8th Jun 2022 12:06
(Alliance News) - Nostra Terra Oil & Gas Co PLC on Wednesday said its outlook for 2022 remains "strong", as it posts that 2021 revenue more than doubled.
Shares in the London-based oil & gas company were down 5.2% to 0.46 pence each in London on Wednesday midday.
Nostra Terra reported that revenue for 2021 more than doubled to USD2.3 million, compared to USD1.0 million in 2020.
The company added that the revenue increase reflected a combination of a 26% increase in production sales and an improving commodity price - with the average price rising to USD61.42 per barrel sold in 2021 compared to USD34.17 in 2020.
Further, pretax loss narrowed to USD1.1 million, from USD1.3 million year-on-year.
Looking forward, Chief Executive Matt Lofgran said: "2022 is on track to be an even better year."
The company said that the invasion of Ukraine by Russia and the subsequent sanctions against Russian oil and gas exports has forced the price of West Texas Intermediate oil to climb above USD100 per barrel.
"In the context of today's geopolitical situation, our Texan assets are advantageously located in a politically stable environment," Non-Executive Chair Stephen Staley added.
By Sophie Rose; [email protected]
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