Business
Half-yearly report
Half-yearly report.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n NOSTRA TERRA OIL & GAS COMPANY PLC\n (\"Nostra Terra\", \"NTOG\" or the \"Company\")\n\n\n Interim Results for the six months to 30 June 2009\n\n28 September 2009\n\n\nHIGHLIGHTS\n\n · Losses contained at £181,000 for the period (Six months ended 30 June 2008:\n loss of £291;000) and reduction in expenditure at head office\n\n Since the period end:\n\n · Appointment of new CEO and new strategy to develop oil assets in the USA\n\n · Acquisition of Boxberger property - 1,659,191 BBLS oil proven reserves and\n 804.708 MMCF gas proven reserves\n\n · Acquisition of Hoffman property 834,000 BBLS oil proven reserves and\n 404.490 MMCF gas proven reserves\n\nCHAIRMAN'S STATEMENT\n\nAs announced on 30 June 2009 your Company has adopted a new strategy following\nthe appointment of Matt Lofgran as Chief Executive. I am pleased to report as\ndetailed in recent announcements that significant steps have already been taken\nin this new direction. Mr. Lofgran's report below summarises these new\ndevelopments and outlines our expected future strategy. I look forward to being\nable to report on further progress in the coming months.\n\nFinancial Overview\n\nExpenses incurred during the period relate to basic administration costs and as\nat the date of the balance sheet, the Company had net current assets of\n£418,000, with £1,000 held in cash. For the period a loss of £181,000 has been\nincurred, which on a weighted average equates to a basic and fully diluted loss\nof 0.04p pence per share; no dividend is being declared.\n\n\nSir Adrian Blennerhassett\nChairman\n\nCHIEF EXECUTIVE'S REPORT\n\nReview and Outlook\n\nThe first six months of our current financial year have been difficult for the\nCompany given the greater economic problems that have impacted everyone.\nInvestment in the development of oil & gas properties fell significantly,\nworldwide. Asset values have subsequently dropped as well. It has been\nincreasingly difficult operating in Ukraine during this time. In the aftermath\nof the Ukrainian financial crisis, including the severe devaluation of the\nHryvnia (local currency), the Company is left with high royalties and a selling\nprice of oil at roughly half that of global prices. It should be noted that\nother UK-based companies are not immune to this climate.\n\nHowever, with this crisis comes opportunity. As the Chairman...