Business
Interim Results
Interim Results.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4587N\n Nostra Terra Oil & Gas Company PLC\n 30 September 2021\n \n \n \n \n \n \n \n \n 30 September 2021\n \n Nostra Terra Oil and Gas Company plc\n (\"Nostra Terra\" or the \"Company\")\n \n Interim Results\n \n Nostra Terra (AIM: NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA, is pleased to announce its unaudited results for the six-month period ended 30 June 2021. A copy of the Interim Results is available on the Company's website, www.ntog.co.uk.\n \n Highlights:\n \n · 130% increase in revenue for the period to $963,000 (30 June 2020: $417,000).\n \n · Gross profit from operations (before non-cash items of depreciation and amortization) for the period of $250,000 (30 June 2020: $115,000 loss).\n \n · \n 25% increase in total production for the period to 15,211 barrels oil (30 June 2020: 12,152 barrels oil)\n \n \n o \n Average production during first half at 84 boepd net to Nostra Terra (2020: 67 boepd)\n \n \n · \n 48% reduction in overheads for the period\n \n \n · \n Significantly reduced loss for the period of $269,000 (2020: $437,000) \n \n \n · \n Sr. Lending Facility remained in compliance throughout the period\n \n \n · \n £500,000 fundraise (8 Jan)\n \n \n · \n Cypress well completed and put into production\n \n \n o \n Production surpassed management expectations \n \n \n Post-period events:\n \n · \n Senior Lending Facility (29 Sep)\n \n \n o \n 100% increase\n in Facility size to $10,000,000 \n (from $5,000,000)\n \n \n o \n 52% increase in borrowing base to $2,350,000 (from $1,550,000)\n \n \n · \n Substantial Reserves upgrade\n \n \n o \n $23,704,240 Future Net Income (total proved), a 58% increase from 2019 Year End (YE)\n \n \n o \n $10,549,420 NPV10 (total proved), a 49% increase from 2019 YE\n \n \n o \n 1,994,240 gross barrels oil (973,180 net barrels oil) proven reserves, a 27% increase\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Chairman's report\n I am pleased to provide this report for Nostra Terra Oil & Gas Company PLC's half year ending on 30th June 2021.\n In this six months we have continued to build on the solid foundations for recovery that were laid in 2020.\n We have...