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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nostra Terra Oil And Gas Company Plc | LSE:NTOG | London | Ordinary Share | GB00BZ76F335 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.1025 | 0.10 | 0.105 | 0.1025 | 0.1025 | 0.1025 | 393 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 4.02M | -546k | -0.0007 | -1.43 | 746.52k |
From Apr 2019 to Apr 2024
TIDMNTOG
RNS Number : 1171Q
Nostra Terra Oil & Gas Company PLC
04 June 2018
4 June 2018
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
2017 Audited Annual Results
Highlights during the period:
-- Revenue for the period increased 300% to GBP1,128,000 (2016: GBP282,000)
-- Production for the period increased 94% to 30,703 BOE (USA only) (2016: 15,793)
-- Proven Reserves (1P) for the period increased 144% to 646,280 BOE (2016: 265,000 BOE)
-- Loss for the period of GBP1,044,000 (2016: GBP2,891,000)
-- Acquired a further 20% Working Interest in the Pine Mills oil field
-- Acquired through court judgement at no additional cost
-- First operator in three years to run asset profitably
-- Made two additional acquisitions in the Permian Basin
-- First new well ("Twin Well") successfully drilled in Permian Basin
-- Acquired a further 25% of East Ghazalat
-- Secured hedging facility with BP Energy Company
-- Raised GBP500,000 via placing in April 2017
-- John Stafford joined the Board of Directors
Post year end highlights:
-- Permitted three additional wells in the Permian Basin
-- New $5,000,000 Senior Lending Facility, 4.75% interest rate with initial borrowing base of $1,200,000
-- Completed Twin Well; production exceeded expectations
-- Became cash flow positive at the Plc level
-- Warrants exercised, from April 2017 placing, raising additional GBP635,700
-- East Ghazalat, referral made for international arbitration to seek resolution of issues with North Petroleum
-- Back-to-back wells drilled in Permian Basin
-- One well plugged and abandoned, due to high pressure inflow of water, replacement well on lease permitted and being planned
-- One well successful, currently being completed for production
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO +1 480 993 8933 Strand Hanson Limited +44 (0) 20 7409 (Nominated Adviser and Joint Broker) 3494 Rory Murphy / Ritchie Balmer / Jack Botros Smaller Company Capital Limited +44 (0) 20 3651 (Joint Broker) 2910 Rupert Williams / Jeremy Woodgate
Chairman's Report
When I wrote my update to accompany the 2016 Annual Report, Nostra Terra was still in the early stages of embedding its new strategy. The price of oil was consolidating and signs of recovery across the industry were in sight.
Twelve months later and the sector has rebounded strongly. Thanks to our efforts in 2016, Nostra Terra was well positioned to benefit greatly from this. The Company has since taken significant steps forward in realising its ambitions, delivering robust returns for shareholders.
Our strategic focus switched in 2016 to repositioning our portfolio of assets with the goal of growing stable oil production and reserves, which would be profitable at $30/bbl. In particular we sought to acquire leases, which were Held By Production (HBP). This ideally suited Nostra Terra because it meant we could control the pace of development of these assets, as conditions and our finances allowed.
In early 2017 we completed our second acquisition in the Permian Basin, Texas, and by April had increased the Company's current proven reserves (1P) in the US to 522,000 barrels. As stated a year ago, these reported reserves were bankable and laid the foundation to enabling Nostra Terra to gain access to the working capital required to grow long term oil production.
To that end, Nostra Terra raised GBP500,000 in a placing in late April 2017 and in September secured a hedging facility for future oil production with BP Energy Company. This was a significant leap forward for Nostra Terra and provided a ringing endorsement of the success of our new strategy. Perhaps more importantly it better positioned the Company to access non-dilutive working capital to fund future growth.
By the end of 2017 we were able to report we were in advanced discussions with a number of lenders. Eight days after the period ended, we finalised terms of a $5 million Senior Lending Facility with Washington Federal Bank, at an initial interest rate of 4.75% with an initial borrowing base of $1.2 million.
Operationally, the introduction of new funds has meant a great deal to the business and has already yielded tangible results. In October we completed our third acquisition in the Permian Basin and by the middle of November started drilling the first new well on this lease, the Twin Well.
We were subsequently able to put the Twin Well into production, a significant contributor to Nostra Terra becoming cash flow positive at the plc level, another major milestone for the Company.
In other areas, we have continued to work hard.
With respect to our investment in Magnolia Petroleum, we identified an opportunity where we believed our involvement would add significant value both to that company and to Nostra Terra. In response to the requisition for a General Meeting to seek change to Magnolia's board, Magnolia's existing directors chose to complete a highly dilutive deal, which we believe added precious little in terms of value to that company and was unfortunate for Magnolia's shareholders. We exited our position at a profit.
In Egypt we increased our stake in the East Ghazalat concession to 50%, having acquired Echo Energy's (AIM:ECHO) 25% stake for a $500,000 consideration payable only upon certain approvals and production hurdles. For minimal outlay we will increase Nostra Terra's assets to just over 1 million barrels of 2P Reserves.
We have continued to engage positively with various stakeholders in Egypt, and remain highly enthusiastic about the potential, but our first task has to be to resolve the legacy dispute with North Petroleum ("North"), the operator, which governs East Ghazalat, and the case has now been referred to international arbitration.
In summary, I believe the future looks very bright for Nostra Terra. We have delivered on our promise to build secure, long-term, profitable production. We are now cash flow positive at the plc level and have access to significant working capital, fundamental attributes that are rarely found in companies on AIM or of our size. Now that we have put in place such a solid foundation our intention is to build on this through further acquisitions and organic growth. I would like to thank our shareholders for their continued support and look forward to reporting more progress in future.
Ewen Ainsworth
Chairman
1 June 2018
Chief Executive Officer's Report
Our primary goal in 2017 was to become cash flow positive at the plc level. It took us two months longer than I had hoped, but we hit this target in February 2018. This is perhaps our most significant achievement to date and positions Nostra Terra for exciting growth ahead, as we seek to introduce larger assets to the Company with much more potential upside.
Revenues for the year were GBP1,128,000 an increase of 300% from 2016. Loss for the year was GBP1,044,000. In April 2017 the Company raised GBP500,000 through an equity placing at 2 pence per share. Included in this were 1 for 1 warrants, exercisable within 12 months at 3 pence per share. Nearly all of the warrants were exercised by April 2018, raising an additional GBP738,000 for the Company.
Moving forward we will certainly seek to build on this success, through further drilling across our existing portfolio of assets. However, now that we are in a much more secure position financially, with a stronger balance sheet, we can also afford to explore a more ambitious acquisition plan. If successful this change in approach could significantly increase Nostra Terra's growth trajectory.
My vision has always been to build a much larger company, built on solid fundamentals. The first phase of this plan is now complete and I am excited about the next phase ahead.
United States
Pine Mills, Texas
Having secured our initial stake (80% working interest) in the Pine Mills oil field in late 2016, our operations team made an immediate impact. By the turn of the year we were able to report two consecutive months of profitable oil production at Pine Mills and have sustained that record every month since. Furthermore, Pine Mills has provided us with such stable and consistent excess cash flow that it has become the cornerstone of our turnaround strategy.
This very much confirms our original basis for acquiring Pine Mills and the subsequent strategic efforts we expended in the first half of 2017 to secure 100% of the asset. Subsequently, we were able to include all revenues generated at Pine Mills in 2017 in our reported figures.
Due to the stable production at Pine Mills and the performance of our operational team, in September 2017 we secured a hedging facility with BP Energy Company. This was a significant achievement for a company of Nostra Terra's size and marked a turning point for the Company.
To secure the hedging facility we underwent a vigorous due diligence process. We were able to demonstrate an established track record of consistent production and the viability of our long-term model consolidating efforts made in the first half of 2017.
Permian Basin, Texas
Having secured the hedging facility, we were confident we would be able to obtain a new Senior Lending Facility. Initial discussions with a number of banks went well and this gave us confidence to press ahead with the third acquisition in the Permian Basin, where we would drill the Twin Well. This acquisition, in late October 2017, marked another step change in our delivery.
Prior to the acquisition, the neighbouring operator inadvertently drilled a well into the lease, which produced 350 barrels of oil in less than three days. Because of this error the neighbouring operator had to plug and abandon its well and was required to provide us with the well data.
It has since produced at a strong rate above 50bopd. From permitting to getting paid took less than four months.
We now have approximately 22 drill ready locations across our existing Permian Basin assets. Assuming we are able to continue growing production here, it is clear there is potential to increase significantly underlying value.
We retain interest and receive revenues from additional assets located in Oklahoma, Colorado and Wyoming. These are not substantial and are considered non-core assets.
Egypt
While we've made positive inroads in the country with the Government and local contact, unfortunately we have not been able to find a solution to the legacy issues with the Concession's operator, North Petroleum ("North"), and the case has now been referred to international arbitration.
We have been proactive in suggesting solutions to the issues raised, and sought positive resolutions. Nevertheless, Nostra Terra will now defend its position rigorously.
Senior Lending Facility
At the beginning of 2017 we secured a new $5 million Senior Lending Facility. The initial borrowing base was $1.2 million at a 4.75% interest rate. The facility will be reviewed at least twice a year, meaning the borrowing base can increase or decrease based on changes in production, reserves, cash flow and commodity prices. With the progress we have made increasing production at Pine Mills, across our Permian Basin assets, and the considerable improvement in the oil price, Nostra Terra is well positioned to accelerate its growth.
Outlook
With oil sector strength and Nostra Terra cash flow positive at the plc level, this is a most exciting time to be involved in the business. We already have a number of potential catalysts to rerate the business in our asset portfolio and are extremely well positioned to raise our sights in terms of new acquisitions. We are an attractive company to work with for potential targets and the Washington Federal Senior Lending Facility provides us with a great deal of balance sheet support.
I would like to finish by thanking our shareholders for their support and I look forward to providing more updates as we continue to grow the Company.
Matt Lofgran
Chief Executive Officer
1 June 2018
Consolidated Income Statement
for the year ended 31 December 2017
Hot Features
Premium
2017 2016
Notes GBP000 GBP000
------------------------------------------ ------- -------
Revenue 1,128 282
------------------------------------------ ------- -------
Cost of sales
Production costs (964) (130)
Abortive acquisition costs - (618)
Well impairment - (1,855)
Depletion, depreciation, amortisation (127) (445)
------------------------------------------ ------- -------
Total cost of sales (1,091) (3,048)
------------------------------------------ ------- -------
GROSS PROFIT/(LOSS) 37 (2,766)
Share based payment (40) 154
Administrative expenses (891) (760)
Share of results of joint venture 14 - (162)
-------------------------------------- ------- -------
OPERATING LOSS 5 (894) (3,534)
Finance expense 4 (202) (324)
Other income 6 52 967
-------------------------------------- ------- -------
LOSS BEFORE TAX (1,044) (2,891)
Tax (expense) recovery 7 - -
-------------------------------------- ------- -------
LOSS FOR THE YEAR (1,044) (2,891)
------------------------------------------ ------- -------
Attributable to:
Owners of the Company (1,044) (2,891)
------------------------------------------ ------- -------
Earnings per share expressed in pence per share:
Continued operations
Basic and diluted (pence) 9 (0.918) (3.416)
-------------------------------------- ------- -------
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2017
2017 2016
GBP000 GBP000
------------------------------------------------- -------
Loss for the year (1,044) (2,891)
Other comprehensive income:
Currency translation differences (127) 262
---------------------------------------- ------- -------
Total comprehensive income for the year (1,171) (2,629)
---------------------------------------- ------- -------
Total comprehensive income attributable to:
Owners of the Company (1,171) (2,629)
---------------------------------------- ------- -------
Consolidated Statement of Changes in Equity
for the year ended 31 December 2017
Share
Deferred Share options Translation Retained
Share capital shares premium reserve reserves losses Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------ -------- -------- -------- ----------- -------- -------
As at 1 January
2016 3,360 - 11,060 165 (64) (12,452) 2,069
--------------------- ------- -------- -------- -------- ----------- -------- -------
Shares issued - - - - - - -
Share issue costs 764 - 262 - - - 1,026
Consolidation
and subdivision
of shares (4,028) 4,028 - - - - -
Foreign exchange
translation - - - - 262 - 262
Loss after tax
for the year - - - - - (2,891) (2,891)
Share-based payments - - - (154) - - (154)
--------------------- ------- -------- -------- -------- ----------- -------- -------
As at 31 December
2016 96 4,028 11,322 11 198 (15,343) 312
Shares issued 30 - 563 - - - 593
Foreign exchange
translation - - - - (127) - (127)
Loss after tax
for the year - - - - - (1,044) (1,044)
Share-based payments - - - 40 - - 40
--------------------- ------- -------- -------- -------- ----------- -------- -------
As at 31 December
2017 126 4,028 11,885 51 71 (16,387) (226)
--------------------- ------- -------- -------- -------- ----------- -------- -------
Share capital is the amount subscribed for shares at nominal value.
Retained loss represents the cumulative losses of the Group attributable to owners of the Company.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses. Share issue expenses in the year comprise costs incurred in respect of the issue of new shares on the London Stock Exchange's AIM market.
Translation reserves arise on consolidation of the translation of the subsidiary's balance sheet at the closing rate of exchange and its income statement at the average rate.
Company Statement of Changes in Equity
for the year ended 31 December 2017
Share Deferred Share Share options Retained
capital shares premium reserve losses Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------ -------- -------- ------------- -------- -------
As at 1 January
2016 3,360 - 11,060 165 (11,578) 3,007
--------------------- ------- -------- -------- ------------- -------- -------
Shares issued 764 - 262 - - 1,026
Consolidation and
subdivision of
shares (4,028) 4,028 - - - -
Loss after tax
for the year - - - - (4,265) (4,265)
Share-based payments - - - (154) - (154)
--------------------- ------- -------- -------- ------------- -------- -------
As at 31 December
2016 96 4,028 11,322 11 (15,843) (386)
Shares issued 30 - 563 - - 593
Loss after tax
for the year - - - - (852) (852)
Share-based payments - - - 40 - 40
--------------------- ------- -------- -------- ------------- -------- -------
As at 31 December
2017 126 4,028 11,885 51 (16,695) (605)
--------------------- ------- -------- -------- ------------- -------- -------
Share capital is the amount subscribed for shares at nominal value.
Retained loss represents the cumulative losses of the Company attributable to owners of the Company.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses. Share issue expenses in the year comprise costs incurred in respect of the issue of new shares.
Consolidated Statement of Financial Position
31 December 2017
2017 2016
Notes GBP000 GBP000
----------------------------------- -------- --------
ASSETS
NON-CURRENT ASSETS
Goodwill 10 - -
Other intangibles 11 1,043 1,036
Property, plant and equipment -
oil and gas assets 12 265 202
Other assets 37 41
Investment in joint venture 14 - 1
------------------------------- -------- --------
1,345 1,280
--------------------------------------------- --------
CURRENT ASSETS
Trade and other receivables 15 345 439
Cash and cash equivalents 16 102 172
------------------------------- -------- --------
447 611
--------------------------------------------- --------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 17 732 791
Borrowings 18 1,286 788
------------------------------- -------- --------
2,018 1,579
--------------------------------------------- --------
NET CURRENT ASSETS (1,571) (968)
NON-CURRENT LIABILITIES
Other loans 18 - -
------------------------------- -------- --------
NET ASSETS/(LIABILITIES) (226) 312
----------------------------------- -------- --------
EQUITY AND RESERVES
Share capital 19 4,154 4,124
Share premium 20 11,885 11,322
Translation reserve 20 71 198
Share option reserve 24 51 11
Retained losses 20 (16,387) (15,343)
------------------------------- -------- --------
(226) 312
--------------------------------------------- --------
The financial statements were approved and authorised for issue by the Board of Directors on 1 June 2018 and were signed on its behalf by:
M B Lofgran
Director
Company registered number: 05338258
Company Statement of Financial Position
31 December 2017
2017 2016
Notes GBP000 GBP000
------------------------------- -------- --------
ASSETS
NON-CURRENT ASSETS
Fixed asset investments 13 - 1
Investment in joint venture 14 - 1
--------------------------- -------- --------
- 2
----------------------------------------- --------
CURRENT ASSETS
Trade and other receivables 15 17 48
Cash and cash equivalents 16 58 42
--------------------------- -------- --------
75 90
----------------------------------------- --------
LIABILITIES
CURRENT LIABILITES
Trade and other payables 17 245 248
Borrowings 18 459 230
--------------------------- -------- --------
704 478
----------------------------------------- --------
NET CURRENT ASSETS
NON-CURRENT LIABILITIES
Other loans 18 - -
--------------------------- -------- --------
NET ASSETS/(LIABILITIES) (629) (386)
------------------------------- -------- --------
EQUITY AND RESERVES
Share capital 19 4,154 4,124
Share premium 20 11,885 11,322
Share option reserve 24 51 11
Retained losses 20 (16,719) (15,843)
--------------------------- -------- --------
(629) 386
----------------------------------------- --------
The financial statements were approved and authorised for issue by the Board of Directors on 1 June 2018 and were signed on its behalf by:
M B Lofgran
Director
Company registered number: 05338258
Consolidated Statement of Cash Flows
for the year ended 31 December 2017
2017 2016
Notes GBP000 GBP000
--------------------------------------------------- ------- -------
Cash flows from operating activities
Cash generated/(consumed) by operations 1 (818) (567)
Interest paid - (175)
--------------------------------------------------- ------- -------
Cash generated/(consumed) by operations (818) (742)
Cash flows from investing activities
Purchase of intangibles - new oil properties (155) (987)
Sale/(purchases) of plant and equipment (131) (156)
Proceeds from sale of investment 168 2,431
Purchase of investment (125) -
--------------------------------------------------- ------- -------
Net cash from investing activities (243) 1,288
--------------------------------------------------- ------- -------
Cash flows from financing activities
Proceeds on issue of shares 567 600
New borrowing 536 1,286
Repayment of borrowings (11) (2,850)
--------------------------------------------------- ------- -------
Net cash from financing activities 1,092 (964)
--------------------------------------------------- ------- -------
Effect of exchange rate changes on cash
and cash equivalents (101) 446
--------------------------------------------------- ------- -------
Increase/(decrease) in cash and cash equivalents (70) 28
Cash and cash equivalents at the
beginning of the year 16 172 144
----------------------------------------------- ------- -------
Cash and cash equivalents at the end of
the year 102 172
--------------------------------------------------- ------- -------
Represented by:
Cash at bank 16 102 172
----------------------------------------------- ------- -------
Note to the Consolidated Statement of Cash Flows
for the year ended 31 December 2017
1. RECONCILIATION OF OPERATING LOSS TO NET CASH GENERATED FROM OPERATIONS
2017 2016
GBP000 GBP000
------------------------------------------------------- -------
Loss for the year (894) (3,534)
Adjustments for:
Depreciation of property, plant, and equipment 52 93
Amortisation of intangibles 74 352
Well impairment - 1,855
Share based payments 40 (154)
Other non-cash movements - 6
Abortive acquisition cash - 426
Share of results from joint venture - 162
------------------------------------------------ ----- -------
Operating cash flows before movements
in working capital (728) (794)
(Decrease)/increase in finance charge
provision (99) 99
(Increase)/decrease in receivables 193 (268)
(Increase)/decrease in other assets 4 (41)
(Decrease)/increase in payables (59) 418
(Increase)/decrease in deposits and prepayments - 5
(Decrease)/increase in translation reserves (127) 262
Borrowings written off (2) (248)
------------------------------------------------ ----- -------
Cash generated/(consumed) by operations (818) 567
------------------------------------------------ ----- -------
Company Statement of Cash Flows
for the year ended 31 December 2017
2017 2016
Notes GBP000 GBP000
--------------------------------------------------- ------- -------
Cash flows from operating activities
Cash generated/(consumed) by operations 1 (348) (276)
Interest paid - -
--------------------------------------------------- ------- -------
Cash generated/(consumed) by operations (348) (276)
Cash flows from investing activities
Purchase of investment (125) -
Proceeds from sale of investment 168 -
Funding provided to joint venture - (116)
--------------------------------------------------- ------- -------
Net cash from investing activities 43 (116)
--------------------------------------------------- ------- -------
Cash flows from financing activities
Proceeds on issue of shares 567 600
New borrowing 215 230
Repayments on borrowings (11)
Inter group loan (advances) (450) (465) --------------------------------------------------- ------- ------- Net cash from financing activities 321 365 --------------------------------------------------- ------- ------- Increase/(decrease) in cash and cash equivalents 16 (27) Cash and cash equivalents at the beginning of the year 42 69 --------------------------------------------------- ------- ------- Cash and cash equivalents at the end of the year 58 42 --------------------------------------------------- ------- ------- Represented by: Cash at bank 16 58 42 ----------------------------------------------- ------- -------
Note to the Company Statement of Cash Flows
for the year ended 31 December 2017
1. RECONCILIATION OF OPERATING LOSS TO NET CASH GENERATED FROM OPERATIONS
2017 2016
GBP000 GBP000
----------------------------------------------- -------
Operating profit/(loss) for the year 459 (783)
Adjustments for:
Management Fees - (24)
Abortive acquisition costs - 426
Impairment of cost of investments - -
Share of results of joint venture - 162
Share based payment 40 (154)
Loss on dissolution of subsidiary - 40
Foreign exchange loss/(gain) non-cash
items (875) (15)
---------------------------------------- ----- -------
Operating cash flows before movements
in working capital (376) (348)
(Increase)/decrease in receivables 31 (34)
(Decrease)/increase in payables (3) 106
---------------------------------------- ----- -------
Cash generated (consumed) by operations (348) (276)
---------------------------------------- ----- -------
Note to the Company Statement of Cash Flows
for the year ended 31 December 2017
1. SEGMENTAL ANALYSIS
In the opinion of the directors, the Group has one class of business, being the exploitation of hydrocarbon resources.
The Group's primary reporting format is determined by geographical segment according to the location of the hydrocarbon assets. The Group's reportable segments under IFRS 8 in the year are as follows:
United Kingdom being the head office.
US mid-continent properties at year end included the following:
(i) Texas: 100% working interest in the Pine Mills Oilfield, 50-75% working interest in the Permian Basin, and other non-operated working interest
(ii) Colorado: 16.25% working interest in the Verde Prospect Unit
(iii) Wyoming: 100% working interest in the White Buffalo Prospect
The chief operating decision maker's internal report for the year ended 31 December 2017 is based on the location of the oil properties as disclosed below:
US mid- Head
continent office Total
2017 2017 2017
GBP000 GBP000 GBP000
---------------------------------------------------- ------- -------
Segment results - 2017
Revenue 1,128 - 1,128
--------------------------------------------- ----- ------- -------
Operating profit/(loss) before depreciation,
amortisation, well impairment
share-based payment charges and
restructuring costs: (350) (377) (727)
Depreciation of tangibles (52) - (52)
Amortisation of intangibles (75) - (75)
Well impairment - - -
Share of results of joint venture - - -
Share-based payment - (40) (40)
--------------------------------------------- ----- ------- -------
Operating profit/(loss) (477) (417) (894)
Realised exchange (loss)/gain - - -
Gain from sale of assets 10 42 52
Finance expense (176) (26) (202)
Tax - - -
--------------------------------------------- ----- ------- -------
Gain/loss before taxations (778) (375) (1,044)
--------------------------------------------- ----- ------- -------
Segment assets
Property, plant and equipment 265 - 265
Intangible assets 1,043 - 1,043
Cash and cash equivalents 44 58 102
Trade and other receivables 328 17 345
Investment in joint venture - - -
Other assets 37 - 37
--------------------------------------------- ----- ------- -------
1,717 75 1,792
--------------------------------------------- ----- ------- -------
The chief operating decision maker's internal report for the year ended 31 December 2016 is based on the location of the oil properties as disclosed below:
US mid- Head
continent office Total
2016 2016 2016
GBP000 GBP000 GBP000
--------------------------------------------- ------- -------
Segment results - 2016
Revenue 282 - 282
------------------------------------ ------- ------- -------
Operating loss before depreciation,
amortisation, well impairment
share-based payment charges and
restructuring costs: (451) (775) (1,226)
Depreciation of tangibles (93) - (93)
Amortisation of intangibles (352) - (352)
Well impairment (1,855) - (1,855)
Share of results of joint venture - (162) (162)
Share-based payment - 154 154
------------------------------------ ------- ------- -------
Operating loss (2,751) (783) (3,534)
Realised exchange (loss)/gain - - -
Gain from sale of assets 967 - 967
Gain from extinguishment of debt - - -
Finance expense (181) (143) (324)
Tax - - -
------------------------------------ ------- ------- -------
Gain/loss before taxations (1,965) (926) (2,891)
------------------------------------ ------- ------- -------
Segment assets
Property, plant and equipment 202 - 202
Intangible assets 1,036 - 1,036
Cash and cash equivalents 130 42 172
Trade and other receivables 391 48 439
Investment in joint venture - 1 1
Other assets 41 - 41
------------------------------------ ------- ------- -------
1,800 91 1,891
------------------------------------ ------- ------- -------
2. EMPLOYEES AND DIRECTORS
2017 2016
GBP000 GBP000
----------------------------- -------
Directors' fees 78 64
Directors' remuneration 151 108
Social security costs 11 6
------------------------ --- -------
240 178
------------------------ --- -------
The average monthly number of employees (including directors) during the year was as follows:
2017 2016
Number Number
------------------------- -------
Directors 3 3
------------------------ -------
Directors and employees 3 3
------------------------ -------
Directors' remuneration
Other than the directors, the Group had no other employees. Total remuneration paid to directors during the year was as listed above.
The highest paid director's emoluments and other benefits for the year ended 31 December 2017 is as listed below:
2017 2016
GBP000 GBP000
----------------- -------
M B Lofgran 181 108
------------ --- -------
3. OPERATING LOSS FOR THE YEAR
The operating loss for the years ended 31 December is stated after charging/(crediting):
2017 2016
GBP000 GBP000
-------------------------------------------------- -------
Auditors' remuneration (Company GBP22,000
- 2016: GBP19,750) 22 20
Depreciation of property, plant and equipment 52 93
Amortisation of intangibles 75 352
Well impairment - 1,855
---------------------------------------------- -------
The analysis of administrative expenses in the consolidated income statement by nature of expense:
2017 2016
GBP000 GBP000
--------------------------------- -------
Directors' remuneration 151 108
Social security costs 11 6
Directors' fees 78 64
Travelling and entertaining 57 36
Accountancy fees 37 37
Legal and professional fees 420 352
Auditors' remuneration 22 20
Foreign exchange difference - -
Other expenses 115 137
---------------------------- --- -------
891 760
---------------------------- --- -------
4. EARNINGS PER SHARE
The calculation of earnings per ordinary share is based on earnings after tax and the weighted average number of ordinary shares in issue during the year. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group had two classes of dilutive potential ordinary shares, being those share options granted to employees and suppliers where the exercise price is less than the average market price of the Group's ordinary shares during the year, and warrants granted to directors and one former adviser.
Details of the adjusted earnings per share are set out below:
2017 2016
-------------------------------------------------------- ----------
EPS - loss
Loss attributable to ordinary shareholders
(GBP000) (1,044) (2,891)
Weighted average number of shares 113,850,132 84,623,219
------------------------------------------- ----------- ----------
Continued operations:
Basic and diluted EPS - loss (pence) (0.918) (3.416)
------------------------------------------- ----------- ----------
The diluted loss per share is the same as the basic loss per share as the loss for the year has an anti-dilutive effect.
2017 2016
GBP000 GBP000
--------------------------------------------------- -------
Gross profit before depreciation, depletion
and amortisation 164 (466)
EPS on gross profit before depletion,
depreciation and amortisation (pence) 0.144 (0.551)
-------------------------------------------- ----- -------
2017 2016
GBP000 GBP000
------------------------------------------------- -------
Reconciliation from gross loss to gross profit before
depletion, depreciation and amortisation
Gross (loss)/profit 37 (2,766)
Add back:
Well impairment - 1,855
Depletion, depreciation and amortisation 127 445
-------------------------------------------- --- -------
Gross profit before depreciation, depletion
and amortisation 164 446
-------------------------------------------- --- -------
5. AVAILABILITY OF ANNUAL REPORT AND NOTICE OF AGM
The Company's AGM will be held at 11:00am on 29 June 2018 at Jeffreys Henry LLP at Finsgate, 5-7 Cranwood Street, London EC1V 9EE. Notice of the Annual General Meeting to approve, inter alia, the 2017 Annual Report and Accounts is being posted to Shareholders today, together with a copy of the full report and accounts. A copy of the 2017 Annual Report and Accounts and Notice of the AGM is available to download from Nostra Terra's website at www.ntog.co.uk.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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FR FKNDNDBKBKAK
(END) Dow Jones Newswires
June 04, 2018 02:00 ET (06:00 GMT)
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