Nostra Terra posts widened annual loss; focus on growth opportunities

(Alliance News) - Nostra Terra Oil & Gas Co PLC on Friday said it intended to pursue organic growth opportunities as it posted an increased loss.

The Texas-focused exploration company said pretax loss widened to USD1.5 million in 2024 from USD472,000 in 2023.

Revenue fell 28% to USD2.0 million from USD2.8 million.

The company said crude oil prices continued on a generally falling trajectory.

Nostra Terra said: "Russian oil production continues to find its way to market, often at discounted prices; both the volume and price effects of this and continued concerns over the health of the global economy are in part to blame for this price weakness."

Looking ahead, Chief Executive Officer Paul Welch said: "We intend to pursue organic growth opportunities from our existing asset base by looking for additional recompletion and workover well opportunities in the remainder of the Pine Mills field and plan to participate in drilling the next development location in the Fouke area. We will continue efforts to identify solutions for the non-core South Texas assets."

Nostra Terra shares fell 7.1% to 0.016 pence each on Friday morning in London.

By Tom Budszus, Alliance News slot editor

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