Interim Management Statement & Accounts
Nostra Terra Oil and Gas Company plc
(the 'Company' or 'NTOG')
Interim accounts for the five months to 30 June 2007
CHAIRMAN'S STATEMENT
24 September 2007
Nostra Terra Oil & Gas Company Plc (formerly LHP Investments Plc) acquired Nostra Terra (Overseas) Limited (NTOL),
raised £350,000 (excluding expenses) and was admitted to trading on AIM on 20 July 2007 which is after the end of the
interim period being reported. NTOL intends to re-open certain wells which were previously producing oil in the area
covered by its Oktyabrskoe licence in the Tarkhankurt Peninsula located in the northwest region of greater Crimean
Peninsula in Ukraine, which were capped as being uneconomic in a period when oil prices were at much lower levels.
Financial Overview
Expenses incurred during the period relate to basic administration costs and as at the date of the balance sheet the
company had net current assets of £117,000, all effectively held in cash. For the period a loss of £3,000 has been
incurred, which on a weighted average equates to a basic and fully diluted loss of 0.004p pence per share; no dividend
is being declared.
Review and Outlook
The Board has been joined by myself as Chairman, Brian Courtney as Chief Executive Officer , Glenn MacNeil as Chief
Financial Officer and Des Smith as Chief Operating Officer. We have begun fieldwork on the Oktyabrskoe licence to
re-open wells numbers 24 and 10. We are optimistic and expect the success of these re-openings to be known in October in
respect of well 24 and in December in respect of well 10. Further fieldwork on the Oktyabrskoe licence to re-open other
wells is also being planned.
Sir Adrian Blennerhassett
Chairman September 21.2007
For further information contact:
Nostra Terra Oil and Gas Company plc
Brain Courtney, Chief Executive Officer bcourtney@ntog.co.uk
Stephen Oakes, Non-executive Director Tel: +44 (0)207 877 8788
ARM Corporate Finance Limited Tel: +44 (0)20 7512 0191
Alan MacKenzie
Ben Jeynes
Income Statement
for the five months ended 30 June 2007
Five months to Six months to Year ended
30 June 2007 31 July 2006 31 January 2007
Unaudited Unaudited audited
Continuing operations
Revenue - - 1
Cost of Sales - - -
__________ __________ __________
Gross Profit - - -
Administrative expenses (5) (41) (77)
__________ __________ __________
Operating Loss (5) (41) (76)
Investment revenues 2 2 4
Finance costs - - -
__________ __________ __________
Loss before tax (3) (39) (72)
Income tax charges - - -
__________ __________ __________
Loss for the period from continuing
operations attributable to shareholders (3) (39) (72)
========== ========== ==========
Loss per share
From continuing operations:
Basic and diluted (0.004p) (0.06p) (0.12p)
__________ __________ __________
The company's turnover and operating loss arise from continuing operations.
There were no recognised gains or losses other than those recognised in the income statement above.
Balance Sheet as at 30 June 2007
As at 30 June As at 31 July As at 31
2007 2006 January 2007
Unaudited Unaudited Audited
£'000s £'000s £'000s
Assets
Non-current assets
Property, plant and equipment - - -
Goodwill - - -
Other intangibles - - -
__________ __________ __________
- - -
__________ __________ __________
Current assets
Inventories - - -
Trade and other receivables 56 9 2
Cash and cash equivalents 96 152 151
__________ __________ __________
152 161 153
__________ __________ __________
Total assets 152 161 153
========== ========== ==========
Equity and liabilities
Capital and reserves
Share capital 63 63 63
Capital Reserves 167 167 167
Retained earnings (113) (77) (110)
__________ __________ __________
Total equity 117 153 120
__________ __________ __________
Non current liabilities
Other loans - - -
__________ __________ __________
- - -
__________ __________ __________
Current liabilities
Trade and other payables 35 8 33
Other loans - - -
__________ __________ __________
35 8 33
__________ __________ __________
__________ __________ __________
Total liabilities 35 8 33
__________ __________ __________
Total equity and liabilities 152 161 153
========== ========== ==========
Cash Flow Statement
For the five months ended 30 June 2007
Five months Six months Year ended
to 30 June to 31 July 31 January
2007 2006 2007
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Operating activities 3 (57) (43) (46)
Investing activities
Interest received 2 2 4
Interest paid - - -
Purchases of plant and equipment - - -
Financing activities
Proceeds on issue of shares
- (3) (3)
__________ __________ __________
Net cash outflow (55) (44) (45)
Cash and cash equivalents at the
beginning of the period 151 196 196
__________ __________ __________
Bank balances and cash 96 152 151
__________ __________ __________
Consolidated statement of changes in equity
As at As at As at
30 June 2007 31 July 2006 31 January 2007
£'000s £'000s £'000s
As at beginning of period 120 195 195
Deficit for the period (3) (39) (72)
Issue of share capital net of expenses - (3) (3)
__________ __________ __________
As at end of period 117 153 120
========== ========== ==========
Notes to the Interim Report
1. Significant Accounting Policies
These interim accounts have been prepared in accordance with International Financial Reporting
Standards and on the historical cost basis, using generally recognised accounting principles.
The Company adopted International Financial Reporting Standards (IFRS) adopted by the European
Union as the basis for preparation of its financial statements from 1 February 2007. There have
been no adjustments or restatements resulting from the transition to IFRS.
This interim report for the five months to 30 June 2007 which complies with IAS34, was approved
by the Board on 21 September 2007.
2. Loss per Share
Five months to Six months to Year ended 31
30 June 2007 31 July 2006 January 2007
Earnings per ordinary shares
Basic and diluted (0.004p) (0.06p) (0.12p)
__________ __________ __________
The loss per ordinary share is based on the company's loss for the period of £3,000 ( 31 July 2006 - £39,000) 31 January
2007 £72,000 and a basic and diluted weighted average number of shares in issue of 62,750,000.
3. Reconciliation of operating loss to net cash outflow from operating activities.
Five months to Six months to Year ended 31
30 June 2007 31 July 2006 January 2007
£'000s £'000s £'000s
Adjustments for :
Amortisation of other intangibles - - -
Depreciation of property, plant and
equipment - - -
(Increase) in inventories - - -
(Increase)/Decrease in receivables (54) (3) 4
Increase in payables 2 1 26
__________ __________ __________
Net cash from operating activities (57) (43) (46)
========== ========== ==========
4. Called up Share Capital
The issued share capital as at 31 January 2007, per the audited accounts was 62,750,000 Ordinary
Shares of 0.1p each.
5. The unaudited results for period ended 30 June 2007 do not constitute statutory accounts within
the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended
31 January 2007 are extracted from the statutory financial statements which have been filed with
the Registrar of Companies and which contain an unqualified audit report and did not contain
statements under Section 237(2) or (3) of the Companies Act 1985.
6. Copies of this interim statement are available from the Company at its registered office at
Finsgate, 5-7 Cranwood Street, London EC1V 9EE. The interim statement will also be available on
the company website www.ntog.co.uk.
7. Events subsequent to 30 June 2007
On the 19 July 2007 the company acquired Nostra Terra (Overseas) Limited and was readmitted to
trading on AIM.
The authorised share capital was increased from £1,000,000 to £1,500,000 and the company issued
70,000,000 ordinary shares of 0.1p each to raise £350,000 before expenses.
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