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Nostra Terra Oil & Gas Co PLC - AIM-listed company focused on the prolific Permian Basin in West Texas - Says revenue for six months to June 30 USD417,000, less than half the USD947,000 recorded a year ago. However, pretax loss narrows to USD437,000 from USD712,000 after Nostra recorded foreign exchange gain of USD228,000 versus loss of USD24,000 a year ago. Administrative expenses reduce to USD610,000 from USD814,000.
Average production during the half was 67 barrels of oil equivalent a day net to Nostra, down on 98 barrels a year ago.
"The first half of 2020 was a difficult period for the company, but I believe we have emerged from it stronger than we went into it. With lower costs and corporate debt and post-reporting period increases in reserves and production we should have a firm base on which to grow further. Larger, transformative transactions are also on our radar - we will apply the same detailed due diligence to them as we do to all our potential transactions," says Chair Stephen Staley.
Current stock price: 0.325 pence
Year-to-date change: down 69%
By Lucy Heming; lucyheming@alliancenews.com
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