Baron Oil moves into the black

Aim-listed oil and gas explorer Baron Oil yesterday posted pre-tax profits of £303,000 for the first half of 2013, compared to a £1.5m loss in the same period last year. The firm plans to drill new wells in Peru. “The total reorganisation of the company is still in full progress,” said the struggling Latin America-focused firm. “The drastic reduction in overhead has already led to a small profit for the first six months of 2013.”