4th Jun 2018 10:31
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC said Monday its loss for 2017 more than halved as the company's revenue multiplied.
The oil & gas company posted a pretax loss of GBP1.0 million, narrowed from GBP2.9 million year-on-year, on the back of multiplied revenue and increased production.
Nostra Terra shares were trading 11% higher at 4.28 pence each.
Revenue for the year was GBP1.1 million compared with GBP282,000 a year ago.
In May the company reported "record" monthly revenue for April as average daily oil production continued to increase.
US only production increased 94% to 30,703 barrels of oil equivalent from 15,793 barrels in 2016.
"Moving forward we will certainly seek to build on this success, through further drilling across our existing portfolio of assets," Chief Executive Officer Matt Lofgran said.
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