19th Sep 2024 12:33
(Alliance News) - Nostra Terra Oil & Gas Co PC on Thursday said cost reduction initiatives are expected to impact its 2024 results, as it reported a loss as oil output was lower.
The Texas-focused exploration company said it swung to a pretax loss of USD792,000 in the first half of 2024, from a profit of USD48,000 a year ago.
Revenue declined 36% to USD938,000 from USD1.5 million. Production costs increased 9.4% to USD708,000 from USD647,000.
Notably, oil production declined 41% to 12,593 barrels of oil from 21,265 a year ago.
Looking ahead, Chair Stephen Staley said: "Cost reduction initiatives are expected to show an impact on the 2024 full-year results. The Pine Mills work involves enhancing or reinstating production from a number of existing wells in a cost-effective manner.
"These investments are expected to have short payback times and are also likely to have a positive impact on the results in the second half of the current financial year. This work is now well underway, and we hope to be able to announce initial results in the coming weeks."
Nostra Terra shares were 6.0% lower at 0.042 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.