21st Aug 2015 07:51
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC Friday reported an increase in production in the second quarter of 2015 and said that, while low oil prices are creating challenges, it is looking for further investment opportunities.
The oil and gas company said that quarterly production rose 112% over the same quarter the prior year, reaching 8,663 barrels of oil and producing a quarterly revenue of USD319,219.
Nostra Terra said that the continuing low oil price environment in the second quarter brought challenges but also opportunities to invest at much more attractive levels than last year. It noted that going forward it will be "acutely focused on investing where the economics are strong" and is particularly interested in assets that are already producing, drilling or are immediately drill-ready, adding that it is seeing an increasing number of potential acquisition opportunities.
"During the second quarter the two most significant events for the company were bringing on a new chairman with extensive industry and exchange experience, and signing of an agreement with Koch Exploration, a subsidiary of the second largest private company in the USA. While we believe these two events can have a very positive effect for shareholders it should also signal to others the strength and ambition to grow the company and drive shareholder value in the future," Chief Executive Matt Lofgran said in a statement.
"We will continue to seek out opportunities to grow the company during this time of lower asset value while keeping overheads low," he added.
Shares in Nostra Terra were trading down 1.3% at 0.113 pence Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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