Nostra Terra losses narrow as two wells flowing

Nostra Terra lifted revenues and profits in the first half after the AIM-listed exploration and production company brought two new wells into production, saying "confidence is brimming" as it moves into the second half.

The oil and gas outfit posted a 50% increase in revenues to £823,000 for the six months ended 30 June.

Nostra Terra still recorded a pre-tax loss of £366,000 but it was a 13% improvement on a year earlier. Losses per share were cut from 0.401p to 0.263p.

Oil production averaged 101 barrels per day throughout the period after the Twin and G6 wells were brought into continuous production, but drilling was abandoned at the C8 asset due to an unexpected high-pressure inflow.

Chairman Ewen Ainsworth, said: "Our strategic focus in the first half of 2018 was to deliver on our promise to build oil production across our US portfolio of assets, increase revenue and start generating free cash flow to reinvest in the business. We met our objectives on all fronts."

"As we move into the second half of the year, confidence is brimming at Nostra Terra."

As of 0900 BST, Nostra Terra shares had fallen 5.87% to 3.18p.