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(Alliance News) - Nostra Terra Oil & Gas PLC on Monday reported solid annual revenue growth driven by a 22% increase in production.
Nostra Terra, which operates in the US and Egypt, posted revenue of USD2.3 million for 2018, with production climbing 22% to 37,384 barrels of oil equivalent.
This helped narrow the pretax loss for the year to USD930,000 from USD1.5 million.
"The future of Nostra Terra has never looked brighter. We have continued to deliver on our strategy to build secure, long-term, profitable production," said Non-Executive Chair Ewen Ainsworth.
"From this solid foundation, our intention is to build on this further with material organic growth from the Mesquite asset, whilst being ever vigilant for other opportunities consistent with the company's strategy."
During the year, Nostra Terra managed to increase proven reserves by 18% to 746,030 barrels of oil equivalent. Proved and probable reserves nearly quadrupled, reaching 2.4 million barrels.
Shares up 1.3% on Monday morning in London at a price of 1.90 pence each.
