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LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Friday said it is targeting further near-to-production or producing acquisitions, as its interim loss narrowed.
For the six months to June, Nostra Terra's pretax loss was GBP366,000 compared to GBP424,000 a year prior. The company's revenue was GBP823,000, up from GBP549,000.
Production for the period, net to the company, was an average of 101 barrels of oil a day - both the Twin an G6 wells in the US Permian basin were brought into production, though the C8 well was abandoned.
The company said its target was to increase revenue, build oil production, and generate free cash flow, with all objective being met.
It is looking for further acquisition targets, and Nostra Terra said it is a company "brimming with confidence".
Chief Executive Matt Lofgran said: "Moving forward, Nostra Terra has a number of options open to it to accelerate growth. As reported in the chairman's report we are currently reviewing a number of exciting acquisition opportunities and we hope to be able to provide further updates of those imminently.
"Meanwhile we plan to continue growing stable production at Pine Mills and across our Permian assets. Our strategy will be to continue to fund this through free cash flow generation and future re-determinations of the facility."
Shares were 1.3% lower on Friday at a price of 3.33 pence each.
