(Alliance News) - Nostra Terra Oil & Gas Co PLC revenue declined in the first half but it swung to a profit in a period of "prudent progress".
Nostra Terra shares fell 11% to 0.17 each on Thursday afternoon in London.
The London-based oil & gas company reported that revenue declined 25% to USD1.5 million in the first half of 2023, from USD2.0 million the year prior.
The firm said it swung to a pretax profit of USD48,000, from a loss of USD203,000 a year ago.
Nostra said it capitalised on "relatively high" oil prices during the first half, focusing on optimising production from its wells. It said production rose to 21,023 barrels of oil, from 20,383 barrels a year ago.
Looking ahead, the firm said it is looking for well development opportunities in its Pine Mills working interest area. During the first half Nostra carried out four workovers at Pine Mills.
Chief Executive Matt Lofgran said: "We had a strong first half of the year. Our focus has been on increasing cash flow. This was achieved by maintaining production levels and keeping operating costs low."
Chair Stephen Staley added that the first half was a period of "consolidation and prudent progress for Nostra Terra Oil & Gas".
By Harvey Dorset, Alliance News reporter
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Nostra Terra (NTOG)