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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 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0225 | 0.022 | 0.023 | 0.0225 | 0.0225 | 0.0225 | 5,293,762 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 2.82M | -472k | -0.0002 | -1.00 | 576.34k |
September 19, 2024
Nostra Terra Oil and Gas Company PLC
Interim Results for the six months ended 30 June 2024
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 2024. A copy of the Interim Results is available on the Company's website, www.ntog.co.uk.
Financial Highlights
· $938,000 Revenue for the period (30 June 2023: $1,472,000)
· $230,000 profit before non-cash items (depletion, depreciation, amortisation and interest)
· $792,000 loss for the period (30 June 2023: $48,000 profit)
Operational and Strategic Highlights
· 12,593 barrels oil total production for the period (30 June 2023: 21,265 barrels oil)
· Change in Leadership with relevant skill set and experience; now focusing on cashflow
· New CEO (Paul Welch) taken over from Founder after 15 years with a clear plan for organic growth at Pine Mills
Post-period events:
· Strengthened Executive and BOD with exceptional in-depth O&G / Permian experience
· Clear plan to improve Pine Mills' production and step-up in cash flow by year end
· Significantly trimmed G&A: concentrating on Pine Mills while divesting non-core assets (South & West Texas)
· On 17 July 2024, following approval at general meeting, the company announced the subdivision of ordinary shares of £0.001 each into one Deferred Share of £0.0009 and one Ordinary Share of £0.0001 each.
· On 29 July 2024, the company raised £450,000 (before expenses) through a placing and subscription of 1,499,999,998 new ordinary shares.
Chairman's report
The first half of 2024 was a period of change for Nostra Terra. New leadership and a newstrategy to focus and reinvest in our core Pine Mills asset asset was announced in June 2024 and put into effect post period end with the implementation of with a clear plan to increase Pine Mills' production and step-up cash flow by year end.
Operationally, Nostra Terra operated during the first half of 2024 in an environment of generally lower oil prices than in 2023. Despite a strengthening of WTI prices in the first quarter of this year, they have subsequently been on a downward path. At the time of writing, prices for WTI October delivery sit just below $70 per barrel.
The review of existing 3D seismic data over the Pine Mills area yielded potential new locations that could host wells with similar (highly attractive) performance characteristics to our existing Fouke wells. These new locations represent considerable, relatively low risk upside to our existing resource base in the area.
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's board saw several changes in the first half of this year, with Matt Lofgran stepping down as CEO, and Paul Welch moving from non-executive director to take on that role, Jim Newman, our largest shareholder, joined the board as a non-executive director. Mr. Newman established his equity position in the Company through his participation in a successful fundraise by the Company of £300,000 in January 2024
Post period-end, we were pleased to announce the appointment of SP Angel Corporate Finance LLP as both sole broker and as nominated advisor to the Company. Cost reduction initiatives have also continued, with the board of directors being focused on managing the Company's cash flow.
I would like to thank shareholders for their continued support and look forward to updating them on further developments.
Dr Stephen Staley
Chairman
19 September 2024
Chief Executive Officer's report
Production was down in the first half of the year due to declines in the Pine Mills wells, the sale of non-performing assets in West Texas and the cessation of production in South Texas.
Revenue was $938,000 during the first half of the year (30 June 2023: $1,472,000). Gross loss from operations for the period was $792,000 (30 June 2023: $48,000 profit). Average oil sales prices during the period were $74.45 per barrel (30 June 2023: $70.00 per barrel).
Production declines, which started in the second half of 2023, continued into the reporting period. However, the issues behind the increased decline rates have been addressed, and the field rates are now stable. Our cost reduction initiatives started during the second half of the reporting period and post period, have now been fully implemented. The asset disposal process continues with two properties remaining to be sold. The initial disposal of the West Texas assets (Coleman and Raschke) significantly reduced the operating costs in the area. The remaining asset, the Grant lease, is now operating profitably, and the offers received were insufficient to justify a sale. In South Texas, two assets are in a sale process as a package and have attracted multiple interested parties and offers but these sales have yet to close. The Company has no further investment plans for these assets, and they will continue to be actively marketed until they are sold.
The proceeds of the successful £450,000 fundraising, before expenses, carried out in July 2024, are being used to fund a new strategic initiative in Pine Mills. These funds are being used to return six currently idle wells back to production in the Pine Mills field. There are currently two workover rigs in the field, and two of the six planned workovers are now complete, with the remainder expected to be complete by the end of September 2024. The target of these first six workovers is to increase field production by 38 bopd, net to NTOG, and I look forward to updating the market once we have evaluated the workovers' impact.
Finally, concurrent with the technical study ongoing with the 3D seismic review, we have also initiated a second technical study in the Fouke area to provide pressure support. The Fouke 1 and 2 are still producing water-free and appear to be some distance from an active aquifer. The high volumes these wells have produced has reduced the reservoir pressure locally, and these wells are expected to benefit from additional water injection to increase reservoir pressure. This study aims to determine how best to increase the reservoir pressure locally and how much this will increase production rates and, ultimately, the reserve base.
I also wish to sincerely thank our shareholders for their continued support. I look forward to updating you as we continue to grow our Company.
Paul Welch
Chief Executive Officer
19 September 2024
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc Paul Welch, CEO |
Email: |
paul@ntog.co.uk |
|
|
|
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Stuart Gledhill / Richard Hail / Adam Cowl |
Tel: |
+44 (0) 20 3470 0470 |
|
|
|
Celicourt Communications (PR/IR) Mark Antelme / Jimmy Lea |
Tel: Email: |
+44 (0) 30 7770 6424 NTOG@celicourt.uk |
Nostra Terra Oil and Gas Company plc
Consolidated Income Statement
for the six months ended 30 June 2024
|
|
Unaudited Six months to 30 June 2024 |
Unaudited Six months to 30 June 2023 |
Audited Year to 31 December 2023 |
|
Note |
$'000 |
$'000 |
$'000 |
Revenue |
|
938 |
1,472 |
2,816 |
Cost of sales |
|
|
|
|
Production Costs |
|
(708) |
(647) |
(1,408) |
Depletion, depreciation, amortisation |
|
(290) |
(295) |
(617) |
Total cost of sales |
|
(998) |
(942) |
(2,025) |
GROSS (LOSS)/PROFIT |
|
(60) |
530 |
791 |
Share based payment |
|
(20) |
(40) |
(41) |
Administrative expenses |
|
(532) |
(319) |
(870) |
Foreign exchange (loss)/gain |
|
(7) |
(5) |
(6) |
OPERATING (LOSS)/PROFIT |
|
(619) |
176 |
(126) |
|
|
|
|
|
Finance costs |
|
(179) |
(138) |
(368) |
Other income |
|
6 |
10 |
22 |
(LOSS)/PROFIT BEFORE TAX |
|
(792) |
48 |
(472) |
Income tax |
|
- |
- |
- |
(LOSS)/PROFIT FOR THE PERIOD
|
|
(792) |
48 |
(472) |
Attributed to: |
|
|
|
|
Owners of the company |
|
(792) |
48 |
(472) |
Earnings per share expressed in cents per share: Continued Operations |
|
|
|
|
Basic (cents per share) |
3 |
(0.08) |
0.006 |
(0.06) |
Diluted (cents per share) |
3 |
(0.08) |
0.005 |
(0.06) |
|
|
|
|
|
The Group's operating loss arose from continuing operations.
There were no recognised gains or losses other than those recognised in the income statement above.
Nostra Terra Oil and Gas Company plc
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2024
|
|
Unaudited Six months to 30 June 2024 |
Unaudited Six months to 30 June 2023 |
Audited Year to 31 December 2023 |
|
|
$'000 |
$'000 |
$'000 |
(LOSS)/PROFIT FOR THE PERIOD Other comprehensive income: |
|
(792) |
48 |
(472) |
Currency translation differences |
6 |
- |
- |
- |
Total comprehensive income for the period |
|
(792) |
48 |
(472) |
Total comprehensive income attributable to: |
|
|
|
|
Owners of the company
|
|
(792) |
48 |
(472) |
Nostra Terra Oil and Gas Company plc
Consolidated Statement of Financial Position as at 30 June 2024
|
|
Unaudited As at 30 June 2024 |
Unaudited As at 30 June 2023 |
Audited As at 31 December 2023
|
|
Note |
$'000 |
$'000 |
$'000 |
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets |
|
2,259 |
2,519 |
2,389 |
Property, plant and equipment - oil and gas assets |
|
1,062 |
1,215 |
1,230 |
|
|
3,321 |
3,734 |
3,619 |
Current assets |
|
|
|
|
Trade and other receivables |
|
687 |
571 |
548 |
Deposits and prepayments |
|
11 |
64 |
28 |
Cash and cash equivalents |
|
52 |
125 |
26 |
|
|
750 |
760 |
602 |
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
1,176 |
761 |
924 |
Borrowings |
|
85 |
164 |
110 |
|
|
1,261 |
925 |
1,034 |
NET CURRENT LIABILITIES |
|
(511) |
(165) |
(432) |
Non-current liabilities |
|
|
|
|
Decommissioning liabilities |
|
405 |
361 |
382 |
Borrowings |
|
4,319 |
4,203 |
4,319 |
|
|
4,724 |
4,564 |
4,701 |
NET LIABILITIES |
|
(1,914) |
(995) |
(1,514) |
EQUITY AND RESERVES |
|
|
|
|
Share capital |
4 |
8,492 |
8,142 |
8,142 |
Share premium |
|
22,130 |
22,115 |
22,115 |
Translation reserve |
|
(676) |
(676) |
(676) |
Share option reserve |
|
491 |
463 |
464 |
Retained losses |
|
(32,351) |
(31,039) |
(31,559) |
|
|
(1,914) |
(995) |
(1,514) |
Nostra Terra Oil and Gas Company plc
Consolidated cash flow statement
For the six months ended 30 June 2024
|
|
Unaudited Six months to 30 June 2024 |
Unaudited Six months to 30 June 2023 |
Audited Year to 31 December 2023 |
|
|
$'000 |
$'000 |
$'000 |
Cash flows from operating activitiesOperating income (loss) for the period |
|
(792) |
48 |
(473) |
Adjustments for: |
|
|
|
|
Depreciation of property, plant and equipment |
|
142 |
|
|
Amortisation of intangible assets |
|
125 |
121 |
251 |
Depletion |
|
23 |
21 |
42 |
(Profit)/Loss on disposal of Fixed Assets |
|
11 |
- |
- |
(Profit)/Loss on disposal of Intangibles |
|
65 |
- |
|
Foreign exchange loss (gain) |
|
7 |
(5) |
6 |
Share based payment |
|
20 |
40 |
41 |
Other Income |
|
(6) |
(10) |
(22) |
Operating cash flows before movements in working capital |
|
(405) |
|
|
(Increase) /decrease in receivables |
|
(139) |
(13) |
19 |
Increase/(decrease) in payables |
|
251 |
(295) |
(89) |
Increase/(decrease) in deposits and prepayments |
|
17 |
|
|
Interest paid |
|
179 |
138 |
369 |
Net cash (used)/generated by operations |
|
(97) |
201 |
506 |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of intangible assets |
|
(25) |
(416) |
(416) |
Purchase of plant and equipment |
|
(76) |
(64) |
(248) |
Disposals |
|
56 |
2 |
2 |
Increase in decommissioning liabilities |
|
- |
21 |
42 |
Net cash from investing activities |
|
(45) |
(457) |
(620) |
Cash flows from financing activities |
|
|
|
|
Proceeds from issued share capital |
|
372 |
- |
- |
Net borrowing |
|
(25) |
387 |
377 |
Finance costs |
|
(179) |
(138) |
(369) |
Net cash from financing activities |
|
168 |
249 |
8 |
Increase/(decrease) in cash and cash equivalents |
|
26 |
|
|
Cash and cash equivalents at the beginning of the period |
|
26 |
|
|
Cash and cash equivalents at the end of the period |
|
52 |
|
|
|
|
|
|
|
Nostra Terra Oil and Gas Company plc
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2024
|
Share capital |
Deferred shares |
Share premium |
Share option reserve |
Translation reserve |
Retained losses |
Total |
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
As at 1 January 2024 |
1,593 |
6,549 |
22,115 |
464 |
(676) |
(31,559) |
(1,514) |
|
|
|
|
|
|
|
|
loss for the period |
- |
- |
- |
- |
- |
(792) |
(792) |
Shares issued, net of expenses |
350 |
- |
22 |
- |
- |
|
372 |
Cost of warrants issued |
- |
- |
(7) |
7 |
- |
- |
- |
Share based payments |
- |
- |
- |
20 |
- |
- |
20 |
As at 30 June 2024 |
1,943 |
6,549 |
22,130 |
491 |
(676) |
(32,351) |
(1,914) |
|
Share capital |
Deferred shares |
Share premium |
Share option reserve |
Translation reserve |
Retained losses |
Total |
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
As at 1 January 2023 |
1,593 |
6,549 |
22,115 |
423 |
(676) |
(31,087) |
(1,083) |
|
|
|
|
|
|
|
|
Income for the period |
- |
- |
- |
- |
- |
48 |
48 |
Share based payments |
- |
- |
- |
40 |
- |
- |
40 |
As at 30 June 2023 |
1,593 |
6,549 |
22,115 |
463 |
(676) |
(31,039) |
(995) |
|
Share capital |
Deferred shares |
Share premium |
Share option reserve |
Translation reserve |
Retained losses |
Total |
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
As at 1 January 2023 |
1,593 |
6,549 |
22,115 |
423 |
(676) |
(31,087) |
(1,083) |
|
|
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
- |
- |
(472) |
(472) |
Shares issued, net of expenses |
|
- |
|
- |
- |
- |
|
Expired options & warrants |
- |
- |
- |
|
|
|
- |
Share based payments |
- |
- |
- |
41 |
- |
- |
41 |
As at 31 December 2023 |
1,593 |
6,549 |
22,115 |
464 |
(676) |
(31,559) |
(1,514) |
Nostra Terra Oil and Gas Company plc
Notes to the interim report
For the six months ended 30 June 2024
1. General Information
Nostra Terra Oil and Gas Company plc (Nostra Terra) is a company incorporated in England and Wales and quoted on the AIM market of the of the London Stock Exchange (ticker: NTOG). The principal activity of the group is disclosed as described in the report Chairman's statement and Chief Executive Officer's Report.
|
Unaudited Six months to 30 June 2024 |
Unaudited Six months to 30 June 2023 |
Audited Year to 31 December 2023 |
(Loss)/earnings per ordinary shareholders ($000) |
(792) |
48 |
(472) |
Weighted average number of ordinary shares |
1,006,410,644
|
746,520,534 |
746,520,534 |
Basic (cents per share) |
(0.08) |
0.006 |
(0.06) |
Diluted (cents per share) |
(0.08) |
0.005 |
(0.06) |
1 Year Nostra Terra Oil And Gas Chart |
1 Month Nostra Terra Oil And Gas Chart |
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