London-based oil and gas exploration company, Baron Oil PLC, has disclosed an expanded interim loss for the first half of 2023, primarily attributed to higher costs incurred in its Chuditch production sharing contract situated approximately 115 miles south of Timor-Leste.
The pretax loss for this period amounted to GBP 847,000, compared to GBP 419,000 in the previous year. Administrative expenses saw a 57% rise, totaling GBP 778,000, up from GBP 497,000.
Although the company has yet to generate revenue, it affirmed a well-funded balance sheet and ongoing operational development. Chairman John Wakefield emphasized the current focus on the Chuditch PSC drilling decision slated for late 2023, expressing optimism about advanced discussions with potential funding partners.