101                       5 
 Goodwill                                                        -                       -                       - 
 Investment in associated 
  company                                                        -                       -                       - 
 
                                                                14                   1,101                       5 
-----------------------------------  -----  ----------------------  ----------------------  ---------------------- 
 Current assets 
 Receivables                                                   311                     139                      49 
 Cash and cash equivalents                                   1,798                     605                     347 
 Cash held as security for 
  bank guarantees                                              134                     130                     125 
 
                                                             2,243                     874                     521 
-----------------------------------  -----  ----------------------  ----------------------  ---------------------- 
 
 Total assets                                                2,257                   1,975                     526 
-----------------------------------  -----  ----------------------  ----------------------  ---------------------- 
 
 Equity and liabilities 
 
 Capital and reserves attributable 
  to owners of the parent 
 Called up share capital               9                     1,107                     482                     482 
 Share premium account                                      32,189                  30,507                  30,507 
 Share option reserve                                          137                      74                      74 
 Foreign exchange translation 
  reserve                                                    1,731                   1,718                   1,643 
 Retained earnings                                        (32,954)                (30,884)                (32,251) 
 Total equity                                                2,210                   1,897                     455 
-----------------------------------  -----  ----------------------  ----------------------  ---------------------- 
 
 Current liabilities 
 Trade and other payables                                       36                      73                      64 
 Taxes payable                                                  11                       5                       7 
 
                                                                47                      78                      71 
-----------------------------------  -----  ----------------------  ----------------------  ---------------------- 
 
 Total equity and liabilities                                2,257                   1,975                     526 
-----------------------------------  -----  ----------------------  ----------------------  ---------------------- 
 
 
 
 Baron Oil plc 
 
 
 Consolidated Statement of Cash Flows 
 for the six months ended 30 June 2020 
                                                  6 months                    6 months 
                                                        to                          to                     Year to 
                                                   30 June                     30 June                 31 December 
                                                      2020                        2019                        2019 
                                                 Unaudited                   Unaudited                     Audited 
                                 Note              GBP'000                     GBP'000                     GBP'000 
 
 Operating activities             10                 (675)                       (478)                       (724) 
 
 
 Investing activities 
 Return from investment and 
  servicing of finance                                   2                           1                           1 
 Acquisition of intangible 
  assets                                             (183)                     (1,035)                     (1,047) 
 
                                                     (181)                     (1,034)                     (1,046) 
                                       -------------------  --------------------------  -------------------------- 
 Financing activities 
 Proceeds from issue of share 
  capital                                            2,307                         408                         408 
 
 Net cash (outflow)/inflow                           1,451                     (1,104)                     (1,362) 
 Cash and cash equivalents 
  at the beginning of the 
  period                                               347                       1,709                       1,709 
 
 Cash and cash equivalents 
  at the end of the period                           1,798                         605                         347 
                                       ===================  ==========================  ========================== 
 
 As at 30 June 2020, bank deposits include amounts totalling US$160,000 
  (30 June and 31 December 2019: US$160,000) that are being held 
  in respect of guarantees and are not available for use until the 
  Group fulfils certain licence commitments in Peru. This is not 
  considered to be available cash and has therefore been excluded 
  from the cash flow statement. 
 
 
 Baron Oil plc 
 
 
 Consolidated Statement of Changes in Equity 
 for the six months ended 30 June 2020 
                                   6 months                6 months 
                                         to                      to                 Year to 
                                    30 June                 30 June             31 December 
                                       2020                    2019                    2019 
                                  Unaudited               Unaudited                 Audited 
                                    GBP'000                 GBP'000                 GBP'000 
 
 Opening equity                         455                   1,790                   1,790 
 
 Shares issued net of costs           2,307                     408                     408 
 
 Loss for the period                  (703)                   (307)                 (1,674) 
 Share based payments                    63                       -                       - 
 Foreign exchange translation            88                       6                    (69) 
 
 Closing equity                       2,210                   1,897                     455 
                                 ==========  ======================  ====================== 
 
 
 
 Baron Oil plc 
 
 
 Notes to the Interim Financial Information 
 

1. General Information

Baron Oil Plc is a company incorporated in England and Wales and quoted on the AIM Market of the London Stock Exchange. The registered office address is Finsgate, 5-7 Cranwood Street, London EC1V 9EE.

The principal activity of the Group is that of oil and gas exploration and production.

These financial statements are a condensed set of financial statements and are prepared in accordance with the requirements of IAS 34 and do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2019. The financial statements for the half period ended 30 June 2020 are unaudited and do not comprise statutory financial statements within the meaning of Section 435 of the Companies Act 2006.

Statutory financial statements for the year ended 31 December 2019, prepared under IFRS, were approved by the Board of Directors on 28 April 2020 and delivered to the Registrar of Companies.

2. Basis of Preparation

This consolidated interim financial information have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and on the historical cost basis, using the accounting policies which are consistent with those set out in the Company's Annual Report and Financial Statements for the year ended 31 December 2019. This interim financial information for the six months to 30 June 2020, which complies with IAS 34 'Interim Financial Reporting', was approved by the Board on 10 September 2020.

3. Accounting Policies

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the period ended 31 December 2019, as described in those annual financial statements.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. Estimates and assumptions used in the preparation of the financial statements are continually reviewed and revised as necessary. Whilst every effort is made to ensure that such estimates and assumptions are reasonable, by their nature they are uncertain, and as such, changes in estimates and assumptions may have a material impact in the financial statements.

i) Carrying value of property, plant and equipment and of intangible exploration and evaluation fixed assets.

Valuation of petroleum and natural gas properties: consideration of impairment includes estimates relating to oil and gas reserves, future production rates, overall costs, oil and natural gas prices which impact future cash flows. In addition, the timing of regulatory approval, the general economic environment and the ability to finance future activities through the issuance of debt or equity also impact the impairment analysis. All these factors may impact the viability of future commercial production from developed and unproved properties, including major development projects, and therefore the need to recognise impairment.

   ii)   Commercial reserves estimates 

Oil and gas reserve estimates: estimation of recoverable reserves include assumptions regarding commodity prices, exchange rates, discount rates, production and transportation costs all of which impact future cashflows. It also requires the interpretation of complex geological and geophysical models in order to make an assessment of the size, shape, depth and quality of reservoirs and their anticipated recoveries. The economic, geological and technical factors used to estimate reserves may change from period to period. Changes in estimated reserves can impact developed and undeveloped property carrying values, asset retirement costs and the recognition of income tax assets, due to changes in expected future cash flows. Reserve estimates are also integral to the amount of depletion and depreciation charged to income.

 
 Baron Oil plc 
 
 
 Notes to the Interim Financial Information 
 
 4. Segmental information 
                                           United            South            South            Total 
                                          Kingdom          America             East 
                                                                               Asia 
 Six months ended 30 June                 GBP'000          GBP'000          GBP'000          GBP'000 
  2020 
 Unaudited 
 
 Revenue 
 Sales to external customers                    -                -                -                - 
                                          _______          _______          _______          _______ 
 Segment revenue                                -                -                -                - 
 
 Segment result                             (332)            (197)            (174)            (703) 
 
 
 Total net assets                           2,067              143                -            2,210 
 
 
                                           United            South            South            Total 
                                          Kingdom          America             East 
                                                                               Asia 
 Six months ended 30 June                 GBP'000          GBP'000          GBP'000          GBP'000 
  2019 
 Unaudited 
 
 Revenue 
 Sales to external customers                    -                -                -                - 
                                          _______          _______          _______          _______ 
 Segment revenue                                -                -                -                - 
 
 Segment result                             (217)             (82)              (8)            (307) 
 
 
 Total assets                               1,762              135                -            1,897 
 
 
                                           United            South            South            Total 
                                          Kingdom          America             East 
                                                                               Asia 
 Year ended 31 December 2019              GBP'000          GBP'000          GBP'000          GBP'000 
 Audited 
 
 Revenue 
 Sales to external customers                    -                -                -                - 
                                          _______          _______          _______          _______ 
 Segment revenue                                -                -                -                - 
 
 Segment result                           (1,575)             (57)             (42)          (1,674) 
 
 
 Total assets less liabilities                320              135                -              455 
 
 
 
 Baron Oil plc 
 
 
 Notes to the Interim Financial Information 
  (continued) 
 
                                                  6 months                6 months 
 5. Administration expenses                             to                      to                 Year to 
                                                   30 June                 30 June             31 December 
                                                      2020                    2019                    2019 
                                                 Unaudited               Unaudited                 Audited 
                                                   GBP'000                 GBP'000                 GBP'000 
 Directors' and employee benefit 
  expense                                              160                     141                     258 
 Share-based payment                                    63                       -                       - 
 Legal and professional fees                           114                      56                     133 
 Other expenses                                         30                      30                      51 
 
                                                       367                     227                     442 
                                    ======================  ======================  ====================== 
 
 
 6. Loss from operations 
                                                  6 months                6 months 
                                                        to                      to                 Year to 
                                                   30 June                 30 June             31 December 
                                                      2020                    2019                    2019 
                                                 Unaudited               Unaudited                 Audited 
                                                   GBP'000                 GBP'000                 GBP'000 
 
 The loss on ordinary activities 
  before taxation includes: 
 
 Auditors' remuneration 
  Audit                                                 13                      11                      21 
  Other non-audit services                               1                       1                       5 
 Exploration and evaluation 
  expenditure                                            -                       -                     160 
 Impairment of intangible 
  assets                                               120                       6                   1,047 
 Impairment of foreign tax 
  receivables                                           14                       8                    (16) 
 (Profit)/Loss on exchange                            (37)                      13                      41 
 
 
 7. Income tax expense 
 
 There was no tax expense during the period (30 June 2019: nil; 
  31 December 2019: nil). 
 
 
 Baron Oil plc 
 
 
 Notes to the Interim Financial Information 
  (continued) 
 
 8. Earnings/(loss) per Share 
 
                                                   6 months                6 months 
                                                         to                      to                 Year to 
                                                    30 June                 30 June             31 December 
                                                       2020                    2019                    2019 
                                                  Unaudited               Unaudited                 Audited 
                                                      Pence                   Pence                   Pence 
 Earnings/(loss) per ordinary 
  share 
 Basic                                               (0.02)                  (0.02)                  (0.01) 
 Diluted                                             (0.02)                  (0.02)                  (0.01) 
 
 
 The earnings/(loss) per ordinary share is based on the Group's 
  loss for the period of GBP703,000 (30 June 2019: GBP307,000; 31 
  December 2019: GBP1,674,000) and a weighted average number of 
  shares in issue of 3,545,718,838 (30 June 2019: 1,440,221,731; 
  2019: 1,685,313,686). 
 
 9. Called up Share Capital 
 
 On 20 February 2020, the Company issued 735,714,280 Ordinary Shares 
  of 0.025p each at 0.1p per share, plus a further 1,764,285,720 
  Ordinary Shares of 0.025p each at 0.1p per share on 11 March 2020, 
  together yielding net proceeds after costs of GBP2,307,000. 
 
 10. Reconciliation of operating loss 
  to net cash outflow from operating activities 
 
                                                   6 months                6 months 
                                                         to                      to                 Year to 
                                                    30 June                 30 June             31 December 
                                                       2020                    2019                    2019 
                                                  Unaudited               Unaudited                 Audited 
                                                    GBP'000                 GBP'000                 GBP'000 
 Profit/(loss) for the period                         (703)                   (307)                 (1,674) 
 Depreciation and amortisation                          279                       6                   1,047 
 Share based payments                                    63                       -                       - 
 Income from interest in associated 
  undertaking                                            15                       -                       - 
 Finance income shown as an 
  investing activity                                    (2)                     (1)                     (1) 
 Foreign currency translation                          (41)                      50                     (4) 
 (Increase)/decrease in receivables                   (262)                     364                     454 
 Tax paid                                                20                    (70)                       - 
 Increase/(decrease) in payables                       (44)                   (520)                   (546) 
                                                     ______                  ______                 _______ 
                                                      (675)                   (478)                   (724) 
 
 
 
 Baron Oil plc 
 
 
 Notes to the Interim Financial Information 
  (continued) 
 
 11. Related party transactions 
 
 During the period, the Company purchased technical services amounting 
  to GBP1,346 (30 June 2019: GBP3,523; 31 December 2019: GBP9,915) 
  from Tedstone Oil and Gas Limited, a company controlled by Mr 
  Jon Ford, a director. 
 During the preceding year to 31 December 2019, the Company purchased 
  administrative services amounting to GBP2,500 (30 June 2019: GBP2,500) 
  from Langley Associates Limited, a company controlled by Mr Geoff 
  Barnes, who was previously a director. There were no such payments 
  in the six month period ended 30 June 2020. 
 
 12. Financial Information 
 
 The unaudited interim financial information for period ended 30 
  June 2020 do not constitute statutory financial statements within 
  the meaning of Section 435 of the Companies Act 2006. The comparative 
  figures for the year ended 31 December 2019 are extracted from 
  the statutory financial statements which have been filed with 
  the Registrar of Companies and which contain an unqualified audit 
  report and did not contain statements under Section 498 to 502 
  of the Companies Act 2006. 
 Copies of this interim financial information document are available 
  from the Company at its registered office at Finsgate, 5-7 Cranwood 
  Street, London EC1V 9EE. The interim financial information document 
  will also be available on the Company's website www.baronoilplc.com. 
 

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