Baron Oil PLC on Monday reported an increased interim loss due to higher costs as it remained focused on its Chuditch production sharing contract about 115 miles south of Timor-Leste.

The London-based oil & gas exploration and appraisal company said its pretax loss in the first half of 2023 widened to £847,000 from £419,000 a year prior. Administrative expenses increased 57% to £778,000 from £497,000

The company does not yet generate revenue. The company said it had a well-funded balance sheet and that it continued to build its operations.

Chair John Wakefield said: ‘All of our efforts are currently focused on the Chuditch PSC drilling decision to be made late in 2023 for a Chuditch-1 appraisal well. We are making good progress and are in advanced discussions with a number of potential funding partners. We look forward to updating shareholders as soon as we are able.’

Baron Oil shares rose 10% to 0.091 pence each in London on Monday afternoon.

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