30th Sep 2014 13:22
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC Tuesday posted a narrower first half loss on a reduction in costs, as revenue remained flat in the period.
The US-focused oil and gas company said its pretax loss shrank to GBP362,000, against GBP529,000 a year before.
The narrower loss was driven by a fall in the company's cost of sales in the period to GBP452,000, against GBP546,000 a year earlier, as revenue was flat at GBP414,000 against GBP415,000 last year.
The company secured a USD25 million financing facility over the half and completed a USD1.8 million placing to back the development of the White Buffalo prospect in Wyoming.
Post the period end, Nostra acquired a 100% working in interest in White Buffalo and has increased production from the Verde prospect in Colorado, it said.
Nostra Terra shares were down 3.6% to 0.2939 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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