Baron Oil

BOIL: 0.24 0.00 (0.00%)

Delayed:2018-02-16 16:57:15
Bid Price 0.22 High Price 0.24
Ask Price 0.30 Low Price 0.24
Open Price 0.24 Spread 30.77%
Prev Close 0.26 Volume 4,341.00

Baron Oil Share Price Chart

Intraday

Historic - 1 year


Baron Oil Share Price Information

Name Baron Oil Epic BOIL
Sector Oil & Gas Producers ISIN GB00B01QGH57
Activites Baron Oil plc (formerly Gold Oil plc) is an independent oil and natural gas exploration and exploitation company focused on Central and Southern America. The Company is seeking to maintain a balanced portfolio of high-risk high reward and low risk cash flow projects by establishing significant licence positions concentrated in a few geographic areas. The Company currently has significant acreage and is recognised as an operator for both onshore and offshore Peru, and is an operator with exploration and production licences onshore Colombia. The Company's objective is to deliver shareholder value through capital appreciation. Security Type Equity

Key numbers

Latest Share Price (p) 0.26 Net Gearing (%) -31.00
Market Cap (£m) 3.58 Gross Gearing (%) 29.62
Shares in issue (m) 1,376.41 Debt Ratio 0.00
P/E Ratio -130.00 Debt-to-Equity Ratio 0.00
Divs per share (p) 0.00 Assets / Equity Ratio 1.42
Dividend Yield (%) 0.00 Price to book value 0.59
Dividend Cover 0.00 SROCE (%) -2.97
Earning per share (p) 0.00 EPS Growth (%) 100.00
52-week high / low (p) 0.70 / 0.18 DPS Growth (%)

Baron Oil Broker Views

Date Broker Rec. Price Old target price New target price Notes
29 Mar Cantor Fitzgerald Buy 0.24 1.90 1.90 Reiterates
27 Sep Cantor Fitzgerald Buy 0.24 1.90 1.90 Reiterates
23 Sep Cantor Fitzgerald Buy 0.24 1.90 1.90 Reiterates
19 Aug Cantor Fitzgerald Buy 0.24 1.90 1.90 Retains
30 Nov Cantor Fitzgerald Buy 0.24 2.20 1.90 Retains

Baron Oil Director Deals


Baron Oil Company News

Baron funds cleared from Guarantee Bond for Block Z-34

Baron Oil confirmed that the $3.6m held by Barclays Bank as guarantee for the work programme on the recently relinquished Peru offshore Block Z-34 is now available to the Company.

The Company said that, following the release of these funds, the net cash position stands at $5.2m.

Bill Colvin, Chairman of Baron commented:

"We are very pleased that these funds have finally been cleared, despite the inevitable delays in the banking system over the Christmas period.

We will now consult with our advisors and major shareholders to agree a way forward for the company which may or may not include remaining in the oil & gas exploration business. We will advise the market in due course of any decisions taken."




At 2:02pm: (LON:BOIL) Baron Oil share price was +0.03p at 0.3p



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Baron relinquishes offshore Peru block

Baron Oil has announced that at an operating committee meeting in Lima yesterday those parties entitled to vote made a unanimous decision to relinquish Block Z-34, offshore Peru, and notify Perupetro.

Baron said the block had been in force majeure since 2014 and under these circumstances the Z-34 partners were entitled to exercise their right to relinquish it and request that the $3.6m work programme guarantee bond be released.

Baron said that if this was agreed it expected to recover a substantial portion of the bond, free of tax.

Chairman Bill Colvin said: 'The Z-34 group has been frustrated by the impediments to activity in Peru created by the lack of regulations relating to deep water drilling and the need to change existing regulations to accommodate such activities.

'Although new legislation is promised shortly, we are of the view that activities will continue to face unexpected delays and additional expense, creating uncertainties that impact the economic evaluation of the prospects.

'We have therefore taken the difficult decision to relinquish the Block.'






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Baron Oil losses widen

Baron Oil posted an operating loss of £1,430,000 for the six months to the end of June compared with a loss of £240,000 last time. After the end of the period, the company announced that the 2013 FIA on Peru block Z34 with UOGG had been terminated, with the company taking back its full 50% working interest.

It said that as a result, the receivable balance of US$2,000,000 in respect of the farm-in had been reclassified back to an intangible asset.

It added: 'In accordance with our approach of impairing both exploration intangibles and goodwill, this intangible has been fully impaired.

'Total impairment charges in the period were £1,531,000, after taking into account a small reduction in the impairment charge for foreign tax receivables.

'As a result of the pending liquidation of Invepetrol and the resulting deconsolidation of this company from the group financial statements, a credit to income statement of £831,000 arises.

'The consolidated income statement includes exploration and evaluation expenditure of £81,000 in respect of the south-east Asia joint study agreement with SundaGas.'

Administration expenses, excluding exchange differences, in the period were £269,000 (30 June 2016: £528,000).

The group said this reflected the removal of Colombia administrative costs and also the continuing efforts to reduce head office costs.

It added: 'Exchange differences gave rise to a loss of £392,000 in the period (30 June 2016: gain of £460,000, year to 31 December 2016: gain of £1,131,000), arising from an increase in the GBP value against the USD between the beginning and end of the period.

'Other operating income amounts to £12,000 (30 June 2016: £355,000; year to 31 December 2015: income of £319,000), with the prior period including exceptional gains on the cancellation of payables held since 2012.

'The termination of the FIA on Block Z34 means that the provision for the foreign tax liability on the receivable from UOGG is no longer required, giving rise to a credit to the income statement of £519,000 (30 June 2016: nil; 31 December 2016: charge of £113,000).' After finance and tax, the company showed a net loss of £916,000 (June 2016: £183,000; 2016 year: £288,000), representing a loss of 0.07p per share (June 2016: 0.01p; year to 31 December 2015: 0.02p).


At 9:22am: (LON:BOIL) Baron Oil share price was -0.05p at 0.18p



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FLASH: Baron Oil losses widen






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Baron terminates farmin agreement with Union Oil

Baron Oil has announced that the Farmin Agreement (FIA) with Union Oil & Gas has been terminated and Baron has taken back its full 50% working interest share in Peru Block Z-34.

Bill Colvin, Chairman of Baron commented:

"UOGG's failure to abide by the terms of the FIA was extremely disappointing, placing Baron in a very difficult position, and the Termination Agreement is definitely not the best financial outcome for Baron. However your board has finally concluded, with local legal advice, that to take any other route would be likely to destroy all remaining value in Block Z-34 and we would still be highly unlikely to recover any funds that would have been due to the Company under the FIA. In addition, Baron faced the possibility of a 32% tax charge in Peru whether or not UOGG paid the US$2million.

At this critical stage in operations on the Block it is essential that the partners work as closely together as possible on the farm-out negotiations and try to preserve the value of the Block."




At 2:32pm: (LON:BOIL) Baron Oil share price was -0.05p at 0.28p



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