Nostra Terra Oil and Gas reports a transformative first half

September 19, 2024 02:04 AM PDT | By Team Kalkine Media

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Nostra Terra Oil and Gas reports a transformative first half — Image source: shutterstock

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Nostra Terra Oil and Gas Company PLC (LSE:NTOG) has issued its interim results, highlighting a transformative period for the company. One of the most significant changes at the top is the appointment of Paul Welch as chief executive, succeeding founder Matt Lofgran. Welch brings a strong skill set and a clear strategy focused on organic growth.

The company has streamlined operations, cutting general and administrative expenses and concentrating on its Pine Mills asset, while divesting non-core assets in south and west Texas. Welch aims to enhance production at Pine Mills and boost cash flow by the end of the year.

In the first half of 2024, Nostra Terra produced 12,593 barrels of oil, a decrease from 21,265 barrels in the same period last year. The company generated $938,000 in revenue, compared to $1.42 million in 2023. The period marked a profit of $230,000 before non-cash items (such as depletion, depreciation, amortisation, and interest), but ultimately resulted in a $792,000 loss, compared to a $48,000 profit a year earlier. The decline in production, coupled with lower oil prices than in 2023, contributed to these results.

Looking forward, the company has identified potential new well locations within its Pine Mills area through a review of existing 3D seismic data. These new locations are seen as offering considerable upside potential with relatively low risk. The company stated that these opportunities could add significant value to its resource base in the area.

Additionally, Nostra Terra noted that cost-reduction initiatives are anticipated to positively impact the full-year results for 2024. Ongoing efforts at Pine Mills include enhancing or reinstating production from several existing wells in a cost-effective manner. These projects are expected to deliver results relatively quickly and should positively influence the company’s performance in the second half of the financial year.

The company also mentioned that the work at Pine Mills is progressing well, with initial results expected to be announced in the coming weeks, offering further insight into the effectiveness of its operational improvements and strategic focus on key assets.

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