Search Share Prices
Nostra Terra reduces loss as revenues and production rocket
Nostra Terra saw its losses narrow across 2017 as its revenues and production increased, according to the company's 2017 financial results released on Monday.
The AIM-traded oil and gas exploration and production company recorded a pre-tax loss of £1m, down 66% on the previous year, after seeing revenues increase by 290% to £1.1m.
Meanwhile, the company's US production increased by 94% to 30,703 barrels of oil over the course of the year.
Production at the Twin Well project exceeded expectations once it commenced at the completed well and the company has obtained permits for three further wells on the Permian Basin.
The firm holds proven 1P reserves of 646,280 barrels of oil equivalent, up 144% on the previous year. It remains cash flow positive with cash and cash equivalents at £0.102, down from £0.172 in 2016.
Matt Lofgran, chief executive of Nostra Terra, said: "With oil sector strength and Nostra Terra cash flow positive at the plc level, this is a most exciting time to be involved in the business. We already have a number of potential catalysts to rerate the business in our asset portfolio and are extremely well positioned to raise our sights in terms of new acquisitions."
As of 1246 BST, Nostra Terra's shares were up 4.29% at 4.02p.