REG - Nostra Terra O&G Co - Final Results
08/06/2022 07:00
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RNS Number : 0730O Nostra Terra Oil & Gas Company PLC 08 June 2022
8 June 2022
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
2021 Audited Annual Results
Notice of AGM
Nostra Terra (AIM: NTOG), the oil & gas exploration and production company
with a portfolio of development and production assets in Texas, USA, is
pleased to announce its final results for the year ended 31 December 2021 (the
"Results"). A copy of the Results, along with a Notice of AGM, is being posted
to Shareholders and is available on the Company's website, www.ntog.co.uk
(http://ntog.co.uk/) . The AGM will be held at at the offices of Druces LLP at
Salisbury House, London Wall, London EC2M 5PS at 11.00 a.m. on 30 June 2022.
Extracts from the Results are set out below.
This announcement contains information for the purposes of Article 7 of the EU
Regulation 596/2014.
For further information, contact:
Nostra Terra Oil and Gas Company plc Email: +1 480 993 8933
Matt Lofgran, CEO
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
James Biddle/ Roland Cornish
Novum Securities Limited (Broker) Tel: +44 (0) 207 399 9425
Jon Belliss
Lionsgate Communications (Public Relations) Tel: +44 (0) 7791 892509
Jonathan Charles
Extracts of the Results are set out below:
Chairman's Report
I am pleased to present Nostra Terra Oil & Gas Company PLC's annual report
for the year ending 31 December 2021.
2021 - a year of success and positive change
2020 closed amidst uncertainty as to how the Covid-19 pandemic would develop;
only in the last few months has some degree of certainty returned. As at the
time of writing it appears that, with the significant exception of China, most
of the world has moved back to business as usual. This translated itself into
a rising WTI oil price through the year as global economic activity took off
again.
The reimposition of widespread lockdowns in China in early 2022, after the end
of the reporting period, might have derailed this price recovery. However, the
invasion of Ukraine by Russia on 24(th) February 2022 and the subsequent
sanctions against, and voluntary boycotts of, Russian oil & gas have
served to restrict supply such that, as I write, WTI is trading above $100 per
barrel. It appears destined to remain there for the foreseeable future, as the
war in Ukraine shows no sign of stopping. In the context of today's
geopolitical situation, our Texan assets are advantageously located in a
politically stable environment.
Nostra Terra took advantage of the low oil prices in 2020 to expand its
portfolio of assets in Texas with the acquisition of Caballos Creek. In 2021,
because of the strengthening oil price, we adjusted our strategy to one of
realising the value from our existing assets while continuing to assess new
opportunities. We are now seeing the fruits of these actions.
January 2021 saw the Cypress well (Fouke 1) at Pine Mills successfully
completed and put into production with a low lifting cost per barrel. The same
month Nostra Terra became cashflow positive at the corporate level.
During 2021, workovers on existing wells and other operational improvements
led to an increase in average net daily production from 84 bbl/day in H1 2021
to 100 bbl/day in September 2021. By the end of May 2022 this had increased to
circa 140 bbl/day (see below).
Net proven reserves attributable to Nostra Terra increased substantially
during 2021, from 763,760 in 2020 to 973,180 bbl in late September and
continued to rise to 1,073,960 bbl after year end.
These positive developments have led to a considerable increase in our revenue
stream and to the size of our borrowing base: from $1.55 million in early 2021
to $2.35 million in later September 2021. After the end of the reporting year,
(as announced on 28 March 2022), this currently stands at $3.35 million.
As well as working over existing wells in 2021, the Company prepared for the
drilling of two new wells - Fouke 2 (32.5% Nostra Terra working interest) at
Pine Mills, East Texas and the Grant East 1 well (100% Nostra Terra working
interest) in the Permian Basin, West Texas.
After the year end of 31(st) December 2021, these wells both spudded and were
drilled successfully. The Fouke #2 well flowed 145 bbl/day with no water cut;
this is a 77% higher flow rate than that from the Fouke #1 well. The Grant
East #1 reached TD in early May 2022 and as I write the results of fracture
stimulation are awaited.
In early February 2022 Paul Welch was appointed as a non-executive director
of the Company. Paul brings a wealth of experience to Nostra Terra and his
positive contribution is already being felt.
The optimism your Board felt at the start of 2021 has been vindicated: Nostra
Terra has taken advantage of the strengthening oil price and its acreage
position to put it in a much stronger financial position. This will allow the
Company to continue to expand its operations in a carefully planned manner.
I would like to thank shareholders for their continued support.
Dr Stephen Staley
Non-Executive Chairman
7 June 2022
Chief Executive Officer's Report
2021 marked the beginning of a turnaround for Nostra Terra. The Company fought
through the tough times of 2020, but then started to return to growth in 2021.
The 2021 focus for the Company was on increasing cashflow while minimising
dilution and positioning the Company for larger growth ahead.
At the beginning of the year, we conducted a small, oversubscribed fundraise
of £500,000 from institutional and professional investors, used for potential
new opportunities. We brought on a new well at the beginning of the year as a
non-operated, but significant working interest, asset while working on new
opportunities to expand where we would operate and have a larger working
interest ("WI"). This was accomplished while maintaining low overheads (16%
lower than 2020).
Revenues for the year were $2,282,000 an increase of 123% from $1,025,000 in
2020, reflecting a combination of a 26% increase in production sales and an
improving commodity price environment (average $61.42 per barrel sold in 2021
compared to $34.17 in 2020). Gross profit before non-cash items (depreciation,
depletion, and amortization) was $574,000, significantly improved from a loss
of $85,000 in 2020.
The Board continues to focus on its stated aim of increasing cashflow and
reserves for the year ended 2022.
United States
All of Nostra Terra's operations in the US target conventional reservoirs
(i.e., not shale), typically with lower lifting costs and long-life reserves
than unconventional ones.
Area 2021 Production Percentage of Portfolio by Sales
(Barrels sold)
East Texas 29,132 78%
West Texas 4,154 12%
South Texas 3,840 10%
East Texas (33- 100% WI)
Nostra Terra's core asset is Pine Mills (100% WI) providing secure production.
Production remained stable for the year from the core producing wells, while
the focus was on growing production significantly in the new farmout area.
During 2020 Nostra Terra farmed out an undrilled portion of the acreage to
Cypress LLC, retaining a 32.5% WI, where a 25% WI was carried in the first
well. In January 2021 drilling was finished on the new Fouke 1 well and it was
put into production. The well was very successful, reaching payback in 5
months and continued producing throughout the year with no decline in
production. Following this success, planning was undertaken for the next well,
including increasing the acreage position in the farmout area. The Fouke 2 was
drilled and put on production in the first half of 2022 (post-period). The
well on test flowed at a rate of 145 bopd over a 24-hour period with a 0%
watercut and was subsequently placed into production. This production rate
exceeds that of the offset Fouke 1 well by 77%; Fouke 1 had been limited by
field rules (allowable) to 82 bopd per well. As a result of the past
performance of the Fouke 1 and the test rate of the Fouke 2, the operator
plans to request a substantial increase in the field allowable rate so that
both wells can be produced at much higher and more efficient rates. A decision
is anticipated later in the year. During the interim period the operator plans
to produce each well at circa 140 bopd, which is above the current allowable
cap, to obtain sufficient technical information to support the increased field
allowable. Further drilling is anticipated in this acreage.
West Texas (50 - 100% WI)
In 2021 production from the area accounted for 11% of the Company's sales
(50-75% WI). Management targeted this prolific area as a place to grow
production in 2022. In January 2022 (post-period) the Company announced growth
plans, including this area. In April 2022 the company announced the new Grant
East lease acquisition (100% WI) with up to 16 potential drilling locations.
South Texas (100% WI)
In 2020 the Company acquired the Caballos Creek asset, comprising two leases.
There are no current plans for expansion in this area. Production during 2021
accounted for 10% of Company sales.
Senior Lending Facility
In September 2021 the Company renewed its Senior Lending Facility, resulting
in a significant increase in Facility size and available Borrowing Base. The
Facility has an initial nominal amount of U$10,000,000, double the previous
US$5,000,000. The Borrowing Base has been increased to US$2,350,000 based on
improved production and cashflow during the first half of 2021. The size of
the Facility and Borrowing Base is reassessed at least twice yearly. The Board
anticipates the Borrowing Base will increase substantially in the upcoming
redetermination as the Company's production and reserves have since increased
significantly. The current interest rate applied to use of the Facility is
4.40%
The Facility is not restricted to geographical region. Nostra Terra can deploy
funds from the Facility for operational purposes and acquisitions in its
current areas of operation in the USA, or in other areas of the world, should
the opportunity arise.
Outlook
The global events this year have put a spotlight on the energy industry and
the continued need for oil and gas in the world. The outlook for the industry
is strong, as can be seen through robust commodity prices. In 2021 Company
revenue more than doubled over the prior year and cashflow has also increased
substantially. It was a year of strong growth and 2022 is on track to be an
even better year. Having free cashflow puts the Company in a very strong
position and we remain focused and disciplined on growing that further.
We're grateful for the support of our shareholders throughout the year. On
behalf of the entire team at Nostra Terra we thank you and look forward to
continued growth going forward.
Matt Lofgran
Chief Executive Officer
7 June 2022
Consolidated Income Statement
For the year ended 31 December 2021
2021 2020
Notes $'000 $'000
Continuing operations
REVENUE 2,282 1,025
COST OF SALES
Production costs (1,708) (1,110)
Exploration - -
Well impairment - -
Depletion, depreciation, amortisation (400) (310)
Total cost of sales (2,108) (1,420)
GROSS PROFIT/(LOSS) 174 (395)
Share based payment (68) (38)
Administrative expenses (908) (896)
Foreign exchange gain/(loss) (130) (33)
OPERATING LOSS 7 (932) (1,362)
Finance costs 5 (175) (209)
Other income/(charges) 6 21 269
LOSS BEFORE TAX (1,088) (1,302)
Income tax 8 - -
LOSS FOR THE YEAR (1,088) (1,302)
ATTRIBUTABLE TO:
Owners of the company (1,088) (1,302)
EARNINGS PER SHARE
Continued operations
Basic & diluted (cents per share) 10 (0.16) (0.35)
The accompanying accounting policies and notes are an integral part of these
financial statements
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2021
2021 2020
$'000 $'000
LOSS FOR THE PERIOD (1,088) (1,302)
OTHER COMPREHENSIVE INCOME:
Currency translation differences - -
Total comprehensive income for the year (1,088) (1,302)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the company (1,088) (1,302)
The accompanying accounting policies and notes are an integral part of these
financial statements
Consolidated Statement of Financial Position
As at 31 December 2021
2021 2020
Notes $'000 $'000
ASSETS
NON-CURRENT ASSETS
Intangible assets 11 2,014 2,027
Property, plant and equipment, Oil and gas assets 12 918 780
Total non-current assets 2,932 2,807
CURRENT ASSETS
Trade and other receivables 15 348 341
Deposits and prepayments 16 42
Other assets - -
Cash and cash equivalents 16 45 72
Total current assets 409 455
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 17 945 573
Borrowings 18 518 847
Lease liabilities 13 - 16
Total current liabilities 1,466 1,436
NET CURRENT LIABILITIES (1,057) (981)
NON-CURRENT LIABILITIES
Decommissioning liabilities 302 266
Borrowings 18 2,459 2,159
Lease liabilities 13 - -
Total non-current liabilities 2,761 2,425
NET LIABILITIES (886) (599)
EQUITY
Share capital 19 8,087 7,918
Share premium 21,976 21,508
Share based payment reserve 306 142
Translation reserve (676) (676)
Retained losses (30,579) (29,491)
Total equity (886) (599)
The financial statements were approved and authorised for issue by the Board
of Directors on 7 June 2022 and were signed on its behalf by:
M B Lofgran
Director
Company registration number: 05338258
The accompanying accounting policies and notes are an integral part of these
financial statements
Company Statement of Financial Position
As at 31 December 2021
2021 2020
Notes $'000 $'000
ASSETS
NON-CURRENT ASSETS
Fixed asset investments 14 - -
Intangible assets 11 345 385
Property, plant and equipment, Oil and gas assets 12 112 76
Total non-current assets 457 461
CURRENT ASSETS
Trade and other receivables 15 9 107
Cash and cash equivalents 16 16 14
Total current assets 25 121
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 17 1,262 410
Borrowings 18 518 847
Total current liabilities 1,780 1,257
NET CURRENT LIABILITIES (1,755) (1,136)
NON-CURRENT LIABILITIES
Decommissioning liabilities 13 4
Borrowings 18 396 519
Total non-current liabilities 409 523
NET LIABILITIES (1,707) (1,198)
EQUITY
Share capital 19 8,087 7,918
Share premium 21,976 21,508
Share based payment reserve 306 142
Translation reserve (676) (676)
Retained losses (31,400) (30,090)
Total equity (1,707) (1,198)
The parent company's loss for the financial year was $1,307,447 (2020:
$1,082,706).
The financial statements were approved and authorised for issue by the Board
of Directors on 7 June 2022 and were signed on its behalf by:
M B Lofgran
Director
Company registration number: 05338258
The accompanying accounting policies and notes are an integral part of these
financial statements
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
Share Deferred shares Share Share option reserve Translation reserve Retained losses Total
capital premium
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2020 886 6,549 20,842 92 (676) (28,226) (533)
Loss for the year - - - - - (1,302) (1,302)
Total comprehensive loss for the year - - - - - (1,302) (1,302)
Shares issued 483 - 757 - - - 1,240
Cost of shares issued - - (91) 26 - 23 (42)
Exercise of warrants - - - (14) - 14 -
Share based payments - - - 38 - - 38
As at 31 December 2020 1,369 6,549 21,508 142 (676) (29,491) (599)
Loss for the year - - - - - (1,088) (1,088)
Total comprehensive loss for the year - - - - - (1,088) (1,088)
Shares issued 169 - 529 - - - 698
Cost of shares issued - - (61) - - - (61)
Exercise of warrants - - - - - - -
Share based payments - - - 164 - - 164
As at 31 December 2021 1,538 6,549 21,976 306 (676) (30,579) (886)
The accompanying accounting policies and notes are an integral part of these
financial statements
Share capital is the amount subscribed for shares at nominal value.
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.
Share based payment reserve is a reserve used to recognize the cost and equity
associated with the fair value of issues of share options and warrants.
Translation reserves arose due to the adoption of US dollars as the
presentational currency at the start of the prior accounting period. Further
information on the adjustment can be found in note 1.
Retained loss represents the cumulative losses of the company attributable to
owners of the company.
Company Statement of Changes in Equity
For the year ended 31 December 2021
Share Deferred shares Share Share option reserve Translation reserve Retained losses Total
capital premium
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2020 886 6,549 20,842 92 (676) (29,021) (1,328)
Loss for the year - - - - - (1,083) (1,083)
Total comprehensive loss for the year - - - - - (1,083) (1,083)
Shares issued 483 - 757 - - - 1,240
Cost of shares issued - - (91) 26 - - (65)
Exercise of warrants - - - (14) - 14 -
Share based payments - - - 38 - - 38
As at 31 December 2020 1,369 6,549 21,508 142 (676) (30,090) (1,198)
Loss for the year - - - - - (1,310) (1,310)
Total comprehensive loss for the year - - - - - (1,310) (1,310)
Shares issued 169 - 529 - - - 698
Cost of shares issued - - (61) - - - (61)
Exercise of warrants - - - - - -
Share based payments - - - 164 - - 164
As at 31 December 2021 1,538 6,549 21,976 306 (676) (31,400) (1,707)
The accompanying accounting policies and notes are an integral part of these
financial statements
Share capital is the amount subscribed for shares at nominal value.
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.
Share based payment reserve is a reserve used to recognize the cost and equity
associated with the fair value of issues of share options and warrants.
Translation reserves arose due to the adoption of US dollars as the
presentational currency at the start of the prior accounting period. Further
information on the adjustment can be found in note 1.
Retained loss represents the cumulative losses of the company attributable to
owners of the company.
Consolidated and Company Statement of Cash Flows
For the year ended 31 December 2021
GROUP COMPANY
2021 2020 2021 2020
$'000 $'000 $'000 $'000
LOSS FOR THE YEAR (1,088) (1,302) (1,310) (1,083)
ADJUSTMENTS FOR:
Depreciation 208 164 13 7
Amortisation 173 146 40 13
Depletion 38 - - -
Foreign exchange - 30 - 22
Share based payments 68 38 68 38
Other income (21) (49) - -
Operating cash flows (622) (973) (1,189) (1,003)
Decrease/(increase) in receivables 66 11 98 (101)
(Increase)/decrease in other assets - 108 - -
(Decrease)/increase in payables 285 (190) 852 (136)
(increase)/decrease in deposits & prepayments 26 (24) - -
Interest paid 175 209 110 123
Net cash used in operating activities (70) (859) (129) (1,117)
Cash flows from investing activities:
Purchase of plant and equipment (346) (242) (49) (79)
Purchase of intangibles (160) (400) - (398)
Disposals - 70 - -
Increase in decommissioning liabilities 36 27 9 4
Net cash from investing activities (470) (545) (40) (473)
Cash flows from financing activities
Shares issued 794 1,240 794 1,240
Costs of shares issued (61) (91) (61) (91)
Net borrowing (29) 312 (452) 426
Finance costs (175) (209) (110) (123)
Lease payments (16) (16) - -
Net cash from financing activities 513 1,236 171 1,452
Net (decrease)/increase in cash and cash equivalents (27) (168) 2 (138)
Cash and cash equivalents at the beginning of the year 72 240 14 152
Cash and cash equivalents at the end of the year 45 72 16 14
The accompanying accounting policies and notes are an integral part of these
financial statements.
3. 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 location of the head office.
US Mid-Continent properties at year end included the following:
· East Texas: 100% working interest in the Pine Mills oilfield
· East Texas: 32.5% working interest in the Cypress farmout area of
Pine Mills
· West Texas: 50-100% working interest leases located in the
Permian Basin
· South Texas: 100% working interest in the Caballos Creek oilfield
The chief operating decision maker's internal report for the year ended 31
December 2021 is based on the location of the oil properties as disclosed in
the below table:
SEGMENTAL RESULTS US mid-continent 2021 Head office Total
$'000 2021 2021
$'000 $'000
Revenue 2,282 - 2,282
Operating profit (loss) before depreciation, well impairment, share-based 616 (970) (354)
payment charges, restructuring costs and gain (loss) on sale of assets and
foreign exchange:
Depreciation of tangibles (209) - (209)
Amortisation of intangibles (173) - (173)
Exploration - - -
Well impairment - - -
Share based payments - (68) (68)
Realised exchange loss (2) (128) (130)
Operating profit/ (loss) 232 (1,166) (934)
Finance expense (65) (110) (175
Other income (expense) - 21 21
Profit/ (loss) before taxation 167 (1,255) (1,088)
SEGMENTAL ASSETS
Property, plant and equipment 2,014 - 2,014
Intangible assets 918 - 918
Cash and cash equivalents 9 36 45
Trade and other receivables 339 9 348
3,280 45 3,325
Notes to the Financial Statements (continued)
For the year ended 31 December 2021
3. Segmental analysis (continued)
The chief operating decision maker's internal report for the year ended 31
December 2020 is based on the location of the oil properties as disclosed in
the below table:
SEGMENTAL RESULTS US mid-continent 2020 Head office Total
$'000 2020 2020
$'000 $'000
Revenue 1,025 - 1,025
Operating profit (loss) before depreciation, well impairment, share-based 120 (881) (761)
payment charges, restructuring costs and gain (loss) on sale of assets and
foreign exchange:
Depreciation of tangibles (157) (7) (164)
Amortisation of intangibles (133) (13) (146)
Exploration - - -
Well impairment - - -
Share based payments - (38) (38)
Realised exchange loss (12) (21) (33)
Operating profit/ (loss) (182) (960) (1,142)
Finance expense (86) (123) (209)
Other income (expense) 49 - 49
Profit/ (loss) before taxation (219) (1,083) (1,302)
SEGMENTAL ASSETS
Property, plant and equipment 704 76 780
Intangible assets 1,642 385 2,027
Cash and cash equivalents 72 14 86
Trade and other receivables 234 107 341
Other assets 28 - 28
2,680 582 3,262
Notes to the Financial Statements (continued)
For the year ended 31 December 2021
4. Employees and Directors
2021 2020
$'000 $'000
Directors' fees 110 122
Directors' remuneration 219 205
Social security costs 19 9
348 327
2021 2020
Number Number
The average monthly number of employees (including directors)
during the year was as follows:
Directors 3 3
Employees 3 3
Directors' remuneration
Total remuneration paid to directors during the year was as listed above.
The director's emoluments and other benefits for the year ended 31 December
2021 is as follows:
2021 2020
$'000 $'000
M B Lofgran 219 205
5. Finance expense
2021 2020
$'000 $'000
Finance expense 175 209
Finance expense relates to interest charged on borrowings. Further details for
which can be found in note 18.
6. Other income
2021 2020
$'000 $'000
Other income 21 49
Gain on Hedging Activity - 220
21 269
Other income relates to the aggregate recognised and unrecognised gain on a
commodity swap.
Notes to the Financial Statements (continued)
For the year ended 31 December 2021
7. Operating loss
2021 2020
$'000 $'000
The operating loss the year ended 31 December is stated after
after charging/ (crediting)
Depreciation of property, plant and equipment 209 164
Amortisation of intangibles 173 146
Exploration - -
Well impairment - -
The analysis of administrative expenses in the consolidated income statement
by nature of expense:
Directors' remuneration 219 205
Depreciation on ROU asset 16 16
Social security costs 19 9
Directors' fees 110 122
Travelling and entertainment 35 39
Accountancy fees 44 46
Legal and professional fees 183 179
Auditors' remuneration 6 20
Bad debt costs - 23
Other expenses 64 237
908 896
8. Income tax
The income tax charge for the year was as follows:
2021 2020
$'000 $'000
Current tax - -
Corporation tax - -
Overseas corporation tax - -
TOTAL - -
Loss before tax (1,088) (1,302)
Loss on ordinary activities before taxation multiplied by the
standard rate of UK corporation tax of 19% (2020:19%) (207) (247)
Effects of:
Non-deductible expenses - -
Other tax adjustments 207 247
Foreign tax - -
CURRENT TAX CHARGE - -
At 31 December 2021, the Company had an estimated excess management expenses
to carry forward of $5,552,821 (2020: $5,371,591). The deferred tax asset at
19% (2020: 19%) on these tax losses of $1,020,603 (2020: $1,020,603) has not
been recognised due to the uncertainty of recovery. The current US corporate
tax rate is 21%.
Notes to the Financial Statements (continued)
For the year ended 31 December 2021
9. Loss of Parent Company
As permitted by Section 408 of the Companies Act 2006, the income statement of
the parent company is not presented as part of these financial statements. The
parent company's loss for the financial year was $1,307,447(2020: $1,082,706).
10. Earnings per share
The calculation of earnings per ordinary share is based on earnings after tax
and the weighted average number of ordinary shares in issue during the year.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential
ordinary shares. The group had two classes of dilutive potential ordinary
shares, being those share options granted to employees and suppliers where the
exercise price is less than the average market price of the group's ordinary
shares during the year, and warrants granted to directors and one former
adviser.
Details of the adjusted earnings per share are set out below:
2021 2020
GROUP
Loss attributable to ordinary shareholders ($'000) (1,088) (1,302)
Weighted average number of shares 692,287,657 376,299,206
CONTINUED OPERATIONS: (0.16) (0.35)
BASIC AND DILUTED EPS - LOSS (cents)
The diluted loss per share is the same as the basic loss per share as the loss
for the year has an antidilutive effect.
2021 2020
$'000 $'000
Gross profit/(loss) before depreciation, depletion, amortisation and 743 (85)
impairment
EPS on gross profit before depreciation, depletion, amortisation and 0.11 0.30
impairment (cents)
RECONCILIATION FROM GROSS LOSS TO GROSS PROFIT BEFORE DEPLETION, DEPRECIATION,
AMORTISATION AND IMPAIRMENT
Gross profit/(loss) 174 (395)
ADD BACK:
Exploration - -
Well impairment - -
Depletion, depreciation and amortisation 400 310
Gross profit before depletion, depreciation, amortisation and impairment 574 (85)
END.
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. END FR BKOBBKBKBPAKRecent news on Nostra Terra Oil and Gas
See all newsREG - Nostra Terra O&G Co - Partner Approval for Fouke 3 Well
AnnouncementRCS - Nostra Terra O&G Co - Engage Investor Presentation
AnnouncementREG - Nostra Terra O&G Co - Holding(s) in Company
AnnouncementREG - AIM - AIM Notice - 10/03/2025
AnnouncementREG - Nostra Terra O&G Co - Completion of £500,000 Fundraise
Announcement