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Nostra Terra O&G Co (NTOG)

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Monday 04 June, 2018

Nostra Terra O&G Co

Final Results

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 £1,128,000 (2016: £282,000)

 

• 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 £1,044,000 (2016: £2,891,000)

 

• 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 £500,000 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 £635,700

 

• 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

(Nominated Adviser and Joint Broker)


+44 (0) 20 7409 3494


 

Rory Murphy / Ritchie Balmer / Jack Botros




 

Smaller Company Capital Limited (Joint Broker)


+44 (0) 20 3651 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 £500,000 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 £1,128,000 an increase of 300% from 2016. Loss for the year was £1,044,000. In April 2017 the Company raised £500,000 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 £738,000 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

 

Notes

2017

£000

2016

£000

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

£000

2016

£000

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 capital

£000

Deferred

shares

£000

Share

premium

£000

Share options

reserve

£000

Translation

reserves

£000

Retained

losses

£000

Total

£000

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

capital

£000

Deferred

shares

£000

Share

premium

£000

Share options

reserve

£000

Retained

losses

£000

Total

£000

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

 

Notes

2017

£000

2016

£000

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

 

Notes

2017

£000

2016

£000

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

 

Notes

2017

£000

2016

£000

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

£000

2016

£000

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

 

Notes

2017

£000

2016

£000

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

£000

2016

£000

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-

continent

2017

£000

Head

 office

2017

£000

Total

2017

£000

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-

continent

2016

£000

Head

 office

2016

£000

Total

2016

£000

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

£000

2016

£000

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

Number

2016

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

£000

2016

£000

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

£000

2016

£000

Auditors' remuneration (Company £22,000 - 2016: £19,750)

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

£000

2016

£000

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 (£000)

(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

£000

2016

£000

Gross profit before depreciation, depletion and amortisation

164

(466)

EPS on gross profit before depletion, depreciation and amortisation (pence)

0.144

(0.551)

 

2017

£000

2016

£000

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.

 

 

 


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