LONDON (Alliance News) - Shares in Nostra Terra Oil and Gas Company PLC jumped Monday after it said its quarterly production was more than tripled over the previous year.
Nostra Terra is an oil and gas exploration and production company with a portfolio of assets in the US and Egypt.
The company said for the quarter to end-September its production was up 232% compared to the same quarter in the previous year, which it attributed to the acquisition of a producing asset in Egypt. During the quarter Nostra Terra entered into a joint venture deal with AIM-listed Independent Resources PLC for a 50% stake in the East Ghazalat concession in Egypt for USD3.5 million.
Elsewhere Nostra Terra progressed its Paw Paw prospected in Wyoming, the US, towards drilling, and said it has opted not to invest any further in its South Texas prospect in order to concentrate on other assets.
Nostra Terra said it is currently evaluating further opportunities in existing oil provinces such as the US and Egypt.
"We're very pleased to show a significant increase in both production and revenues for the quarter during a time in the industry where many companies are struggling. We feel it's a great time to grow our asset base and the acquisition in Egypt represents an excellent second focus area for the company. We will continue to seek other opportunities similar to East Ghazalat, both in the USA and beyond while remaining focused on cash flow," said Chief Executive Officer Matt Lofgran in a statement.
Shares in Nostra Terra were up 16% at 0.110 pence Monday morning, whilst shares in Independent Resources were up 8.3% to 0.650 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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