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(Sharecast News) - Oil and gas explorer and producer Nostra Terra reported record-breaking levels of production and revenue in its final results on Friday, while effectively managing costs and ensuring no dilution to shareholders.
The AIM-traded firm reported revenue of $4.02m for the 12 months ended 31 December, representing an impressive growth rate of 76% year-on-year.
It put the increase in revenue down to a combination of a 19% rise in production sales and a favourable commodity price environment.
The average price per barrel sold in 2022 was $91.17, significantly higher than the average of $61.45 recorded in 2021.
In early 2022, Nostra Terra successfully brought on a new well in Pine Mills, where it holds a 32.5% working interest.
That development was followed by the drilling of a new well on the recently-acquired Grant East Lease, in which the company holds a 100% working interest.
Importantly, both of those projects were funded using existing resources, the board noted.
Additionally, Nostra Terra achieved a significant improvement in gross profit before non-cash items of $224m, swinging from a gross loss of $0.57m in 2021.
Looking ahead, Nostra Terra's board remained committed to its stated objective of increasing cash flow and reserves for 2023.
"The company enjoyed a record year for revenue and cash flow," said chief executive officer Matt Lofgran.
"Two wells were drilled during the year using existing resources, while debt levels were reduced.
"The company plans to continue to pursue opportunities both within and outside the existing asset portfolio where we believe value can be created for shareholders."
At 0830 BST, shares in Nostra Terra Oil and Gas Company were down 4.9% at 0.19p.
Reporting by Josh White for Sharecast.com.
